Drake Bank


Overview / Commentary
651-224-5000
60 East Plato Blvd, Suite 100
Saint Paul, MN 55107

Drake Bank is headquartered in SAINT PAUL and is the 99th largest bank in the state of Minnesota. It is also the 2,802nd largest bank in the nation. It was established in 2002 and as of March of 2024, it had grown to 39 employees at 1 location. Drake Bank's savings rates are 10X the national average, and it has an A health rating.

Reviews (1)

Avoid At All Cost

Posted by: |

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

Health Grade Components

Overall
FDIC Certificate #57336
Year Established2002
Employees39
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.42%
Return on Equity - YTD5.49%
Annual Interest Income$3.7MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$238.9MM$214.1MM
LoansQ1 2024vs Q1 2023$175.1MM$161.7MM
DepositsQ1 2024vs Q1 2023$199.9MM$189.4MM
Equity CapitalQ1 2024vs Q1 2023$18.5MM$14.8MM
Loan Loss AllowanceQ1 2024vs Q1 2023$2.7MM$2.3MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$293K$0
Real Estate OwnedQ1 2024vs Q1 2023$0$0
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.01%*$5m*-Investor Savings Account
OTHER TIERS: 2.28% $0 - $250k | 3.04% $250k - $1m | 3.30% $1m - $5m
5.01%*$5m*-Business Investor Savings Account
OTHER TIERS: 2.28% $0 - $250k | 3.04% $250k - $1m | 3.30% $1m - $5m
4.07%*$0$1kLittle Drake Savings
OTHER TIERS: 0.40% $1k+
0.80%*$25k*-Preferred Savings Account
OTHER TIERS: 0.55% $1k - $10k | 0.70% $10k - $25k
0.80%*$25k*-Business Preferred Savings Account
OTHER TIERS: 0.55% $1k - $10k | 0.70% $10k - $25k
0.20%$0-Basic Savings
0.20%$0-Business Basic Savings

Drake Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%*$25k*-Business Civic Checking Account
OTHER TIERS: 0.40% $0 - $25k
0.40%*$5k*-Interest Checking Account
OTHER TIERS: 0.25% $0 - $5k
0.40%*$5k*-Golden Checking Account
OTHER TIERS: 0.25% $0 - $5k

Drake Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.09%$500-91 Day CD
5.09%$500-Business 91 Day CD
4.81%$500-182 Day CD
4.81%$500-Business 182 Day CD
4.52%$500-9 Month CD
4.52%$500-Business 9 Month CD
4.50%$500-12 Month CD
4.50%$500-Business 12 Month CD
4.27%$500-18 Month CD
4.27%$500-Business 18 Month CD
4.25%$500-24 Month CD
4.25%$500-36 Month CD
4.25%$500-48 Month CD
4.25%$500-60 Month CD
4.25%$500-Business 24 Month CD
4.25%$500-Business 36 Month CD
4.25%$500-Business 48 Month CD
4.25%$500-Business 60 Month CD

Drake Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.09%$500-91 Day IRA
4.81%$500-182 Day IRA
4.50%$500-12 Month IRA
4.27%$500-18 Month IRA
4.25%$500-24 Month IRA
4.25%$500-36 Month IRA
4.25%$500-48 Month IRA
4.25%$500-60 Month IRA
Locations


Drake Bank Locations
Drake Bank60 Plato Blvd ESaint Paul, MN 55107

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