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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

Started in 1941, Minnwest Bank has $2 billion in assets as well as deposits totaling $1 billion, ranking the institution as a large bank. Minnwest Bank, whose headquarters are in Redwood Falls, Minnesota, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 3.9 out of 5 stars, Minnwest Bank should be near the middle of the pack in your search for a bank. Minnwest Bank offers a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Minnwest Bank has a fair savings rate compared to the average savings account. The bank's standard checking account features a monthly fee of $2.00, which is acceptable compared to the national average. Using an institution with no-fee checking, in addition to a high interest rate savings account is your best bet for returning the most income on your deposits while having easy access to your funds.

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 0.60% and 1.35%, respectively, while its highest-yielding money market account has a rate of 0.10%. Given Minnwest Bank's poor savings rate, you should think about other options 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

Minnwest Bank has typically low fees compared to the national average. Its checking account has a monthly fee of $2.00, making it slightly worse for anyone looking for a hassle-free account. For those who will need cash in a pinch, Minnwest Bank is perfect because it has no out-of-network ATM fees. Also, at $34.00, Minnwest Bank's overdraft fee is considerably lower than the average U.S. overdraft fee. Minnwest Bank does not reimburse out-of-network ATM fees, which means you'll have to search for a Minnwest Bank ATM or pay the withdrawal fee.

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 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's online and mobile banking platforms get poor scores from customers. The Minnwest Bank mobile app has been given a 3.3 out of 5 (with 20 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Minnwest Bank's app to control your finances by monitoring current statements, transferring money as well as reaching support representatives. Minnwest Bank receives an exceptional consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 ranks as a large bank owning $2 billion in assets and deposits totaling $1 billion. Minnwest Bank's Texas Ratio is 10.89%, indicating that the bank is in fine financial shape and far from 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: 0.60% APY
  • 24 Month: 0.65% APY
  • 36 Month: 0.75% APY
  • 48 Month: 0.85% APY
  • 60 Month: 1.35% APY
$10000 for all terms
Money Market Account 0.1% APY $10000

Minnwest Bank has several deposit products including 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 in comparison to the national average.

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Find a Minnwest Bank Near Me

Minnwest Bank has 24 branches in the U.S.

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