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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

MidWestOne Bank first started operating in 1934 with its headquarters in Iowa City, Iowa. MidWestOne Bank owns $3 billion in assets and deposits totaling $3 billion, which makes it a large bank. MidWestOne Bank has above-average customer service access with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We ranked MidWestOne Bank at a 4.1 out of 5 stars, suggesting it is a respectable bank that deserves your consideration. MidWestOne Bank provides customers with a variety of banking products, including savings accounts, checking accounts, money market accounts, IRAs, mortgage products and credit cards. MidWestOne Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, MidWestOne Bank's most basic checking account does not carry a monthly maintenance charge. Banks that offer no-fee checking and a high savings APY are your best bet for getting the most income from your deposits while having convenient access to your funds.

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

With a savings rate of 0.10%, MidWestOne Bank ranks poorly compared to the average U.S. bank. MidWestOne Bank's one-year and five-year term lengths CDs earn at a rate of 0.30% and 1.00%, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given MidWestOne Bank's noncompetitive savings rate, you should think about looking at the competition 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

On average, MidWestOne Bank charges customers extremely low fees in comparison to other U.S. banks. With no monthly fee, MidWestOne Bank's checking account is ideal for those who need a hassle-free banking experience. For those who routinely visit the ATM, it is good because it charges an out-of-network ATM fee of $1.00, which is good compared to the average U.S. bank. Also, it has an overdraft fee of $32.00, which is lower than the national average. MidWestOne Bank unfortunately does not refund out-of-network ATM charges, which means you'll be required to search for a MidWestOne Bank ATM or accept 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. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not offer 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, an alternative customer service tool if you can't call in during business hours. MidWestOne Bank's online and mobile banking services receive moderate feedback from users. The MidWestOne Bank mobile app has been given a 3.6 out of 5 (out of 160 customer reviews on Apple and Android) compared to the national average of 3.8. You can use MidWestOne Bank's app to manage your funds by monitoring current statements, transferring funds and accessing customer service. MidWestOne Bank receives an outstanding consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 a large bank owning $3 billion in assets and $3 billion in deposits. MidWestOne Bank's Texas Ratio is 4.26%, suggesting that the bank is in outstanding financial shape 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: 0.30% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.75% APY
  • 48 Month: 0.80% APY
  • 60 Month: 1.00% APY
$10000 for all terms
Money Market Account 0.1% APY $10000

MidWestOne Bank has several deposit products like savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. MidWestOne Bank does not have the best savings rate, which means you should consider 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 in comparison to other U.S. banks.

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Find a MidWestOne Bank Near Me

MidWestOne Bank has 45 locations in the U.S.

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