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Mound City Bank Review

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

Overview

Established in 1915, Mound City Bank has assets totaling $361 million as well as deposits totaling $299 million, which makes the institution a small bank. Mound City Bank, whose headquarters are in Platteville, Wisconsin, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 4.4 stars out of 5, Mound City Bank should be solidly in contention for your choice of bank. Mound City Bank has a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Mound City Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Mound City Bank offers an option without a monthly fee. Institutions that offer no-fee checking as well as a high interest rate savings account are your best option for accruing the most income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

Mound City Bank features a savings rate of 0.10%, which is poor in comparison to the national average. Mound City Bank's one-year CD has a rate of 1.00% and the five-year CD earns at a rate of 2.37%, while its highest-yielding money market account earns at an APY of 0.45%. Given Mound City Bank's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Mound City Bank's Savings Rates Compare

Mound City Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Mound City Bank charges its customers extremely low fees compared to other U.S. banks. With no monthly fee, Mound City Bank's checking account is perfect for people who need a hassle-free banking experience. Mound City Bank does not refund out-of-network ATM charges, which means you'll have to find a Mound City Bank ATM or accept the 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

4.3
SmartAsset Average: 3.7

Mound City Bank is a brick-and-mortar bank, with six total bank locations in Wisconsin. It also offers access to mobile and web apps for an easy mobile-banking experience. Mound City Bank's online and mobile banking platforms get high marks from customers. The Mound City Bank mobile app scored a 4.7 out of 5 (out of 15 reviews on Apple and Android) compared to the national average of 3.8. Mound City Bank's mobile app allows you to manage your finances by reviewing monthly statements, sending and receiving funds as well as accessing support representatives. Mound City Bank gets an outstanding 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 4.7/5
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

Mound City Bank ranks as a small bank owning $361 million in assets and deposits totaling $299 million. It has an excellent Texas Ratio of 1.34%, denoting a negligible chance of failure. Additionally, Mound City 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 Mound City 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: 1.00% APY
  • 24 Month: 1.30% APY
  • 36 Month: 1.65% APY
  • 48 Month: 2.26% APY
  • 60 Month: 2.37% APY
$2500 for all terms
Money Market Accounts 0.35% APY 0.45% APY $10000 $15000

Mound City Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Mound City 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. Mound City Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Mound City Bank Near Me

Mound City Bank has six branches across the U.S.

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