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The First National Bank in Sioux Falls Review

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The First National Bank in Sioux Falls Savings
0.08% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The First National Bank in Sioux Falls started in 1885 with headquarters in Sioux Falls, South Dakota. The First National Bank in Sioux Falls handles assets of $1 billion along with $942 million in deposits, which makes it a medium-size bank. The First National Bank in Sioux Falls lacks premium access to customer service, 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 apps. Coming in at a poor 3.3 stars out of 5, The First National Bank in Sioux Falls is a fair bank that might not check all the boxes. The First National Bank in Sioux Falls provides customers with the full slate of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The First National Bank in Sioux Falls has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product features a monthly fee of $3.00, which is acceptable compared to the national average. Using an institution with no-fee checking and a high interest rate savings account is your best option for getting the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.3/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

With a savings rate of 0.08%, The First National Bank in Sioux Falls ranks poorly as compared against the national average. Its one-year CD earns at a rate of 0.43% and the five-year CD earns at a rate of 1.10%. Given The First National Bank in Sioux Falls's poor savings rate, you should consider other options to earn more on your deposits.

How The First National Bank in Sioux Falls's Savings Rates Compare

The First National Bank in Sioux Falls Savings 0.08 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

The First National Bank in Sioux Falls typically has high fees compared to the national average. At $3.00/month, The First National Bank in Sioux Falls's checking account is less than the best product for people who need an easy checking account. The First National Bank in Sioux Falls unfortunately does not refund out-of-network ATM fees, which means you'll need to locate a The First National Bank in Sioux Falls ATM or accept the cost of withdrawal.

Monthly Fee $3.00 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

2.5
SmartAsset Average: 3.7

The First National Bank in Sioux Falls is a brick-and-mortar bank, with 17 total bank locations in South Dakota. With mobile and web apps, The First National Bank in Sioux Falls makes account access easy, even on the go. The First National Bank in Sioux Falls's mobile app lets you manage your accounts by checking account balances, transferring funds as well as accessing customer service. The First National Bank in Sioux Falls receives a superb consumer satisfaction score based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

4.1
SmartAsset Average: 4.8

The First National Bank in Sioux Falls is a medium-size bank and manages assets totaling $1 billion and $942 million in deposits. Its Texas Ratio is 19.18%, indicating that the bank is in fine financial condition and far from failure. Additionally, The First National Bank in Sioux Falls is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

19.18%
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 The First National Bank in Sioux Falls to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.08% APY $1000
Checking Account 0.03% APY $25000
Certificates of Deposit
  • 12 Month: 0.43% APY
  • 24 Month: 0.63% APY
  • 36 Month: 0.78% APY
  • 48 Month: 0.89% APY
  • 60 Month: 1.10% APY
$10000 for all terms

The First National Bank in Sioux Falls offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The First National Bank in Sioux Falls 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. The First National Bank in Sioux Falls's CD rates are fair as compared against the national average.

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Find a The First National Bank in Sioux Falls Near Me

The First National Bank in Sioux Falls has 17 physical locations in the U.S.

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