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Premier Bank Review

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

Overview

Established in 1974, Premier Bank has $724 million in assets along with deposits totaling $649 million, which makes the institution a medium-size bank. Premier Bank, whose headquarters are in Maplewood, Minnesota, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Overall, Premier Bank is a solid pick to be your bank, with a rating of 4.2 out of 5 stars from our team. Premier Bank provides customers with a diverse array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Premier Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Premier Bank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best bet for getting the most income on your deposits alongside convenient 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 as compared against the national average. Its one-year CD has a rate of 1.50% and the five-year CD earns at a rate of 2.95%, while its highest-yielding money market account has a rate of 0.10%. Given Premier Bank's noncompetitive savings rate, you should think about looking at the competition to open savings accounts.

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 generally has extremely low fees in comparison to the average U.S. bank. With no monthly fee, Premier Bank's checking account is perfect for people who need an easy banking experience. Premier Bank unfortunately does not refund out-of-network ATM fees, meaning you'll need to find a Premier Bank ATM or pay 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

4.0
SmartAsset Average: 3.7

Premier Bank is a brick-and-mortar bank, with eight total bank locations in Minnesota. It also offers access to mobile and web apps for easy access and banking on the go. Premier Bank's online and mobile banking platforms receive fairly high praise from customers. The Premier Bank mobile app has an overall rating of 4.1 out of 5 (with 43 customer reviews on Apple and Android) compared to the national average of 3.8. You can use Premier Bank's mobile app to control your finances by reviewing current statements, sending and receiving money and reaching support representatives. Premier Bank receives a superb consumer satisfaction score based on relatively few consumer complaints reported to 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 is currently a medium-size bank with $724 million in assets and $649 million in deposits. Premier Bank's Texas Ratio is 16.78%, suggesting that the bank is in fine financial well-being and far from 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: 2.95% APY
$1000 for all terms
Money Market Account 0.1% APY $25000

Premier Bank has several deposit products like 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 in comparison to the national average.

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Find a Premier Bank Near Me

Premier Bank has eight locations across the U.S.

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