Think Bank

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

Think Bank is headquartered in Rochester and is the 8th largest bank in the state of Minnesota. It is also the 495th largest bank in the nation. It was established in 2007 and as of March of 2021, it had grown to 267 employees at 11 locations. Think Bank has 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 - YTD0.86%
Return on Equity - YTD5.81%
Annual Interest Income$13.8MM
Assets and Liabilities
AssetsQ1 2021vs Q1 2020$2.14B$1.72B
LoansQ1 2021vs Q1 2020$1.22B$1.09B
DepositsQ1 2021vs Q1 2020$1.82B$1.42B
Equity CapitalQ1 2021vs Q1 2020$302.5MM$289.7MM
Loan Loss AllowanceQ1 2021vs Q1 2020$7.0MM$5.0MM
Unbacked Noncurrent LoansQ1 2021vs Q1 2020$1.2MM$1.2MM
Real Estate OwnedQ1 2021vs Q1 2020$0$176.00K
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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

0.30%*$100k*-Health Savings Account
OTHER TIERS: 0.01% Up to $5k | 0.10% $5k - $20k | 0.15% $20k - $50k | 0.20% $50k - $100k
0.15%*$20k*-Savings Account
OTHER TIERS: 0.05% Up to $2.5k | 0.10% $2.5k - $20k

Think Bank Money Market Rates

0.30%*$100k*-Money Market Account
OTHER TIERS: 0.10% $5k - $20k | 0.15% $20k - $50k | 0.20% $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

0.60%$50k-5 Year Fixed Jumbo CD
0.50%$250-5 Year Fixed CD
0.50%$50k-4 Year Fixed Jumbo CD
0.45%$50k-30 Month Fixed Jumbo CD
0.45%$50k-3 Year Fixed Jumbo CD
0.40%$250-4 Year Fixed CD
0.40%$50k-2 Year Fixed Jumbo CD
0.35%$250-30 Month Fixed CD
0.35%$250-3 Year Fixed CD
0.35%$50k-18 Month Fixed Jumbo CD
0.30%$250-2 Year Fixed CD
0.30%$50k-12 Month Jumbo Fixed CD
0.30%$50k-1 Year Fixed Jumbo CD
0.25%$250-18 Month Fixed CD
0.25%$50k-6 Month Jumbo Fixed CD
0.25%$50k-1 Year Jumbo Variable CD
0.20%$250-1 Year Fixed CD
0.20%$250-12 Month Fixed CD
0.20%$50k-3 Month Jumbo Fixed CD
0.20%$50k-6 Month Jumbo Variable CD
0.15%$250-6 Month Fixed CD
0.15%$250-1 Year Variable CD
0.10%$250-3 Month Fixed CD
0.10%$250-6 Month Variable CD

Think Bank IRA Rates

0.60%$50k-5 Year Fixed Jumbo IRA
0.50%$250-5 Year Fixed IRA
0.50%$50k-4 Year Fixed Jumbo IRA
0.45%$50k-30 Month Fixed Jumbo IRA
0.45%$50k-3 Year Fixed Jumbo IRA
0.40%$250-4 Year Fixed IRA
0.40%$50k-2 Year Fixed Jumbo IRA
0.35%$250-30 Month Fixed IRA
0.35%$250-3 Year Fixed IRA
0.35%$50k-18 Month Fixed Jumbo IRA
0.30%$250-2 Year Fixed IRA
0.30%$50k-1 Year Fixed Jumbo IRA
0.25%$250-18 Month Fixed IRA
0.25%$50k-6 Month Jumbo Fixed IRA
0.25%$50k-1 Year Jumbo Variable IRA
0.20%$250-1 Year Fixed IRA
0.20%$50k-3 Month Jumbo Fixed IRA
0.20%$50k-6 Month Jumbo Variable IRA
0.15%$250-6 Month Fixed IRA
0.15%$250-1 Year Variable IRA
0.10%$250-3 Month Fixed IRA
0.10%$50k-30 Day Jumbo IRA
0.10%$250-6 Month Variable IRA
0.05%$250-30 Day IRA


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