Think Bank

Overview / Commentary
5200 Members Parkway, Nw
Rochester, MN 55901

Think Bank is headquartered in Rochester and is the 7th largest bank in the state of Minnesota. It is also the 496th largest bank in the nation. It was established in 2007 and as of June of 2022, it had grown to 253 employees at 9 locations. Think Bank's money market rates are 2X the national average, and it boasts an A+ health rating.

Reviews (6)

Most Efficient Bank Of All

Posted by: |

I have been a customer of Think Bank ( earlier IBM EFCU) for over 10 years. In these years, I also have used Bank of America , Wachovia and few others. But none are even close to the efficiency and customer service of Think. They are easily accessible, efficient and thorough. I quote them as bench mark to other banks when they ask me for feed back.

Great Service, No/Low Fees, Great Rates At THINKBANK

Posted by: |

THINKBANK used to be a credit union, THINKCU for Employees/family/friends of IBM.  Superbly run by IBM folks.  It recently converted to a bank to offer more services to more people.  I was very hesitant because I was thrilled by the rates and free services at the Credit Union.    So far, it's been great.  Not getting charged for 'inactive accounts', checking accounts, etc.  Car loan rates were the best I could find. 

Big Change From IBM EFCU

Posted by: |

In 2011 Think changed from a credit union to a bank. They told IBM FCU members that they could offer better service as a bank.
The opposite is true. A change in the customer support systems caused inadequate account reports and confusion on banking transactions. No longer are deposits annotated by type. Account reports are listed continuous and are hard to separate when reconciling. These problems have been reported to Customer Service and are never acknowledged or corrected.
Now THINK Mutual bank is in the process of adding fees that never existed under the EFCU.
Overdraft fees, even with LOC protection, Deposit fees and no longer providing free mail deposit envelopes. This is only a start in the fee implementations.
It appears THINK’s goal is to compete with big banks on fees.
Apparently this is what Think Mutual Bank meant back in 2011, by offering more services.
I'm very dissatisfied with the current level of service.

Very Poor Bank Won't Work With Customers Anymore.

After 50 plus years doing business with this bank and always paying on time and paying my loans off and having near perfect credit, when I tried to get a $25k loan for a short term it was not even considered. Whatever information you got from the credit bureau to be fair you can also see that ALL my bills and responsibilities are paid ALWAYS ON TIME and I am perfectly (as always) capable of paying what's due. No credit given for net worth like the old days or not accepting collateral (of which I have a lot) makes it almost impossible to use your financial institution any longer. I need a bank that works with me.

Mobile Banking Is Useless

They are forcibly moving customers to high priced checking. Aggressive sales tactics in creating new accounts will make you think this bank is the next Wells Fargo. When they convinced people they would be more efficient as a mutual bank than it was as a credit union, the company was blatantly lying.

Just Another 2 Bit Bank

Nothing special. I am in process of closing my accounts as they raise their fees and eliminate postage paid mail deposits. They recently added a number of new fees- just like any other bank now.


Health Grade Components

FDIC Certificate #58536
Year Established2007
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.66%
Return on Equity - YTD5.01%
Annual Interest Income$25.5MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$2.21B$2.14B
LoansQ2 2022vs Q2 2021$1.20B$1.21B
DepositsQ2 2022vs Q2 2021$1.92B$1.81B
Equity CapitalQ2 2022vs Q2 2021$280.5MM$310.1MM
Loan Loss AllowanceQ2 2022vs Q2 2021$5.6MM$6.8MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$1.1MM$1.4MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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Always verify rates and promotions with the bank or credit union. We are not Think 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.

Think Bank Savings Account Rates

1.00%*$100k*-Health Savings Account
OTHER TIERS: 0.01% Up to $5k | 0.85% $5k - $20k | 0.90% $20k - $50k | 0.95% $50k - $100k
0.35%*$10k*-Savings Account
OTHER TIERS: 0.30% Up to $10k

Think Bank Money Market Rates

1.00%*$100k*-Money Market Account
OTHER TIERS: 0.85% $5k - $20k | 0.90% $20k - $50k | 0.95% $50k - $100k

Think Bank Checking Account Rates

0.10%*$1.5k*-Preferred Interest Checking
OTHER TIERS: 0.05% Up to $1.5k
0.05%--Direct Interest Checking
0.05%--50+ Interest Checking

Think Bank CD Rates

2.10%$50k-5 Year Fixed Jumbo CD
2.00%$250-5 Year Fixed CD
1.85%$50k-4 Year Fixed Jumbo CD
1.75%$250-4 Year Fixed CD
1.45%$50k-3 Year Fixed Jumbo CD
1.40%$50k-30 Month Fixed Jumbo CD
1.35%$250-3 Year Fixed CD
1.30%$250-30 Month Fixed CD
1.30%$50k-2 Year Fixed Jumbo CD
1.20%$250-2 Year Fixed CD
1.20%$50k-18 Month Fixed Jumbo CD
1.10%$250-18 Month Fixed CD
1.00%$50k-12 Month Jumbo Fixed CD
1.00%$50k-1 Year Fixed Jumbo CD
0.95%$50k-1 Year Jumbo Variable CD
0.90%$250-1 Year Fixed CD
0.90%$250-12 Month Fixed CD
0.85%$50k-6 Month Jumbo Fixed CD
0.85%$250-1 Year Variable CD
0.85%$50k-6 Month Jumbo Variable CD
0.75%$250-6 Month Fixed CD
0.75%$50k-3 Month Jumbo Fixed CD
0.75%$250-6 Month Variable CD
0.65%$250-3 Month Fixed CD

Think Bank IRA Rates

2.10%$50k-5 Year Fixed Jumbo IRA
2.00%$250-5 Year Fixed IRA
1.85%$50k-4 Year Fixed Jumbo IRA
1.75%$250-4 Year Fixed IRA
1.45%$50k-3 Year Fixed Jumbo IRA
1.40%$50k-30 Month Fixed Jumbo IRA
1.35%$250-3 Year Fixed IRA
1.30%$250-30 Month Fixed IRA
1.30%$50k-2 Year Fixed Jumbo IRA
1.20%$250-2 Year Fixed IRA
1.20%$50k-18 Month Fixed Jumbo IRA
1.10%$250-18 Month Fixed IRA
1.00%$50k-1 Year Fixed Jumbo IRA
0.95%$50k-1 Year Jumbo Variable IRA
0.90%$250-1 Year Fixed IRA
0.85%$50k-6 Month Jumbo Fixed IRA
0.85%$250-1 Year Variable IRA
0.85%$50k-6 Month Jumbo Variable IRA
0.75%$250-6 Month Fixed IRA
0.75%$50k-3 Month Jumbo Fixed IRA
0.75%$250-6 Month Variable IRA
0.65%$250-3 Month Fixed IRA
0.65%$50k-30 Day Jumbo IRA
0.60%$250-30 Day IRA

Think Bank Locations
Apple Valley Branch15751 Emperor AveApple Valley, MN 55124
Green Meadows Branch1698 Greenview Drive SwRochester, MN 55901
Rochester Downtown Branch221 1st Ave Sw Suite 101Rochester, MN 55902
West River Pkwy Branch253 Penny Lane NeRochester, MN 55906
Eagan Branch4245 Johnny Cake Ridge RdEagan, MN 55122
Shoppes On Maine Branch4638 Maine Avenue SeRochester, MN 55904
Think Mutual Bank5200 Members Pkwy NwRochester, MN 55901
Rochester Branch5201 Members Pkwy NWRochester, MN 55901
Edina Branch3655 Hazelton RoadEdina, MN 55435

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