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Minnwest Bank Review

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

Overview

Minnwest Bank was founded in 1941 with headquarters in Redwood Falls, Minnesota. Minnwest Bank has $2 billion in assets and $1 billion in deposits, which makes it a large bank. Minnwest Bank lacks premium access to support representatives, with no options for live chat or all-day service. 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. At a SmartAsset rating of 3.9 stars out of 5, Minnwest Bank should be near the middle of the pack in your search for a bank. Minnwest Bank provides customers with a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Minnwest Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account has a monthly fee of $2.00, which is not too high in comparison to other U.S. banks. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best bet for getting the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.10%, Minnwest Bank ranks poorly compared to the national average. Minnwest Bank's one-year and five-year term lengths CDs earn at a rate of 1.37% and 2.32%, respectively, while its highest-yielding money market account has an APY of 0.15%. Given Minnwest Bank's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How Minnwest Bank's Savings Rates Compare

Minnwest Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

On average, Minnwest Bank charges customers low fees compared to the national average. At $2.00 per month, Minnwest Bank's checking account is less than great for people who want a hassle-free checking account. For those who often withdraw money from the ATM, Minnwest Bank is perfect because it has no out-of-network ATM fees. Additionally, it has an overdraft fee of $34.00, which is lower than the average overdraft fee charged by U.S. banks. Minnwest Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll need to find a Minnwest Bank ATM or accept the ATM charge.

Monthly Fee $2.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $34.00 National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Minnwest Bank is a brick-and-mortar bank, with 24 total bank locations in Minnesota and South Dakota. With mobile and web apps, Minnwest Bank makes mobile banking easy, even on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. CT. Minnwest Bank receives poor reviews from users for its mobile banking services. With 20 ratings across both iOS and Android platforms, the Minnwest Bank mobile app rates a 3.3 out of 5 (compared to the national average of 3.8). Minnwest Bank's mobile app allows you to control your accounts by monitoring current statements, transferring money as well as accessing support representatives. Minnwest Bank receives an outstanding consumer satisfaction score due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Minnwest Bank is currently a large bank owning assets totaling $2 billion as well as deposits totaling $1 billion. Minnwest Bank has a strong Texas Ratio of 10.89%, indicating a tiny chance of failure. Additionally, Minnwest Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

10.89%
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 Minnwest Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 1.37% APY
  • 24 Month: 1.57% APY
  • 36 Month: 1.65% APY
  • 48 Month: 0.85% APY
  • 60 Month: 2.32% APY
$1000 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

Minnwest Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Minnwest Bank does not have the best savings rate, which means you should consider 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. Minnwest Bank's CD rates are fair compared to other U.S. banks.

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Find a Minnwest Bank Near Me

Minnwest Bank has 24 physical locations in the U.S.

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