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Drake Bank


TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/13/2025
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
APY APY = Annual Percentage Yield Rates as of 5/13/2025
4.10%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Get up to a $300 Cash Bonus. FDIC Insured. See site for details.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/13/2025
4.35%
Our Rating
4.1  / 5
BrioDirect
High-Yield Savings
See Offer
Sponsored Note: You must deposit at least $5,000 to open your account. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/13/2025
3.80%
Our Rating
4.3  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to 3.80% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms Apply. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/13/2025
3.60%
Our Rating
4.2  / 5
American Express®
High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
Bonus Amount
up to $300
Our Rating
4.3  / 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
drake-bank.com
651-224-5000
60 East Plato Blvd, Suite 100
Saint Paul, MN 55107

Drake Bank is headquartered in SAINT PAUL and is the 94th largest bank in the state of Minnesota. It is also the 2,744th largest bank in the nation. It was established in 2002 and as of December of 2024, it had grown to 39 employees at 1 location. Drake Bank's savings rates are 9X the national average, and it has a C+ 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.

2


Health
C+

Data as of Q4 2024

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #57336
Year Established2002
Employees39
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.75%
Return on Equity - YTD9.75%
Annual Interest Income$16.2MM
Assets and Liabilities
AssetsQ4 2024vs Q4 2023$253MM$235.6MM
LoansQ4 2024vs Q4 2023$210.9MM$180.2MM
DepositsQ4 2024vs Q4 2023$210.3MM$197MM
Equity CapitalQ4 2024vs Q4 2023$19.9MM$18.2MM
Loan Loss AllowanceQ4 2024vs Q4 2023$2.7MM$2.6MM
Unbacked Noncurrent LoansQ4 2024vs Q4 2023$4.5MM$34K
Real Estate OwnedQ4 2024vs Q4 2023$0$0
TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/13/2025
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
APY APY = Annual Percentage Yield Rates as of 5/13/2025
4.10%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Get up to a $300 Cash Bonus. FDIC Insured. See site for details.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/13/2025
4.35%
Our Rating
4.1  / 5
BrioDirect
High-Yield Savings
See Offer
Sponsored Note: You must deposit at least $5,000 to open your account. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/13/2025
3.80%
Our Rating
4.3  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to 3.80% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms Apply. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 5/13/2025
3.60%
Our Rating
4.2  / 5
American Express®
High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
Bonus Amount
up to $300
Our Rating
4.3  / 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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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
4.49%*$5m*-Investor Savings Account
OTHER TIERS: 1.51% → $0 - $25k | 2.12% → $25k - $100k | 2.28% → $100k - $250k | 2.94% → $250k - $1m | 3.30% → $1m - $5m
4.49%*$5m*-Business Investor Savings Account
OTHER TIERS: 1.51% → $0 - $25k | 2.12% → $25k - $100k | 2.28% → $100k - $250k | 2.94% → $250k - $1m | 3.30% → $1m - $5m
4.07%*$25*$1kLittle Drake Savings
OTHER TIERS: 0.40% → $1k+
0.75%*$25k*-Preferred Savings Account
OTHER TIERS: 0.50% → $1k - $10k | 0.65% → $10k - $25k
0.75%*$25k*-Business Preferred Savings Account
OTHER TIERS: 0.50% → $1k - $10k | 0.65% → $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
4.26%$0-13 Month CD Special
4.26%$0-Business 13 Month CD Special
4.22%$500-91 Day CD
4.22%$500-Business 91 Day CD
4.04%$500-182 Day CD
4.04%$500-Business 182 Day CD
3.95%$500-48 Month CD
3.95%$500-60 Month CD
3.95%$500-Business 48 Month CD
3.95%$500-Business 60 Month CD
3.90%$500-36 Month CD
3.90%$500-Business 36 Month CD
3.87%$500-9 Month CD
3.87%$500-Business 9 Month CD
3.86%$500-18 Month CD
3.86%$500-Business 18 Month CD
3.85%$500-12 Month CD
3.85%$500-24 Month CD
3.85%$500-Business 12 Month CD
3.85%$500-Business 24 Month CD

Drake Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.22%$500-91 Day IRA
4.04%$500-182 Day IRA
3.95%$500-48 Month IRA
3.95%$500-60 Month IRA
3.90%$500-36 Month IRA
3.86%$500-18 Month IRA
3.85%$500-12 Month IRA
3.85%$500-24 Month IRA
Locations


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

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