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Bank Midwest


TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/18/2025
4.00%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Earn more with a min. balance of $5K. Savings starts at $100. FDIC Insured.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/18/2025
3.60%
Our Rating
4.3  / 5
American Express
American Express® High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/18/2025
3.80%
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: +0.20% boost to 4.00% for up to 6 months on new accounts with eligible direct deposit. Terms apply.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/18/2025
3.50%
Our Rating
4.4  / 5
Capital One
360 Performance Savings
See Offer
Sponsored Note: It only takes about 5 minutes to open a fee-free account. Member FDIC.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/18/2025
4.31%
Our Rating
4.0  / 5
Vio Bank
Cornerstone Money Market
See Offer
Sponsored Note: Interest is compounded daily, growing your money fast
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/18/2025
4.44%
Our Rating
4.3  / 5
Peak Bank
Envision High Yield Savings
See Offer
Sponsored Note: Member FDIC: Insured up to $250,000. $100 Deposit Earns Interest Immediately.
Member FDIC
Bonus Amount
up to $300
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to $300 with direct deposit, plus 2-day-early-pay. FDIC insured!
Overview / Commentary
www.bankmidwest.com
888-902-5662
1525 18th Street
Spirit Lake, IA 51360

Bank Midwest is headquartered in SPIRIT LAKE and is the 22nd largest bank in the state of Iowa. It is also the 814th largest bank in the nation. It was established in 1887 and as of March of 2025, it had grown to 182 employees at 11 locations. Bank Midwest's money market rates are 7X the national average, and it has an A health rating.

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Health
A

Data as of Q1 2025

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #5170
Year Established1887
Employees182
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.79%
Return on Equity - YTD9.23%
Annual Interest Income$18.7MM
Assets and Liabilities
AssetsQ1 2025vs Q1 2024$1.35B$1.33B
LoansQ1 2025vs Q1 2024$1.06B$1.05B
DepositsQ1 2025vs Q1 2024$1.16B$1.11B
Equity CapitalQ1 2025vs Q1 2024$118.4MM$110.2MM
Loan Loss AllowanceQ1 2025vs Q1 2024$11.1MM$8.3MM
Unbacked Noncurrent LoansQ1 2025vs Q1 2024$4.5MM$5.6MM
Real Estate OwnedQ1 2025vs Q1 2024$1.5MM$0
TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/18/2025
4.00%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Earn more with a min. balance of $5K. Savings starts at $100. FDIC Insured.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/18/2025
3.60%
Our Rating
4.3  / 5
American Express
American Express® High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/18/2025
3.80%
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: +0.20% boost to 4.00% for up to 6 months on new accounts with eligible direct deposit. Terms apply.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/18/2025
3.50%
Our Rating
4.4  / 5
Capital One
360 Performance Savings
See Offer
Sponsored Note: It only takes about 5 minutes to open a fee-free account. Member FDIC.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/18/2025
4.31%
Our Rating
4.0  / 5
Vio Bank
Cornerstone Money Market
See Offer
Sponsored Note: Interest is compounded daily, growing your money fast
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/18/2025
4.44%
Our Rating
4.3  / 5
Peak Bank
Envision High Yield Savings
See Offer
Sponsored Note: Member FDIC: Insured up to $250,000. $100 Deposit Earns Interest Immediately.
Member FDIC
Bonus Amount
up to $300
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to $300 with direct deposit, plus 2-day-early-pay. FDIC insured!
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Bank Midwest Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*$20k*-Health Savings Account
OTHER TIERS: 0.50% → $0 - $10k | 0.75% → $10k - $20k
0.75%*$250k*-Great Rate Savings
OTHER TIERS: 0.25% → $0 - $25k | 0.35% → $25k - $50k | 0.50% → $50k - $100k | 0.60% → $100k - $250k
0.05%$0-Business Savings

Bank Midwest Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.04%*$250k*-Premier Money Market Savings Account
OTHER TIERS: 2.02% → $0 - $100k | 2.53% → $100k - $250k

Bank Midwest Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.02%$0$20kGreat Rewards Checking
1.75%*$500k*-Business Interest Checking
OTHER TIERS: 0.75% → $0 - $25k | 0.85% → $25k - $100k | 0.95% → $100k - $250k | 1.40% → $250k - $500k
0.10%$0-EnVision Interest Checking

Bank Midwest CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.96%*$250k*-60 Month CD
OTHER TIERS: 3.85% → $0 - $250k
3.89%*$250k*-182 Day CD
OTHER TIERS: 3.78% → $0 - $250k
3.85%*$250k*-48 Month CD
OTHER TIERS: 3.75% → $0 - $250k
3.75%*$250k*-12 Month CD
OTHER TIERS: 3.65% → $0 - $250k
3.75%*$250k*-18 Month CD
OTHER TIERS: 3.65% → $0 - $250k
3.75%*$250k*-36 Month CD
OTHER TIERS: 3.65% → $0 - $250k
3.65%*$250k*-24 Month CD
OTHER TIERS: 3.55% → $0 - $250k
3.65%*$250k*-30 Month CD
OTHER TIERS: 3.55% → $0 - $250k

Bank Midwest IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$25k*$100kVariable Rate IRA Savings
OTHER TIERS: 0.05% → $0 - $10k | 0.10% → $10k - $25k
Locations


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

Armstrong Branches
Armstrong Branch500 6th StreetArmstrong, IA 50514

Fairmont Branches
Fairmont Branch301 South State StFairmont, MN 56031

Jackson Branches
Jackson Branch509 Third StreetJackson, MN 56143

New Ulm Branches
New Ulm Branch525 Center StNew Ulm, MN 56073

Okoboji Branches
Okoboji Branch1102 Sanborn AvenueOkoboji, IA 51355

Sherburn Branches
Sherburn Branch33 North Main StreetSherburn, MN 56171

Spirit Lake Branches
Bank Midwest1525 18th StSpirit Lake, IA 51360

Wall Lake Branches
Wall Lake Branch102 West Second StreetWall Lake, IA 51466

Westbrook Branches
Westbrook Branch640 First AvenueWestbrook, MN 56183

Windom Branches
Windom Branch245 Ninth StreetWindom, MN 56101

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