Bank Midwest

Overview / Commentary

www.bankmidwest.com

712-336-0505

1525 18th Street
Spirit Lake, IA 51360

Bank Midwest is headquartered in Spirit Lake and is the 21^st largest bank in the state of Iowa. It is also the 847^th largest bank in the nation. It was established in 1887 and as of June of 2022, it had grown to 191 employees at 11 locations. Bank Midwest's savings rates are 15% higher than the national average, and it has a B+ health rating.

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2009

10/29 - 2.25% 12-Month & 1.90% 9-Month CD at Bank Midwest in MO & KS

Reviews (1)

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Good Local Banking Option

Posted by: Bobert2016 | Apr 26, 2016

I bank at Bank Midwest because it is a local bank in our town. Their customer service is second to none - they always know your name and are eager to help! There is a certain sense of small town values that come with banking locally.

Comment

Health

B+

Data as of Q2 2022

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	5170
Year Established	1887
Employees	191
Primary Regulator	FED

Profit Margin
Return on Assets - YTD	1.1%
Return on Equity - YTD	13.36%
Annual Interest Income	$22.0MM

Assets and Liabilities
Assets	Q2 2022vs Q2 2021	$1.20B$1.16B
Loans	Q2 2022vs Q2 2021	$866.9MM$806.6MM
Deposits	Q2 2022vs Q2 2021	$1.04B$1.05B
Equity Capital	Q2 2022vs Q2 2021	$91.1MM$106.5MM
Loan Loss Allowance	Q2 2022vs Q2 2021	$9.9MM$10.1MM
Unbacked Noncurrent Loans	Q2 2022vs Q2 2021	$1.2MM$973.00K
Real Estate Owned	Q2 2022vs Q2 2021	$0$0

Rates

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Savings
Checking
CD
IRA

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Always verify rates and promotions with the bank or credit union. We are not Bank Midwest; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Bank Midwest Savings Account Rates

APY	MIN	MAX	ACCOUNT NAME
0.60%^*	$250k^*	-	Great Rate Savings
OTHER TIERS: 0.10% → Up to $25k \| 0.20% → $25k - $50k \| 0.35% → $50k - $100k \| 0.45% → $100k - $250k
0.25%^*	$25k^*	$100k	Variable Rate IRA Savings
OTHER TIERS: 0.05% → Up to $10k \| 0.10% → $10k - $25k
0.25%^*	$20k^*	-	Health Savings Account
OTHER TIERS: 0.05% → Up to $10k \| 0.10% → $10k - $20k
0.05%	$100	-	Statement Savings

Bank Midwest Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME
1.00%	-	$20k	Great Rewards Checking
0.68%^*	$500k^*	-	Business Interest Checking
OTHER TIERS: 0.40% → Up to $100k \| 0.48% → $100k - $250k \| 0.55% → $250k - $500k
0.10%	-	-	EnVision Interest Checking

Bank Midwest CD Rates

APY	MIN	MAX	ACCOUNT NAME
1.20%^*	$250k^*	-	60 Month CD
OTHER TIERS: 1.10% → $500 - $250k
1.10%^*	$250k^*	-	48 Month CD
OTHER TIERS: 1.00% → $500 - $250k
1.00%^*	$250k^*	-	36 Month CD
OTHER TIERS: 0.90% → $500 - $250k
0.90%^*	$250k^*	-	30 Month CD
OTHER TIERS: 0.80% → $500 - $250k
0.80%^*	$250k^*	-	24 Month CD
OTHER TIERS: 0.70% → $500 - $250k
0.70%^*	$250k^*	-	18 Month CD
OTHER TIERS: 0.60% → $500 - $250k
0.65%^*	$250k^*	-	12 Month CD
OTHER TIERS: 0.55% → $500 - $250k
0.40%^*	$250k^*	-	182 Day CD
OTHER TIERS: 0.35% → $500 - $250k

Bank Midwest IRA Rates

APY	MIN	MAX	ACCOUNT NAME
1.20%^*	$250k^*	-	60 Month IRA
OTHER TIERS: 1.10% → $500 - $250k
1.10%^*	$250k^*	-	48 Month IRA
OTHER TIERS: 1.00% → $500 - $250k
1.00%^*	$250k^*	-	36 Month IRA
OTHER TIERS: 0.90% → $500 - $250k
0.90%^*	$250k^*	-	30 Month IRA
OTHER TIERS: 0.80% → $500 - $250k
0.80%^*	$250k^*	-	24 Month IRA
OTHER TIERS: 0.70% → $500 - $250k
0.70%^*	$250k^*	-	18 Month IRA
OTHER TIERS: 0.60% → $500 - $250k
0.65%^*	$250k^*	-	12 Month IRA
OTHER TIERS: 0.55% → $500 - $250k
0.40%^*	$250k^*	-	182 Day IRA
OTHER TIERS: 0.35% → $500 - $250k

Locations

Cities: Armstrong, Fairmont, Jackson, New Ulm, Okoboji, Sherburn, Spirit Lake, Wall Lake, Westbrook, Windom

Armstrong Branches
Armstrong Branch	500 6th Street	Armstrong, IA 50514

Fairmont Branches
Fairmont Branch	301 South State St	Fairmont, MN 56031

Jackson Branches
Jackson Branch	509 Third Street	Jackson, MN 56143

New Ulm Branches
New Ulm Branch	525 Center St	New Ulm, MN 56073

Okoboji Branches
Okoboji Branch	1102 Sanborn Avenue	Okoboji, IA 51355

Sherburn Branches
Sherburn Branch	33 North Main Street	Sherburn, MN 56171

Spirit Lake Branches
Bank Midwest	1525 18th St	Spirit Lake, IA 51360

Wall Lake Branches
Wall Lake Branch	102 West Second Street	Wall Lake, IA 51466

Westbrook Branches
Westbrook Branch	640 First Avenue	Westbrook, MN 56183

Windom Branches
Windom Branch	245 Ninth Street	Windom, MN 56101

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.