2. Minnwest Bank

Minnwest Bank


Overview / Commentary
minnwestbank.com
507-637-4357
300 South Washington Street
Redwood Falls, MN 56283

Minnwest Bank is headquartered in Redwood Falls and is the 3rd largest bank in the state of Minnesota. It is also the 428th largest bank in the nation. It was established in 1941 and as of December of 2018, it had grown to 352 employees at 33 locations. Minnwest Bank's money market rates are 3X the national average, and it boasts an A+ health rating.

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Health
A+

Data as of Q4 2018

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Health Grade Components

Overall
FDIC Certificate #16958
Year Established1941
Employees352
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.1%
Return on Equity - YTD10.29%
Annual Interest Income$82.4MM
Assets and Liabilities
AssetsQ4 2018vs Q4 2017$1.99B$1.73B
LoansQ4 2018vs Q4 2017$1.62B$1.42B
DepositsQ4 2018vs Q4 2017$1.73B$1.50B
Equity CapitalQ4 2018vs Q4 2017$217.3MM$177.6MM
Loan Loss AllowanceQ4 2018vs Q4 2017$24.3MM$22.9MM
Unbacked Noncurrent LoansQ4 2018vs Q4 2017$7.3MM$16.1MM
Real Estate OwnedQ4 2018vs Q4 2017$4.8MM$5.8MM
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.61%*$1m*-Platinum Business Savings
OTHER TIERS: 0.40% → $10k - $100k | 1.06% → $100k - $500k | 1.51% → $500k - $1m
0.30%*$30k*-Automatic Savings
OTHER TIERS: 0.10% → Up to $30k
0.30%*$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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.51%*$500k*-Money Max Savings
OTHER TIERS: 0.15% → Up to $25k | 0.40% → $25k - $100k | 0.55% → $100k - $225k | 0.80% → $225k - $500k

Minnwest Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.51%*-$10kDigital Checking - Online Exclusive
OTHER TIERS: 0.50% → $10k+
0.50%*$500k*-Non-Profit Business Checking
OTHER TIERS: 0.15% → Up to $150k | 0.30% → $150k - $500k
0.30%*$50k*-Minnwest Platinum Checking
OTHER TIERS: 0.10% → Up to $25k | 0.20% → $25k - $50k

Minnwest Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.75%$1k-30 Month Digital CD Special - Online Only
2.45%$1k-12 Month Digital CD Special
2.35%$5k-13 Month CD Special
2.21%$5k-9 Month CD Special

Minnwest Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.35%$5k-13 Month IRA Special
2.21%$5k-9 Month IRA Special
Locations

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