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MidWestOne Bank Review

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MidWestOne Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1934, MidWestOne Bank has assets totaling $3 billion as well as $3 billion in deposits, which makes the institution a large bank. MidWestOne Bank, whose headquarters are in Iowa City, Iowa, has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset experts rated MidWestOne Bank 4.1 out of 5 stars, which means it is a respectable bank that warrants your consideration. MidWestOne Bank has a diversity of product offerings, which include savings accounts, checking accounts, money market accounts, IRAs, mortgage products and credit cards. MidWestOne Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, MidWestOne Bank offers an option without a monthly fee. Finding an institution with no-fee checking as well as a high savings APY is the best bet for returning the highest income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

MidWestOne Bank features a savings rate of 0.10%, which is poor compared to the national average. MidWestOne Bank's one-year and five-year term lengths CDs earn at a rate of 1.70% and 2.20%, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given MidWestOne Bank's below average savings rate, you should consider looking elsewhere to open savings accounts.

How MidWestOne Bank's Savings Rates Compare

MidWestOne Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.6
SmartAsset Average: 4.4

MidWestOne Bank charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, MidWestOne Bank's checking account is perfect for those who need an easy banking experience. For those who will need cash in a pinch, it is good because it has an out-of-network ATM fee of $1.00, which is good compared to the national average. Also, at $32.00, its overdraft fee is considerably lower than the national average. MidWestOne Bank does not reimburse out-of-network ATM fees, which means you will be required to find a MidWestOne Bank ATM or eat the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee $32.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

MidWestOne Bank is a brick-and-mortar bank, with 45 total branches in Colorado, Florida, Iowa, Minnesota and Wisconsin. With mobile and web apps, MidWestOne Bank makes mobile banking easy, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 7:30 a.m. to 6:00 p.m. CT; Saturday, and 9:00 a.m. to 1:00 p.m. CT. MidWestOne Bank also offers a live chat feature, a helpful way to reach a representative during the work day. MidWestOne Bank's online and mobile banking services get moderate feedback from users. The MidWestOne Bank mobile app has an overall rating of 3.6 out of 5 (with 160 reviews on iOS and Android) compared to the national average of 3.8. MidWestOne Bank's mobile app allows you to control your finances by reviewing account balances, transferring money as well as accessing support representatives. MidWestOne Bank receives an exceptional consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.8
SmartAsset Average: 4.8

MidWestOne Bank is currently a large bank and owns $3 billion in assets as well as deposits totaling $3 billion. Its Texas Ratio is 4.26%, indicating that the bank is in superb financial health and unlikely to fail. Additionally, MidWestOne Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.26%
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 MidWestOne Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.2% APY $1000
Certificates of Deposit
  • 12 Month: 1.70% APY
  • 24 Month: 1.90% APY
  • 36 Month: 2.10% APY
  • 48 Month: 2.15% APY
  • 60 Month: 2.20% APY
$10000 for all terms
Money Market Accounts 0.1% APY 0.2% APY $10000 $15000

MidWestOne Bank has several deposit products including savings accounts, checking accounts and money market accounts to give you many options to manage your money. MidWestOne Bank does not have the best savings rate, which means you should think about taking a look 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. MidWestOne Bank's CD rates are fair compared to the average U.S. bank.

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Find a MidWestOne Bank Near Me

MidWestOne Bank has 45 branches in the U.S.

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