Midwest Bank savings, CD and money market rates
Midwest Savings offers 0.50% APY. That is 0.12 percentage points above the national savings average of 0.38% (FDIC, Oct 2026).
Ranked #1251 of 3150 tracked savings rates by advertised APY. For a $10,000 balance it would rank #1010.
Midwest Bank at a glance
| Savings | |
|---|---|
| Top savings APY | 0.50% · Midwest Savings |
| Minimum to open | $100 · Midwest Savings |
| Against the national average | 0.12 percentage points above the 0.38% FDIC savings average (Oct 2026) |
| CDs | |
| Top CD APY | 4.50% · 54 months · 54 Month CD Special |
| Minimum to open | $500 · 54 months CD |
| Money market | |
| Top money market APY | Up to 3.51% · Midwest Money Market Savings · needs at least $1,000,000 |
| Minimum to open | $1,000 · Midwest Money Market Savings |
| Against the national average | 2.88 percentage points above the 0.63% FDIC money market average (Oct 2026) |
| FDIC certificate | 9737 · Detroit Lakes, MN |
|---|---|
| Website | midwestbank.net |
| Branches | 7 branches in MN |
| Availability | Available in MN |
Midwest Bank savings, CD and money market rates
Personal
How the rate applies
IRA
Business
How the rate applies
Rates are annual percentage yields (APY). A variable rate may change after the account is opened. Fees could reduce the earnings on the account. A penalty may be imposed for early withdrawal.
The national savings average is 0.38% (FDIC, Oct 2026). The top tracked savings rate on Banksparency is 12.00%. Across 59 savings accounts from 58 banks in the Banksparency core savings index, the median advertised rate is 3.66%, and one account in ten advertises 4.20% or more. See the highest savings rates.
Midwest Bank CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| 3 months | 3.55% | $500 | 91 Day CD |
| 6 months | 3.55% | $500 | 182 Day CD |
| 7 months | 4.30% | $500 | 7 Month CD Special |
| 11 months | 4.35% | $500 | 11 Month CD Special |
| 12 months | 4.00% | $500 | 12 Month CD |
| 12 months | 4.15% | $25,000 | 12 Month CD ($25,000 or More) |
| 24 months | 4.20% | $500 | 24 Month CD |
| 24 months | 4.35% | $25,000 | 24 Month CD ($25,000 or More) |
| 30 months | 4.05% | $500 | 30 Month CD |
| 36 months | 4.10% | $500 | 36 Month CD |
| 36 months | 4.25% | $25,000 | 36 Month CD ($25,000 or More) |
| 48 months | 4.20% | $500 | 48 Month CD |
| 48 months | 4.35% | $25,000 | 48 Month CD ($25,000 or More) |
| 54 months | 4.50% | $500 | 54 Month CD Special |
| 60 months | 4.25% | $500 | 60 Month CD |
| 60 months | 4.40% | $25,000 | 60 Month CD ($25,000 or More) |
Interactive Tool
Calculate Savings for Midwest Bank
All calculations are based on APY.
Tiered rates: 1.50% to 3.50% APY across 7 balance tiers.
Savings Breakdown
- Interest Earned+$668.40(4.6%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$14,668.40
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What Midwest Bank pays on deposits
FDIC call report data
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
The two figures answer different questions, so they sit side by side and are not combined.
In Q2 2026, Midwest Bank paid a higher average rate on savings and money market deposits than 89% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
- Midwest Bank, savings and money market
- All-bank median
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older savings balances at the rates of earlier years, money market balances that were priced in a different rate environment, and business accounts. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
So what is the catch?
| Product | APY | Min to open | Min to earn | Balance cap | Monthly fee | Requirements | Rate type | 12-mo trend |
|---|---|---|---|---|---|---|---|---|
| Personal | ||||||||
| Midwest Savings | 0.50% | $100 | $0 | None | not stated | not stated | One rate | |
| Midwest Young Savers | 0.50% | $0 | $0 | None | not stated | not stated | One rate | |
| Midwest HSA Checking | 0.40% | $100 | $0 | None | not stated | not stated | One rate | |
| Midwest Money Market Savings | Up to 3.51% | $1,000 | $0 | None | not stated | not stated | Tiered | |
| IRA | ||||||||
| Midwest IRA Savings | 3.15% | $100 | $0 | None | not stated | not stated | One rate | |
| Business | ||||||||
| Midwest Business Money Market Savings | Up to 3.50% | $1,000 | $0 | None | not stated | not stated | Tiered | |
| Midwest Business Savings | 0.50% | $100 | $0 | None | not stated | not stated | One rate | |
Rate type: one rate applies at every balance. A tiered rate changes with your balance. A promotional rate changes after the period shown. A balance cap is the largest balance the highest rate applies to.
The 12-month trend shows the highest advertised rate observed each day and includes promotional tiers where one applied.
CDs
| Product | Term | APY | Min to open | Early withdrawal fee | Compounding |
|---|---|---|---|---|---|
| 91 Day CD | 3 months | 3.55% | $500 | not stated | not stated |
| Fine print: The term is 91 days, which is slightly short of three calendar months. | |||||
| 182 Day CD | 6 months | 3.55% | $500 | not stated | not stated |
| Fine print: The term is 182 days, which is slightly short of six calendar months. | |||||
| 7 Month CD Special | 7 months | 4.30% | $500 | not stated | not stated |
| 11 Month CD Special | 11 months | 4.35% | $500 | not stated | not stated |
| 12 Month CD | 12 months | 4.00% | $500 | not stated | not stated |
| 12 Month CD ($25,000 or More) | 12 months | 4.15% | $25,000 | not stated | not stated |
| 24 Month CD | 24 months | 4.20% | $500 | not stated | not stated |
| 24 Month CD ($25,000 or More) | 24 months | 4.35% | $25,000 | not stated | not stated |
| 30 Month CD | 30 months | 4.05% | $500 | not stated | not stated |
| 36 Month CD | 36 months | 4.10% | $500 | not stated | not stated |
| 36 Month CD ($25,000 or More) | 36 months | 4.25% | $25,000 | not stated | not stated |
| 48 Month CD | 48 months | 4.20% | $500 | not stated | not stated |
| 48 Month CD ($25,000 or More) | 48 months | 4.35% | $25,000 | not stated | not stated |
| 54 Month CD Special | 54 months | 4.50% | $500 | not stated | not stated |
| 60 Month CD | 60 months | 4.25% | $500 | not stated | not stated |
| 60 Month CD ($25,000 or More) | 60 months | 4.40% | $25,000 | not stated | not stated |
Opening and using the account
| Availability | Available in MN |
|---|---|
| Footprint | 7 branches in MN |
| Eligibility | not stated |
How Midwest Bank behaves over time
Every observation of the advertised Midwest Savings rate in the last 12 months was 0.50% (observed through Nov 3, 2026). The series includes promotional tiers where one applied.
Recent rate changes, as observed
- Obs. Oct 12, 20267 Month CD SpecialRaise:4.15%to4.30%
- Obs. Oct 12, 202611 Month CD SpecialRaise:4.25%to4.35%
- Obs. Oct 12, 202624 Month CDRaise:4.05%to4.20%
- Obs. Oct 12, 202624 Month CD ($25,000 or More)Raise:4.20%to4.35%
- Obs. Sep 23, 202691 Day CDRaise:3.49%to3.55%
- Midwest Savings
- The same as 30 days ago.
- 54 months CD
- The same as 30 days ago.
$10,000 at the 0.50% APY Midwest Bank advertises on Midwest Savings grows to $10,050 in a year. Prices rose 3.7% in the year to September 2026 (Consumer Price Index (CPI)). After a year of prices rising at that pace, it buys as much as $9,688 does today. See how the federal funds rate shapes savings rates.
Midwest Bank CD rates over time
Who is Midwest Bank?
| Headquarters | Detroit Lakes, MN |
|---|---|
| Founded | 1917 |
| Scale | $985M assets · $788M deposits, $645M of it interest-bearing (Q2 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 9737 |
| Charter state | Minnesota · one of 223 insured banks chartered there (Q2 2026, FDIC) |
| Size | 1,093rd-largest by deposits of 4,238 insured banks (Q2 2026, FDIC) |
| Deposit growth | Higher than at 83% of 4,226 insured banks over the four quarters to Q2 2026 (FDIC) |
Financial detail is in What Midwest Bank pays on deposits above.
Common questions about Midwest Bank
Is Midwest Bank FDIC insured?
Yes. Midwest Bank is FDIC insured under certificate 9737, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at Midwest Bank?
Midwest Bank requires a minimum deposit of $100 to open its Midwest Savings account, as observed on Nov 3, 2026. Check the bank's current terms before you open an account.
Does Midwest Bank have branches?
Yes. Midwest Bank operates 7 branches according to FDIC branch records, in addition to its website and mobile apps.
Midwest Bank against its closest alternatives
| Bank | Savings APY | Rate paid on savings and money market deposits (Q2 2026) | Min deposit | Branches |
|---|---|---|---|---|
| Midwest Bank | 0.50% | 2.70% | $100 | 7 branches in MN |
| AbbyBank | 0.50% | 1.34% | $0 | 9 branches in WI |
| Adams State Bank | 0.50% | not stated | $25 | 1 branch in NE |
| Bank of Colorado | 0.50% | 1.53% | $200 | 60 branches in AZ, CO, NM |
Each savings APY is the top rate of the account the bank's own page leads with. Alternatives are the three tracked banks whose savings APY is closest to Midwest Bank's.
Similar banks and related pages
Banks in the same rate band with the same product mix:
Other banks chartered in Minnesota, nearest to Midwest Bank in deposits:
Rate hubs: today's highest savings rates, CD rates by term, and money market rates.
State pages: CD rates in Minnesota, money market rates in Minnesota, and banks in Minnesota.