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Think Mutual Bank Review

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Think Mutual Bank Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Think Mutual Bank first started operating in 2007 with headquarters in Rochester, Minnesota. Think Mutual Bank handles $2 billion in assets as well as deposits totaling $1 billion, ranking it as a large bank. Think Mutual Bank 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 access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.3 stars out of 5, Think Mutual Bank should be solidly in contention for your choice of bank. Think Mutual Bank has a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, 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, Think Mutual Bank's ordinary checking account does not have a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best option for returning the most income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.30%, Think Mutual Bank ranks poorly as compared against the national average. Think Mutual Bank's one-year CD has a rate of 1.25% and the five-year CD has a rate of 2.25%, while its highest-yielding money market account earns at a rate of 0.55%. Given Think Mutual Bank's below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Think Mutual Bank's Savings Rates Compare

Think Mutual Bank Savings 0.30 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Think Mutual Bank generally has extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who withdraw cash routinely, Think Mutual Bank is good because it charges an out-of-network ATM fee of $1.00, which is good compared to the average U.S. bank. Additionally, at $22.00, it has a considerably lower overdraft fee compared to that of other U.S. banks. Think Mutual Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you will need to find a Think Mutual Bank ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee $22.00 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Think Mutual Bank is a brick-and-mortar bank, with 12 total bank locations in Minnesota. With mobile and web apps, Think Mutual Bank makes mobile banking easy, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. CT; Saturday, and 9:00 a.m. to 12:30 p.m. CT. Think Mutual Bank's online and mobile banking platforms receive moderate scores from users. The Think Mutual Bank mobile app has been given a 3.9 out of 5 (with 210 ratings on Apple and Android) compared to the national average of 3.8. You can access Think Mutual Bank's app to control your bank accounts by monitoring current statements, transferring funds and reaching support representatives. Think Mutual Bank gets an exceptional consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Think Mutual Bank is a large bank with assets totaling $2 billion and deposits totaling $1 billion. Think Mutual Bank's Texas Ratio is 0.80%, indicating that the bank is in superb financial health and far from failure. Additionally, Think Mutual Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Think Mutual Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $2500
Checking Account 0.1% APY $1500
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.50% APY
  • 36 Month: 1.75% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.25% APY
$250 for all terms
Money Market Account 0.5% APY $5000

Think Mutual Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Think Mutual Bank 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. Think Mutual Bank's CD rates are fair compared to the average U.S. bank.

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Find a Think Mutual Bank Near Me

Think Mutual Bank has 12 branches in the U.S.

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