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Premier Bank Review

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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
Premier Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Premier Bank started in 1974 with its headquarters in Maplewood, Minnesota. It owns $724 million in assets along with $649 million in deposits, ranking it as a medium-size bank. Premier Bank lacks premium access to support representatives, 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. At a SmartAsset rating of 4.2 out of 5 stars, Premier Bank should be solidly in contention for your choice of bank. Premier Bank offers a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Premier Bank's standard checking does not have a monthly charge. Institutions that offer no-fee checking as well as a high interest rate savings account are your best bet for accruing the highest income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

With a savings rate of 0.05%, Premier Bank ranks poorly compared to other U.S. banks. Premier Bank's one-year and five-year term lengths CDs earn at a rate of 1.50% and 3.00%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given Premier Bank's noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How Premier Bank's Savings Rates Compare

Premier Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Premier Bank charges customers extremely low fees in comparison to the national average. With no monthly fee, Premier Bank is perfect for those who want a simple banking experience. Premier Bank unfortunately does not refund out-of-network ATM fees, which means you'll need to search for a Premier Bank ATM or eat 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

Premier Bank is a brick-and-mortar bank, with eight total branches in Minnesota. With mobile and web apps, Premier Bank makes mobile banking straightforward, even on the go. Premier Bank's online and mobile banking platforms receive relatively high scores from customers. With 43 ratings on Apple and Android platforms, the Premier Bank mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). Premier Bank's mobile app lets you control your accounts by reviewing account balances, transferring money as well as reaching customer service. Premier Bank gets a superb consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.2
SmartAsset Average: 4.8

Premier Bank ranks as a medium-size bank and has $724 million in assets as well as $649 million in deposits. Premier Bank's Texas Ratio is 16.78%, indicating a tiny chance of failure. Additionally, Premier Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

16.78%
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 Premier Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 1.75% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.85% APY
  • 60 Month: 3.00% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Premier Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Premier Bank does not have the best savings rate, which means you should think about 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. Premier Bank's CD rates are fair compared to the average U.S. bank.

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Find a Premier Bank Near Me

Premier Bank has eight locations in the U.S.

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