North Dakota experienced an economic and population boom in the 2010s, and with it, a number of new banks emerged to meet their needs. For North Dakota residents, identifying accounts with the highest annual percentage yield (APY) can significantly increase financial growth and stability.
Using data from the FDIC, we went state by state and found the best savings account rates in each state. Recently, we looked at the best savings account APYs in Oregon, Vermont, Maine, Alaska, and many other states. Now we’re turning our attention to the Upper Midwest, where the land turns into the Prairies. We analyzed not only interest rates, but also the minimum deposit, minimum balance amount, and any associated fees.
Read on to learn about the best savings accounts in North Dakota.
The 5 Best Savings Account Interest Rates in North Dakota
To get a list of banks in North Dakota, we used the FDIC to compile a list of banks in each state, sorted by the size of their deposits. From there, we focused on banks that are locally or regionally based in North Dakota. We then used those banks to evaluate which ones have the best interest rates on savings accounts. On a per capita basis, North Dakota has a lot of state-owned banks, far more than there are out-of-state banks that operate in North Dakota.
Gate City Bank, based in Fargo, North Dakota, offers an attractive high-interest savings account. This account can earn you 3.75% APR. The downside, however, is that you need a minimum balance of $50,000 to qualify. If you have less than $50,000, you’ll get 0.35% – which is actually better than the 0.01% APR offered by major banks. A minimum deposit of $50,000 is required to open this account, but there are no monthly maintenance fees.
With over $193.3 million in deposits in North Dakota alone, United Valley Bank is one of the smaller banks on our list. Headquartered in Cavalier, United Valley Bank has it all. Their Valley Preferred Savings account offers an excellent yield. If you have a balance of $0.01 to $24,999, you’ll earn 1.50% APY, which is already higher than most competitors. But if you work your way up to $500,000 or more, you’ll earn 2% APY. The minimum deposit for the Valley Preferred Savings account is $1,000—compared to $200 for Valley Savings’ basic account. And with a minimum balance of $1,000, they’ll waive the $10 monthly service fee.
Fargo-based Bell Bank has over $4.9 billion in deposits, far outperforming the other banks on our list of the best savings account rates in North Dakota. Their regular savings account only requires you to put down $50 to open, and a minimum balance of $50 is required to earn interest. There is a monthly service fee, but you can avoid it by maintaining a minimum balance of $50. In return, you get 0.50% APR, which may not be as high as the #1 Gate City Bank or the #2 United Valley Bank, but it’s better than the other North Dakota banks.
Bank Forward, headquartered in Fargo, is on the larger side, with over $682 million in customer deposits in North Dakota. Bank Forward offers a number of options to choose from, but we’re interested in the regular savings account. If you don’t deposit at least $200, there’s a $3 monthly service fee. It also requires $200 to open the account. Like Banknorth below, you’ll get 0.25% APY.
Banknorth is headquartered in Arthur, North Dakota. This bank is larger than, say, United Valley Bank, and manages more than $316 million in customer deposits (and another $90.5 million in out-of-state deposits). Rounding out our list of the best savings account rates is Banknorth’s regular savings account. You can open this savings account for as little as $25 and earn 0.25% APY.