Drake Bank

Overview / Commentary
60 East Plato Blvd, Suite 100
Saint Paul, MN 55107

Drake Bank is headquartered in Saint Paul and is the 121st largest bank in the state of Minnesota. It is also the 3,232nd largest bank in the nation. It was established in 2002 and as of March of 2022, it had grown to 33 employees at 1 location. Drake Bank's savings rates are 7X the national average, and it has an A health rating.

Reviews (1)

Avoid At All Cost

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Drake Bank pretends to be a community bank, but their bankers are completely inept. You'll get amortization explanations / documents in HAND WRITTEN formats. Maybe they think it's 1985 still?

Confusing, overreaching, and inept bankers pretending to understand your business. Do not bank with them. They'll require exhaustive documentation and wheigh in on how to run your business when clearly, none of them have any actual business experience.

The online experience is what you'd expect from 2003, maybe 2004. Clunky, very little account information, and primitive compared to any large bank experience.

There are so many choices in banking, and you should not choose this bank. You will regret it.


Health Grade Components

FDIC Certificate #57336
Year Established2002
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.91%
Return on Equity - YTD10.04%
Annual Interest Income$1.9MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$183.2MM$165.2MM
LoansQ1 2022vs Q1 2021$131.3MM$135.5MM
DepositsQ1 2022vs Q1 2021$155.4MM$135.0MM
Equity CapitalQ1 2022vs Q1 2021$16.2MM$12.8MM
Loan Loss AllowanceQ1 2022vs Q1 2021$1.7MM$2.1MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$0$16.00K
Real Estate OwnedQ1 2022vs Q1 2021$0$0
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Always verify rates and promotions with the bank or credit union. We are not Drake Bank; 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.

Drake Bank Savings Account Rates

3.82%*-$1kLittle Drake Savings
OTHER TIERS: 0.25% $1k+
0.60%*$1m*-Investor Savings Account
OTHER TIERS: 0.40% Up to $250k | 0.50% $250k - $1m
0.60%*$1m*-Business Investor Savings Account
OTHER TIERS: 0.40% Up to $250k | 0.50% $250k - $1m
0.10%*$10k*-Preferred Savings Account
OTHER TIERS: 0.07% $1k - $10k
0.10%*$10k*-Business Preferred Savings Account
OTHER TIERS: 0.07% $1k - $10k
0.05%--Basic Savings
0.05%--Business Basic Savings

Drake Bank Checking Account Rates

0.10%*$5k*-Interest Checking Account
OTHER TIERS: 0.05% Up to $5k
0.10%*$25k*-Business Civic Checking Account
OTHER TIERS: 0.07% Up to $25k
0.10%*$5k*-Golden Checking Account
OTHER TIERS: 0.05% Up to $5k

Drake Bank CD Rates

0.60%$500-60 Month CD
0.60%$500-Business 60 Month CD
0.45%$500-48 Month CD
0.45%$500-Business 48 Month CD
0.35%$500-36 Month CD
0.35%$500-Business 36 Month CD
0.30%$500-24 Month CD
0.30%$500-Business 24 Month CD
0.25%$500-12 Month CD
0.25%$500-18 Month CD
0.25%$500-Business 12 Month CD
0.25%$500-Business 18 Month CD
0.20%$500-182 Day CD
0.20%$500-9 Month CD
0.20%$500-Business 182 Day CD
0.20%$500-Business 9 Month CD
0.10%$500-91 Day CD
0.10%$500-Business 91 Day CD

Drake Bank Locations
Drake Bank60 Plato Boulevard, Suite 100Saint Paul, MN 55107

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