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Midwest Bank Review

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Midwest Bank Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1917, Midwest Bank has $408 million in assets and deposits totaling $358 million, ranking the institution as a small bank. Midwest Bank, whose headquarters are in Detroit Lakes, Minnesota, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 4.4 stars out of 5, Midwest Bank should be solidly in contention for your choice of bank. Midwest Bank provides customers with a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Midwest Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Midwest Bank's standard checking account does not have a monthly fee. Finding a bank with free checking and a high interest rate savings account is your best option for returning the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.8
SmartAsset Average: 3.5

With a savings rate of 0.50%, Midwest Bank ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 2.15% and the five-year CD has a rate of 2.65%, while its highest-yielding money market account has a rate of 0.80%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Midwest Bank's Savings Rates Compare

Midwest Bank Savings 0.50 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Midwest Bank typically has extremely low fees compared to the average U.S. bank. With no monthly fee, Midwest Bank's checking account is ideal for those who need a hassle-free banking experience. Midwest Bank does not refund out-of-network ATM charges, which means you will be required to search for a Midwest Bank ATM or eat the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Midwest Bank is a brick-and-mortar bank, with seven total bank locations in Minnesota. With mobile and web apps, Midwest Bank makes mobile banking easy, even on the go. Midwest Bank gets reasonably high praise from customers for its mobile platform. The Midwest Bank mobile app is rated at 4.3 out of 5 (with 15 customer reviews on Apple and Android) compared to the national average of 3.8. Midwest Bank's mobile app allows you to control your bank accounts by checking account balances, sending and receiving funds as well as reaching support representatives. Midwest Bank receives an excellent consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Midwest Bank is currently a small bank and has assets totaling $408 million and deposits totaling $358 million. It has a strong Texas Ratio of 5.48%, denoting that Midwest Bank is in good financial condition and far from failure. Additionally, Midwest Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.48%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Midwest Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $5
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 2.15% APY
  • 24 Month: 2.25% APY
  • 36 Month: 2.65% APY
  • 48 Month: 2.65% APY
  • 60 Month: 2.65% APY
$1000 for all terms
Money Market Accounts 0.8% APY 0.8% APY $10000 $15000

Midwest Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Midwest Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Midwest Bank's CD rates are fair compared to the national average.

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Find a Midwest Bank Near Me

Midwest Bank has seven physical branches across the U.S.

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