Midwest Bank


Overview / Commentary
218-847-4771
613 Hwy. 10 E.
Detroit Lakes, MN 56502-0703

Midwest Bank is headquartered in DETROIT LAKES and is the 25th largest bank in the state of Minnesota. It is also the 1,267th largest bank in the nation. It was established in 1917 and as of September of 2024, it had grown to 93 employees at 7 locations. Midwest Bank's money market rates are 9X the national average, and it boasts an A+ health rating.

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Health
A+

Health Grade Components

Overall
FDIC Certificate #9737
Year Established1917
Employees93
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.34%
Return on Equity - YTD23.65%
Annual Interest Income$36.1MM
Assets and Liabilities
AssetsQ3 2024vs Q3 2023$787.2MM$713.4MM
LoansQ3 2024vs Q3 2023$668.9MM$561.5MM
DepositsQ3 2024vs Q3 2023$669.3MM$615.7MM
Equity CapitalQ3 2024vs Q3 2023$79.2MM$66MM
Loan Loss AllowanceQ3 2024vs Q3 2023$5.7MM$5.2MM
Unbacked Noncurrent LoansQ3 2024vs Q3 2023$14K$17K
Real Estate OwnedQ3 2024vs Q3 2023$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Midwest 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.

Midwest Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.10%$0-Midwest IRA Savings
0.55%$0-Midwest Savings
0.55%$0-Midwest Young Savers
0.55%$0-Midwest Business Savings
0.40%$0-Midwest HSA Checking

Midwest Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.75%*$1m*-Midwest Money Market Savings
OTHER TIERS: 1.90% $0 - $10k | 2.10% $10k - $50k | 2.60% $50k - $100k | 2.85% $100k - $250k | 3.10% $250k - $500k | 3.60% $500k - $1m
3.75%*$1m*-Midwest Business Money Market
OTHER TIERS: 1.90% $0 - $10k | 2.10% $10k - $50k | 2.60% $50k - $100k | 2.85% $100k - $250k | 3.10% $250k - $500k | 3.60% $500k - $1m

Midwest Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.07%$0$25kMidwest Rewards Checking
0.40%*$100k*-Midwest Interest Checking
OTHER TIERS: 0.20% $0 - $10k | 0.25% $10k - $50k | 0.30% $50k - $100k
0.40%*$100k*$10mMidwest Commercial Checking with Interest
OTHER TIERS: 0.20% $0 - $10k | 0.25% $10k - $50k | 0.30% $50k - $100k

Midwest Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%$5k-54 Month CD Special
4.00%$5k-11 Month CD Special
3.85%*$25k*-24 Month CD
OTHER TIERS: 3.70% $1k - $25k
3.85%*$25k*-24 Month HSA CD
OTHER TIERS: 3.70% $1k - $25k
3.80%*$25k*-12 Month CD
OTHER TIERS: 3.65% $1k - $25k
3.80%*$25k*-12 Month HSA CD
OTHER TIERS: 3.65% $1k - $25k
3.75%*$25k*-36 Month CD
OTHER TIERS: 3.60% $1k - $25k
3.75%*$25k*-48 Month CD
OTHER TIERS: 3.60% $1k - $25k
3.75%*$25k*-60 Month CD
OTHER TIERS: 3.60% $1k - $25k
3.75%*$25k*-36 Month HSA CD
OTHER TIERS: 3.60% $1k - $25k
3.75%*$25k*-48 Month HSA CD
OTHER TIERS: 3.60% $1k - $25k
3.75%*$25k*-60 Month HSA CD
OTHER TIERS: 3.60% $1k - $25k
3.60%$1k-30 Month CD
3.50%$1k-182 Day CD
3.49%$1k-91 Day CD
3.30%$5k-30 Month CD Adjust a Rate

Midwest Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.85%*$25k*-24 Month IRA
OTHER TIERS: 3.70% $1k - $25k
3.80%*$25k*-12 Month IRA
OTHER TIERS: 3.65% $1k - $25k
3.75%*$25k*-36 Month IRA
OTHER TIERS: 3.60% $1k - $25k
3.75%*$25k*-48 Month IRA
OTHER TIERS: 3.60% $1k - $25k
3.75%*$25k*-60 Month IRA
OTHER TIERS: 3.60% $1k - $25k
Locations


Midwest Bank Locations
Parkers Prairie Branch105 East Soo StreetParkers Prairie, MN 56361
Dalton Branch108 West Main StreetDalton, MN 56324
Waubun Branch1211 First StreetWaubun, MN 56589
Detroit Lakes Wal-Mart Branch1583 Highway 10 WestDetroit Lakes, MN 56501
Barnesville Branch215 Front Street SouthBarnesville, MN 56514
Callaway Branch421 Main AvenueCallaway, MN 56521
Midwest Bank613 Highway 10 EDetroit Lakes, MN 56501

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