First Dakota National Bank Review: High-Yield Savings and Great Local Banking

First Dakota National Bank’s high-yield eSavings account delivers a standout annual percentage yield (APY) on all balances.

Founded in 1872, First Dakota National Bank has choices in free checking or interest-bearing checking accounts, savings, money markets and certificates of deposit (CDs). Whether you’re looking for a user-friendly mobile app, interest-earning checking with overdraft protection, or in-person banking close to home, you’ll find it with First Dakota.

First Dakota provides easy access to your money with a Visa debit card that operates within the MoneyPass Network of ATMs for fee-free banking across the U.S. With a high-yield online savings account and multiple choices in interest-bearing checking products, First Dakota National Bank offers multiple ways to help your money work harder for you.

First Dakota National Bank Checking Accounts

First Dakota National Bank offers a free checking account with no minimum balance required. You’ll also find the ClassicChoice checking account, which has a low waivable monthly service fee of $8, a student checking account and a premium checking product that earns interest on balances exceeding $500.

• FirstPartners Checking has a $25 monthly service charge, waived unless you maintain a $25,000 balance across accounts.
• Enjoy travel perks, bonus rates on CDs and other benefits as a FirstPartners customer.
• Premium checking accounts are best for customers with mortgages, loans, savings or investments with First Dakota.
• ClassicChoice Checking is a solid, interest-earning choice with an $8 monthly fee, waived with a minimum balance of $1,000.

First Dakota National Bank Checking Account

Start Banking

Best For

Banking in South Dakota

Mobile App

Low Monthly Fees

Loan Options

Investment Services

Overdraft Protection for Eligible Customers

First Dakota National Bank offers checking accounts for every need, from free options to premium interest-earning accounts. Enjoy perks like waived fees, overdraft protection and access to a nationwide MoneyPass ATM network.

Fees

Up to $25 monthly service charge – can be waived

APY

Up to

Min Opening

$10

Pros

• Free access to MoneyPass ATMs nationwide
• Interest-earning checking accounts available
• Travel perks, free notary services and more with a FirstPartners Checking account 

Cons

• High monthly fee for some accounts
• Fees may apply at out-of-network ATMs
• No branches outside the region

Quick Take

From free to premium checking products, First Dakota has a checking option for every customer, all with optional overdraft protection and access to fee-free MoneyPass ATMs nationwide. 

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First Dakota National Bank Savings Accounts

In addition to a health savings account (HSA), First Dakota offers two savings account one an online-only, high-yield savings account with an APY of up to and a statement savings account with an APY of .

• Automatic payments and transfers make it easy to save.
• There is a low monthly service charge of $3, which can be waived with a $100 minimum daily balance.
• Best for emergency savings accounts since there is a service charge for withdrawals that exceed six per month.

First Dakota National Bank Savings Account

Start Banking

Best For

Banking in South Dakota

Mobile App

Low Monthly Fees

Loan Options

Investment Services

Monthly Fee Is Easily Waived

First Dakota National Bank’s Savings account offers a competitive APY with a low $10 opening deposit. Waive the monthly fee by maintaining a $100 daily balance and enjoy automatic transfers for effortless saving.

Fees

Waivable monthly fee of $3

APY

Up to

Min Opening

$10

Pros

• Low monthly service fee is easily waived
• Moderate APY 
• Can schedule automatic balance transfers between accounts at the bank

Cons

• Interest compounded quarterly, not daily
• No “round-up” savings feature
• Service charge for withdrawals in excess of 6 per month

Quick Take

First Dakota customers can benefit from the convenience and a moderate APY of a linked eSavings account.

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First Dakota National Bank Money Market Accounts

The FirstChoice Money Market account is designed for savers with larger balances, offering competitive rates and FDIC-insured security. You’ll start earning interest at $10,000, with rates climbing as your balance grows.

• You can earn APY on balances starting at $10,000.
• The top rate of APY is for balances of $500,000 or more.
• Any withdrawals over six per month will incur a $2 fee.
• This account is ideal for joint account holders and big savers.

First Dakota National Bank Money Market Account

Start Banking

Best For

Banking in South Dakota

Mobile App

Low Monthly Fees

Loan Options

Investment Services

Tiered Interest Rates Benefit Big Savers

The FirstChoice Money Market account offers tiered interest rates up to APY for larger balances. It comes with no monthly service charge and FDIC-insured savings.

Fees

$2 for withdrawals that exceed six per month

APY

Up

Min Opening

$10

Pros

• No monthly service charge
• Top APY of on high balances

Cons

• $2 service charge on withdrawals that exceed 6 per calendar month
• No interest on balances less than $10,000

Quick Take

If you are looking to build an emergency savings of $10,000 or more, with easy access to your money, a FirstChoice Money Market account could be the answer. 

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Banking Experience

Although consumer reviews are sparse regarding First Dakota, its MyMobile banking apps on the App Store and Google Play receive high marks of 4.9 and 4.6 stars, respectively. 

Comparable Regional Bank Options 

Here’s how First Dakota National Bank stacks up against other banks.

Checking

Savings

SELECTED BANK

First Dakota National Bank Checking Account

Start Banking

MOST COMPARABLE

CorTrust Bank Checking Accounts

Read Review

MOST COMPARABLE

4.6

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

BMO Checking Account

Read Review

Fees

Fees

Fees

Up to $25 monthly service charge – can be waived

Up to $10

$5 monthly

APY

APY

APY

Up to

Up to

Min Opening

Min Opening

Min Opening

$10

$100 to $2,500

$25

SELECTED BANK

First Dakota National Bank Savings Account

Start Banking

MOST COMPARABLE

CorTrust Bank Savings Accounts

Read Review

MOST COMPARABLE

BMO Savings Account

Read Review

Fees

Fees

Fees

Waivable monthly fee of $3

Not listed

No monthly maintenance fee

APY

APY

APY

Up to

Up to

Min Opening

Min Opening

Min Opening

$10

$10 to $100

$25

First Dakota National Bank vs. CorTrust Bank

CorTrust Bank, a family-owned community bank, serves South Dakota and Minnesota with checking accounts, savings, IRAs and CDs, including free and interest-bearing options. Customers will find higher interest rates with First Dakota National Bank’s high-yield savings, but for those seeking a family-owned, community-focused bank with multiple branches across South Dakota, CorTrust is worth considering. 

First Dakota National Bank vs. BMO Bank

BMO is headquartered in Sioux Falls, South Dakota, with branches across the state. BMO previously purchased Bank of the West, expanding its footprint to become one of the largest banks in the U.S. It is still known for personalized service and a variety of account options. New customers can receive a bonus for opening checking accounts and meeting deposit requirements. 

First Dakota National Bank vs. Security National Bank of South Dakota

Security National Bank of South Dakota, based in Sioux Falls, offers checking accounts with a low minimum opening balances. A few accounts have no fees, and the few waivers are generally simple to reach. South Dakota National Bank, however, offers better high-yield savings rates.

Final Take 

First Dakota National Bank is ideal for customers seeking a local bank with a large nationwide ATM network, robust digital banking capabilities and a high-yield online savings account. 

Rudri Patel contributed to the reporting for this article.

To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Oct. 4, 2025, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 8, 2025.

To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 8, 2025.

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