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Minster Bank Review

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Minster Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1914, Minster Bank has $476 million in assets and $416 million in deposits, ranking the institution as a medium-size bank. Minster Bank, whose headquarters are in Minster, Ohio, 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 offerings. With a commendable 4.3 out of 5 stars, Minster Bank is a solid pick to be your bank. Minster Bank has the complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Minster Bank's ordinary checking account does not have a monthly fee. Banks that offer no-fee checking as well as a high interest rate savings account are the best option for gaining the most income on your deposits while maintaining easy 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 0.15%, which is fair in comparison 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 has a rate of 0.30%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How Minster Bank's Savings Rates Compare

Minster Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Minster Bank charges customers extremely low fees in comparison to the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Minster Bank doesn't refund out-of-network ATM fees, which means you'll have to locate a Minster Bank ATM or pay the withdrawal fee.

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. With mobile and web apps, Minster Bank makes account access straightforward, even on the go. It does not have all-day customer service with representatives. You can get help during its 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 receives fairly positive ratings from users for its mobile app. The Minster Bank mobile app scored a 4.0 out of 5 (with 33 customer reviews on Apple and Android) compared to the national average of 3.8. Minster Bank's mobile app allows you to manage your bank accounts by reviewing monthly statements, sending and receiving funds and accessing customer service. Minster Bank gets an exceptional consumer satisfaction score based on relatively few complaints reported to 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 is currently a medium-size bank with assets totaling $476 million and $416 million in deposits. Its Texas Ratio is 0.46%, denoting that Minster Bank is in terrific financial condition and improbable to fail. 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 0.15% APY $1
Checking Account 0.15% 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 Accounts 0.2% APY 0.3% APY $10000 $15000

Minster Bank offers several deposit products like 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 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. Minster Bank's CD rates are fair compared to other U.S. banks.

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Find a Minster Bank Near Me

Minster Bank has seven branches in the U.S.

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