Gate City Bank Review

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Updated on Friday, October 9, 2020

Headquartered in Fargo, N.D., Gate City Bank has a deep history dating back to 1923. It has since grown to include over 40 brick-and-mortar locations across North Dakota and Minnesota, offering an arsenal of financial products ranging from checking accounts, to home loans to IRAs.

Gate City Bank’s products are generally only available to consumers living in either North Dakota or Minnesota, so if you live in either of those states, this bank is certainly worth exploring. Over the years, the bank has won an array of awards and currently boasts an impressive $2.6 billion in assets. While Gate City Bank offers a wide-range of financial products and services, this review focuses on its deposit accounts, including its personal and business checking, savings, CD and IRA offerings.

Gate City Bank checking account options

Totally FREE Checking account

A checking account offering the basics for no monthly fee and a low opening deposit.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None — refunds all surcharges
  • ATM fee refund: Automatically refunds all surcharges
  • Overdraft fee: $32

Gate City Bank’s Totally FREE Checking account is its most basic checking account product, designed for those who are looking to save on fees. It has no monthly service fee, no minimum balance requirement and a low opening deposit of just $50. This account offers up to $25 if you bring in any debit cards and unused checks from other financial institutions.

The most noteworthy feature of all of Gate City Bank’s checking and savings accounts is that the bank automatically refunds all ATM surcharges worldwide, with refunds being issued immediately following the ATM transaction. This is a rare and valuable benefit, especially for an essentially free checking account product.

SEE DETAILS Secured

on Gate City Bank’s secure website

Benefit Interest Checking account

A checking account available to customers who also have other accounts open at Gate City Bank, offering a little bit of interest on funds.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None — refunds all surcharges
  • ATM fee refund: Automatically refunds all surcharges
  • Overdraft fee: $32

Gate City Bank’s Benefit Interest Checking account offers all of the great features of its standard checking account — including minimal fees and ATM surcharge refunds — but with a bonus feature of 0.01% APY earned on funds. This account is open to Gate City Bank customers who have a direct deposit or recurring automatic payment, plus those that have any two of the following bank products:

  • Debit card
  • Personal loan
  • Mortgage loan
  • Money market savings account
  • Savings account
  • Certificate of deposit

SEE DETAILS Secured

on Gate City Bank’s secure website

Premium Interest Checking account

An interest-bearing checking account that rewards bigger balances with higher rates.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 if balance falls below $1,000
  • ATM fee: None — refunds all surcharges
  • ATM fee refund: Automatically refunds all surcharges
  • Overdraft fee: $32

Gate City Bank’s Premium Interest Checking account is an interest-bearing checking account with an APY of 0.01% for balances less than $2,500 and 0.02% APY for balances of $2,500 and above. Unlike its other personal checking accounts, the Premium Interest Checking account does charge a monthly service fee of $8 if your balance dips below $1,000. It offers the same features of Gate City Bank’s other two checking accounts, including unlimited ATM fee refunds.

SEE DETAILS Secured

on Gate City Bank’s secure website

Gate City Bank savings account options

Relationship Savings account

An interest-bearing savings account for customers who also have a checking account open at the bank.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 per month if balance falls below $50

Gate City Bank’s Relationship Savings account is open to anyone who also has a checking account open at the bank. This account features an APY of 0.02% as long as you maintain an average daily balance of at least $50 and also have a Gate City Bank checking account open. You will also want to keep your balance at $50 or more to avoid the $5 monthly service charge.

SEE DETAILS Secured

on Gate City Bank’s secure website

Regular Savings account

A standard, interest-bearing savings account with minimal fees.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 if your balance falls below $200

Gate City Bank’s Regular Savings account is a basic savings account with an APY of 0.02% for balances of at least $200. Carrying a minimum balance of $200 will waive the account’s $5 monthly service fee, too. If you are under the age of 18 you will not have to maintain a minimum balance to earn the APY. It’s worth noting that Gate City Bank also offers a Minor Savings account, designed for depositors under the age of 18, and while this account does not require a minimum balance it also does not offer an APY.

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on Gate City Bank’s secure website

Money Market Savings account

A tiered-rate money market savings account rewarding bigger balances with higher rates.
  • Minimum opening deposit: $500 (minimum to earn interest)
  • Monthly account maintenance fee: $10 if balance falls below $500

The Money Market Savings account at Gate City Bank is a tiered-rate account, offering higher APYs for bigger balances. This account requires a hefty minimum balance of $500 in order to waive the $10 monthly service fee and to earn the APY. Currently, this account’s tiers are as follows:

  • $500 to $249,99.99: 0.03% APY
  • $250,000 to $99,999.99: 0.25% APY
  • $1 million or more: 0.75%

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on Gate City Bank’s secure website

Coverdell Education Savings account

A tax-advantaged savings account designed for educational expenses.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: N/A

Gate City Bank’s Coverdell Education Savings account (CESA) is for savers who want to start stashing away funds for a beneficiary’s schooling. This account allows anyone to save and earn tax-free interest for qualified higher education or qualified elementary and secondary education expenses for a beneficiary that is under the age of 18. With a CESA, there is no tax on distributions for qualified education expenses.

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on Gate City Bank’s secure website

Gate City Bank business checking account options

Totally FREE Business Checking account

A free business checking account with a low minimum opening deposit.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None

Similar to its personal checking account counterpart, Gate City’ Bank’s Totally FREE Business Checking account is a solid option for business owners looking for a standard checking account with low fees and basic services. This account features no minimum balance requirement, no monthly service fee, unlimited ATM fee refunds,1,000 free monthly transaction items and $10,000 of currency deposited per month.

SEE DETAILS Secured

on Gate City Bank’s secure website

Business Interest Checking account

An interest-bearing business checking account positioned for sole proprietors.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6 if your balance drops below $1,500

Gate City Bank positions its Business Interest Checking account as a great option for sole proprietors. This account requires a low minimum opening deposit of just $50, and waives the $6 monthly service fee if you maintain a minimum balance of $1,500. Similar to its standard business checking account offering, this account also features unlimited ATM fee refunds, 1,000 free monthly transactions and up to $10,000 of currency deposited per month. Additionally, this account features an APY of 0.01% if you maintain a balance of at least $1,500.

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on Gate City Bank’s secure website

Non-Profit Interest Checking account

A free business checking account for nonprofits.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None

The Non-Profit Interest Checking account is very similar to Gate City Bank’s Business Interest Checking account, except that it charges no monthly service fee. This account is designed exclusively for nonprofits, and requires no minimum balance to earn the APY of 0.01%. Additionally, it offers 1,000 free monthly transactions, unlimited ATM fee refunds and up to $10,000 of currency deposited per month.

SEE DETAILS Secured

on Gate City Bank’s secure website

Business Analysis Checking account

A robust checking account for bigger businesses with higher levels of account activity.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $15

Gate City Bank’s Business Analysis Checking account is a robust business checking account for businesses with bigger balances and more transactions. This account does charge a number of fees — including a $15 monthly service fee and up to $0.50 in fees for deposits and transactions. However, it also offers an earnings credit allowance rate of 0.30%, which can reduce how much you pay monthly for account activity and services.

SEE DETAILS Secured

on Gate City Bank’s secure website

Gate City Bank business savings account options

Business Relationship Savings account

A business savings account to complement those with a Gate City Bank business checking account
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $2 if balance falls below $50

The Business Relationship Savings account at Gate City Bank rewards loyal customers with interest earned on funds. This account features an APY of 0.02% if you maintain a minimum daily balance of just $50 and also have a Gate City Bank business checking account.

SEE DETAILS Secured

on Gate City Bank’s secure website

Business Savings account

A standard business savings account with low fees and low minimum balance requirements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5 monthly fee if balance falls below $200

Gate City Bank’s Business Savings account is a standard business savings account with a low, minimum opening deposit of just $50. This account waives the $5 monthly fee and gives you a 0.02% APY if you maintain a balance of at least $200.

SEE DETAILS Secured

on Gate City Bank’s secure website

Business Money Market Savings account

A tiered-rate business money market account offering higher rates for bigger balances.
  • Minimum opening deposit: $500 to earn APY
  • Monthly account maintenance fee: $10 if balance drops below $500

Gate City Bank’s Business Money Market Savings account is a tiered-rate account, offering higher APYs for bigger balances. Additionally, this account waives the $10 monthly service fee if you maintain a $500 balance. The current rates for this account are as follows:

  • $500-$24,999.99: 0.05% APY
  • $25,000-$99,999.99: 0.10% APY
  • $100,000-$249,999.99: 0.50% APY
  • $250,000-$499,999.99: 0.65% APY
  • $500,000-$999,999.99: 0.75% APY
  • $1 million or more: 1.00% APY

SEE DETAILS Secured

on Gate City Bank’s secure website

Gate City Bank CD & IRA options

Certificates of Deposit (Personal and Business)

Gate City Bank offers an array of certificates for deposit (CDs) for both personal accounts and business accounts. For personal and business accounts, Gate City Bank offers CD term lengths from one to five years, with rates ranging from 0.40% APY to 0.90% APY. Interest for Gate City Bank’s personal and business CDs is compounded annually.  Additionally, if you have a Benefit Interest Checking account at Gate City Bank, you can qualify for higher, premium CD rates.

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on Gate City Bank’s secure website

Individual Retirement Accounts

Gates City Bank’s product lineup includes Individual Retirement Accounts (IRAs) that can be used to save for your retirement years. For personal IRA accounts, Gate City Bank offers traditional and Roth IRAs. Term lengths for Gate City’s personal IRA accounts range from one year to five years, with rates between 0.50% APY to 1.00% APY. For personal IRAs, there is a minimum deposit of just $100.

SEE DETAILS Secured

on Gate City Bank’s secure website

Is Gate City Bank right for you?

In many ways, Gate City Bank’s deposit product offerings are not anything out of the ordinary  for a community bank — most of the accounts feature low fees yet minimal rates, with access to online and mobile banking.

However, Gate City Bank truly shines because it offers unlimited, worldwide ATM fee refunds on all of its checking and savings accounts. This is a rare and valuable product perk, and should not be overlooked — the bank claims to have saved its customers over $38 million in ATM fees since it rolled out the benefit in 2006.

If you live in North Dakota or Minnesota and are looking for a local bank with a large brick-and-mortar presence, Gate City Bank could be a good bet.

Any fees mentioned in the article are accurate as of the date of publishing.

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