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Profinium Review

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Profinium Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1916, Profinium Bank has $368 million in assets and $314 million in deposits, making it 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. SmartAsset experts rated Profinium Bank 4.4 out of 5 stars, which means it is a solid contender in your bank search. Profinium provides customers with a variety of product offerings, which include savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Profinium offers an option without a monthly fee. Locating an institution with no-fee checking and 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 has a savings rate of 0.15%, which is poor compared to the average U.S. bank. Its CDs feature a rate of 1.01% and 2.05% for the one-year and five-year term lengths, respectively. Given Profinium's poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Profinium's Savings Rates Compare

Profinium Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Profinium charges customers extremely low fees in comparison to the national average. Profinium's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. Profinium unfortunately doesn't reimburse out-of-network ATM fees, which means you'll be required to locate a Profinium ATM or accept the fee.

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 account access straightforward, even on the go. Profinium's online and mobile banking services receive positive ratings from customers. With 65 customer reviews across both Apple and Android platforms, the Profinium mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). You can use Profinium's app to control your funds by looking at current statements, transferring money as well as reaching support representatives. Profinium gets an outstanding consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 with assets totaling $368 million as well as deposits totaling $314 million. Profinium's Texas Ratio is 8.71%, denoting a tiny opportunity 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 0.15% 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
$1 for all terms

Profinium Bank has 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 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. Profinium's CD rates are fair compared to other U.S. banks.

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Find a Profinium Near Me

Profinium has four physical locations across the U.S.

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