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Monona Bank Review

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Monona Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Started in 1991, Monona Bank has assets totaling $899 million along with $727 million in deposits, making it a medium-size bank. Monona Bank, whose headquarters are in Monona, Wisconsin, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We gave the bank a 3.7 out of 5 stars, indicating that Monona Bank is an acceptable bank choice, but may leave you wanting more. Monona Bank provides customers with a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Monona Bank has a fair savings rate compared to the average savings account. The bank's standard checking product carries a $5.00 monthly fee, which places it at the higher end of monthly fees. Finding 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 maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.20%, Monona Bank ranks poorly compared to the national average. Monona Bank's one-year CD earns at a rate of 0.50% and the five-year CD earns at a rate of 3.00%, while its highest-yielding money market account has an APY of 0.31%. Given Monona Bank's noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Monona Bank's Savings Rates Compare

Monona Bank Savings 0.20 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Monona Bank generally has high fees in comparison to the national average. At $5.00/month, Monona Bank's checking account is not ideal for people who want an easy checking account. Monona Bank doesn't reimburse out-of-network ATM fees, meaning you'll need to search for a Monona Bank ATM or pay the fee.

Monthly Fee $5.00 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

SmartAsset Average: 3.7

Monona Bank is a brick-and-mortar bank, with nine total branches in Wisconsin. It also offers access to mobile and web apps for simple access and banking on the go. Monona Bank gets fair reviews from users for its online presence. With 26 customer reviews on Apple and Android platforms, the Monona Bank mobile app rates a 3.6 out of 5 (compared to the national average of 3.8). You can use Monona Bank's app to manage your bank accounts by reviewing account balances, sending and receiving funds as well as accessing support representatives. Monona Bank receives a superb consumer satisfaction score based on relatively few consumer complaints brought to 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 No
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Financial Health

SmartAsset Average: 4.8

Monona Bank ranks as a medium-size bank owning $899 million in assets and deposits totaling $727 million. Monona Bank has a strong Texas Ratio of 5.49%, signifying a tiny possibility of failure. Additionally, Monona Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Monona Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $100
Checking Account 0.15% APY $2500
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.85% APY
  • 36 Month: 1.45% APY
  • 48 Month: 2.25% APY
  • 60 Month: 3.00% APY
$1000 for all terms
Money Market Account 0.31% APY $2500

Monona 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. Monona Bank does not have the best savings rate, which means you should think about other options 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. Monona Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Monona Bank Near Me

Monona Bank has nine locations across the U.S.

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