Minnwest Bank

Overview / Commentary

www.minnwestbank.com

507-637-4357

300 South Washington Street
Redwood Falls, MN 56283

Minnwest Bank is headquartered in Redwood Falls and is the 5^th largest bank in the state of Minnesota. It is also the 435^th largest bank in the nation. It was established in 1941 and as of September of 2019, it had grown to 342 employees at 33 locations. Minnwest Bank's money market rates are 3X the national average, and it boasts an A+ health rating.

View all posts from:

2009

8/10 - 2.50% Savings Account with Rate Guaranteed Until 2010 at Minnwest Bank in MN & SD - Local Only

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Health

A+

Data as of Q3 2019

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Health Grade Components

Overall
FDIC Certificate #	16958
Year Established	1941
Employees	342
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	1.07%
Return on Equity - YTD	9.58%
Annual Interest Income	$73.7MM

Assets and Liabilities
Assets	Q3 2019vs Q3 2018	$2.00B$1.83B
Loans	Q3 2019vs Q3 2018	$1.61B$1.52B
Deposits	Q3 2019vs Q3 2018	$1.71B$1.58B
Equity Capital	Q3 2019vs Q3 2018	$228.6MM$200.4MM
Loan Loss Allowance	Q3 2019vs Q3 2018	$26.7MM$24.0MM
Unbacked Noncurrent Loans	Q3 2019vs Q3 2018	$6.1MM$7.8MM
Real Estate Owned	Q3 2019vs Q3 2018	$3.0MM$4.5MM

Rates

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Savings
Money Market
Checking
CD

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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Minnwest Bank Savings Account Rates

APY	MIN	MAX	ACCOUNT NAME
1.41%^*	$1m^*	-	Platinum Business Savings
OTHER TIERS: 0.40% → $10k - $100k \| 1.00% → $100k - $500k \| 1.21% → $500k - $1m
0.30%^*	$30k^*	-	Automatic Savings
OTHER TIERS: 0.10% → Up to $30k
0.25%^*	$30k^*	-	Health Savings Account
OTHER TIERS: 0.10% → Up to $10k \| 0.20% → $10k - $30k
0.15%	$300	-	Classic Business Savings
0.10%	-	-	Thrift Savings
0.10%	-	-	Money Magic Savings Club

Minnwest Bank Money Market Rates

APY	MIN	MAX	ACCOUNT NAME
1.41%^*	$500k^*	-	Money Max Savings
OTHER TIERS: 0.10% → Up to $25k \| 0.40% → $25k - $100k \| 0.55% → $100k - $225k \| 0.80% → $225k - $500k
1.31%^*	$30k^*	-	Money Market Savings
OTHER TIERS: 0.10% → Up to $10k \| 0.80% → $10k - $30k

Minnwest Bank Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME
1.51%^*	-	$10k	Digital Checking - Online Exclusive
OTHER TIERS: 0.50% → $10k+
0.40%^*	$500k^*	-	Non-Profit Business Checking
OTHER TIERS: 0.15% → Up to $150k \| 0.30% → $150k - $500k
0.25%^*	$50k^*	-	Minnwest Platinum Checking
OTHER TIERS: 0.10% → Up to $25k \| 0.15% → $25k - $50k

Minnwest Bank CD Rates

APY	MIN	MAX	ACCOUNT NAME
1.80%	$1k	-	12 Month Digital CD Special -- Online Only
1.71%	$1k	-	6 Month Digital CD Special -- Online Only
1.65%^*	$25k^*	-	13 Month Classic CD Special
OTHER TIERS: 1.60% → $5k - $25k
1.65%^*	$25k^*	-	Business 13 Month Classic CD Special
OTHER TIERS: 1.60% → $5k - $25k

Locations

Availability

Minneapolis Area

Minneapolis Area bank & credit union details

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