Loading
Tap on the profile icon to edit
your financial details.

Monona Bank Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Monona Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1991, Monona Bank has $899 million in assets as well as $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. At a SmartAsset rating of 3.7 stars out of 5, Monona Bank should be near the middle of the pack in your search for a bank. Monona Bank has a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a $5.00 monthly fee, making it a rather costly bank for checking. Banks that offer no-fee checking, in addition to a high savings APY are your best bet for getting the highest income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

With a savings rate of 0.20%, Monona Bank ranks poorly in comparison to the national average. Monona Bank's one-year CD earns at a rate of 1.75% and the five-year CD has a rate of 3.00%, while its highest-yielding money market account earns at a rate of 0.31%. Given its below average savings rate, you should consider other options to earn more on your deposits.

How Monona Bank's Savings Rates Compare

Monona Bank Savings 0.20 National Average 0.26 Compare Offers
Back to Overview

Fees

3.0
SmartAsset Average: 4.4

Monona Bank generally has high fees as compared against the national average. Its checking account has a monthly fee of $5.00, rating it fair for anyone looking for a simple account. Monona Bank doesn't reimburse out-of-network ATM charges, which means you will be required to find a Monona Bank ATM or pay the withdrawal 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
Back to Overview

Service Quality

3.7
SmartAsset Average: 3.7

Monona Bank is a brick-and-mortar bank, with nine total bank locations in Wisconsin. With mobile and web apps, Monona Bank makes account access easy, even on the go. Monona Bank gets moderate feedback from users for its online presence. The Monona Bank mobile app has an overall rating of 3.6 out of 5 (with 26 customer reviews on Apple and Android) compared to the national average of 3.8. You can access Monona Bank's app to control your accounts by checking current statements, transferring money as well as reaching support representatives. Monona Bank receives a superb consumer satisfaction score due to 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
Back to Overview

Financial Health

4.8
SmartAsset Average: 4.8

Monona Bank is currently a medium-size bank and owns assets totaling $899 million as well as $727 million in deposits. Its Texas Ratio is 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

5.49%
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.

Back to Overview

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: 1.75% APY
  • 24 Month: 1.85% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.25% APY
  • 60 Month: 3.00% APY
$1000 for all terms
Money Market Accounts 0.31% APY 0.31% APY $10000 $15000

Monona Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Monona 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. Monona Bank's CD rates are fair in comparison to other U.S. banks.

Back to Overview

Find a Monona Bank Near Me

Monona Bank has nine physical branches in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure