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The First National Bank in Sioux Falls 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
The First National Bank in Sioux Falls Savings
0.10% 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 and has its headquarters in Sioux Falls, South Dakota. It manages assets of $1 billion and $942 million in deposits, making it a medium-size bank. The First National Bank in Sioux Falls lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated The First National Bank in Sioux Falls 3.3 stars out of 5, which means it is a fair bank that does not stack up to some of the other banks. The First National Bank in Sioux Falls offers a complete selection of product offerings, which include 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 account carries a $3.00 monthly fee, which is acceptable in comparison to other U.S. banks. Finding an institution with no-fee checking, in addition to a high savings APY is the best option for gaining the most income on 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 0.10%, The First National Bank in Sioux Falls ranks poorly in comparison to the national average. The First National Bank in Sioux Falls's CD rates are 0.65% and 1.25% for the one-year and five-year term lengths, respectively. Given The First National Bank in Sioux Falls's below average savings rate, you should think about 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 0.10 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 other U.S. banks. Its checking account has a monthly fee of $3.00, making it slightly worse for anyone looking for a simple account. The First National Bank in Sioux Falls does not reimburse out-of-network ATM fees, meaning you will have to find a The First National Bank in Sioux Falls ATM or pay the fee.

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. It also offers access to mobile and web apps for a simple mobile-banking experience. The First National Bank in Sioux Falls's mobile app lets you control your funds by looking at current statements, sending and receiving funds and accessing support representatives. The First National Bank in Sioux Falls gets a superb consumer satisfaction score based on relatively few consumer complaints reported to 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 ranks as a medium-size bank with $1 billion in assets as well as deposits totaling $942 million. Its Texas Ratio is 19.18%, denoting that The First National Bank in Sioux Falls is in fine financial shape 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 0.1% APY $1000
Checking Account 0.03% APY $25000
Certificates of Deposit
  • 12 Month: 0.65% APY
  • 24 Month: 0.85% APY
  • 36 Month: 0.98% APY
  • 48 Month: 1.08% APY
  • 60 Month: 1.25% APY
$10000 for all terms

The First National Bank in Sioux Falls has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The First National Bank in Sioux Falls does not have the best savings rate, which means you should consider 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. The First National Bank in Sioux Falls's CD rates are fair compared to 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 across the U.S.

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