Western State Bank Review: 1.35% APY Money Market with No Minimum [Nationwide]

As of 6/2/20 this is now 1.35%

[Update 8/12/19: Rate decreased to 2.25%.]

Offer at a glance

  • Interest Rate: 1.35% APY
  • Minimum Balance: None
  • Maximum Balance: $3M
  • Availability: Nationwide
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Insured: FDIC

The Offer

Direct link to offer

  • Western State Bank offers a high yield money market with an interest rate of 2.50% APY and no minimum balance requirement.

The Fine Print

  • Rate effective 2/12/19 and may change after account is opened.

Avoiding Fees

This account has no monthly fees.

Our Verdict

From the account application, it appears that this account is available nationwide. That makes them  the best currently available saving rate anywhere with the exception of this NASB account which has a $50,000 minimum and a couple of others who have a $50,000 maximum.

That being said, we don’t have any rate history with this bank, and no knowledge of whether this rate will stick around. Hopefully readers will share what they know in the comments below.

Thanks to reader Steven for sending this in.

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Schmekel
Schmekel

Dropping to 0.50% for Mega Savings on the 23rd.

The Guy
The Guy

Tried to transfer my balance out to my other savings account like I usually do when their rates drop and was surprised to find there is now a $1000 minimum balance. Never received an email or contact about this change and it was never an issue before. The website literally will not let you make the transfer.

Schmekel
Schmekel

Both accounts state – “no minimum balance required.”

Schmekel
Schmekel

Dropped to 0.75% APY as of 7-20.

Doug
Doug

Received an email the other day from Western Bank stating the rate will drop to 1.35% effective May 26

Peter
Peter

Just a quick heads up, but rate is currently at 1.6%

WF
WF

RATE DROP ALERT. Was just told by CSR in email while trying to open Money Market/Savings account: “I do want to let you know before we proceed that we were notified that the rate will be adjusted on Monday to 1.60%.” Monday will be 4/6/20.

Tom
Tom

NOTICE: If you have a prepaid cellphone like the majority of people now do, you will be excluded from opening an account. The cellphone bill (can’t be prepaid) must have your name and address printed on it. They will not accept any other form of address and name verification including utility bills.

This has got to be the most asinine demand to exclude people from opening a account that I have witnessed thus far. Also If you only have a landline and no cellphone as some older folks do, that will also exclude you from opening an account.

Schmekel
Schmekel

Just went to 2.00%.

“We’d like to inform you of an interest rate change to your account. Effective November 18, 2019, your High Yield Money Market Account will earn 2.00% APY.”

Schmekel
Schmekel

Just went to 2.00%.

Schmekel
Schmekel

Email received 2 hours ago:

“Western State Bank Account Update

Thank you for choosing a High Yield Money Market Account at Western State Bank.
We hope you’ve enjoyed this product and the service you’ve received.

We’d like to inform you of an interest rate change to your account. Effective October 7, 2019, your High Yield Money Market Account will earn 2.10% APY.*”

So no advance notification, but they did at least inform by email on the day of the change.