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Profinium 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
Profinium Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1916, Profinium Bank has assets totaling $368 million as well as $314 million in deposits, classifying it as a small bank. Profinium, whose headquarters are in Truman, Minnesota, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional 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, Profinium should be solidly in contention for your choice of bank. Profinium has a mixture of banking products, which include savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Profinium has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Profinium offers an option without a maintenance or monthly fee. Finding an institution with no-fee checking, in addition to a high savings APY is your best bet for returning the highest income from your deposits while having convenient access to your money.

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

3.5
SmartAsset Average: 3.5

Profinium features a savings rate of 0.25%, which is fair compared to other U.S. banks. Its one-year CD has a rate of 1.01% and the five-year CD earns at a rate of 2.05%. Given its poor savings rate, you should think about looking at the competition to open savings accounts.

How Profinium's Savings Rates Compare

Profinium Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Profinium Bank generally has extremely low fees in comparison to the average U.S. bank. Profinium's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. For those who often frequent the ATM, Profinium is ideal because it charges no out-of-network ATM fees. Profinium does not reimburse out-of-network ATM fees, meaning you will have to locate a Profinium ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Profinium Bank is a brick-and-mortar bank, with four total bank locations in Minnesota. With mobile and web apps, Profinium makes mobile banking convenient, even on the go. Profinium gets positive scores from users for its online presence. The Profinium mobile app is rated at 4.6 out of 5 (out of 65 ratings on Apple and Android) compared to the national average of 3.8. You can utilize Profinium's mobile app to control your bank accounts by checking current statements, transferring funds and reaching customer service. Profinium receives an outstanding consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Profinium ranks as a small bank owning $368 million in assets and $314 million in deposits. Its Texas Ratio is 8.71%, indicating a tiny possibility of failure. Additionally, Profinium is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.71%
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 Profinium to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $2500
Certificates of Deposit
  • 12 Month: 1.01% APY
  • 24 Month: 1.21% APY
  • 36 Month: 1.51% APY
  • 48 Month: 1.92% APY
  • 60 Month: 2.05% APY
$500 for all terms

Profinium Bank offers several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Profinium does not have the best savings rate, which means you should think about looking 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. Profinium's CD rates are fair in comparison to the national average.

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Find a Profinium Near Me

Profinium has four locations across the U.S.

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