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Minster Bank Review

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

Overview

Minster Bank was founded in 1914 with its headquarters in Minster, Ohio. Minster Bank has assets of $476 million and $416 million in deposits, ranking it as a medium-size bank. Minster Bank lacks premium access to customer service, with no live chat or all-day service options available. 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. On the whole, Minster Bank is a solid contender in your bank search, with a rating of 4.3 out of 5 stars from the SmartAsset team. Minster Bank provides customers with a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Minster Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Minster Bank's ordinary checking account does not have a monthly fee. Locating an institution with no-fee checking, in addition to a high interest rate savings account is the best option for returning the highest income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
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

Minster Bank has a savings rate of 0.10%, which is poor compared to the national average. Minster Bank's one-year and five-year term lengths CDs earn at a rate of 0.65% and 2.40%, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given its poor savings rate, you should consider looking at the competition to open savings accounts.

How Minster Bank's Savings Rates Compare

Minster Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Minster Bank charges its customers extremely low fees as compared against the national average. Minster Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Minster Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will have to locate a Minster Bank ATM or pay the cost of withdrawal.

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

4.0
SmartAsset Average: 3.7

Minster Bank is a brick-and-mortar bank, with seven total bank locations in Ohio. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Thursday, 8:00 a.m. to 5:00 p.m. DT; Friday, 8:00 a.m. to 6:00 p.m. DT; Saturday, and 8:30 a.m. to 12:00 p.m. DT. Minster Bank's online and mobile banking services receive moderately high marks from users. The Minster Bank mobile app has been given a 4.0 out of 5 (out of 33 customer reviews on iOS and Android) compared to the national average of 3.8. Minster Bank's mobile app allows you to control your funds by looking at current statements, transferring funds as well as accessing customer service. Minster Bank gets an excellent consumer satisfaction score based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Minster Bank ranks as a medium-size bank and manages $476 million in assets and $416 million in deposits. Its Texas Ratio is 0.46%, suggesting a low likelihood of failure. Additionally, Minster Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Minster 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 $1
Certificates of Deposit
  • 12 Month: 0.65% APY
  • 24 Month: 0.75% APY
  • 36 Month: 0.90% APY
  • 48 Month: 1.10% APY
  • 60 Month: 2.40% APY
$10000 for all terms
Money Market Account 0.15% APY $10000

Minster 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. Minster 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. Minster Bank's CD rates are fair as compared against the national average.

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Find a Minster Bank Near Me

Minster Bank has seven locations in the U.S.

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