Posted by Chuck on February 14, 2019
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Published on February 14th, 2019 | by Chuck

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Western State Bank Review: 2.50% APY Money Market with No Minimum [Nationwide]

Offer at a glance

  • Interest Rate: 2.50% 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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More Info
More Info

Soft pull through Transunion.
No credit card funding.

Wire: They allow wire funding (incoming wires) with no fee and interestingly will refund the wire fee the outgoing bank may charge if you follow whatever steps are needed. 1-free outgoing wire per month, additional wires cost $22.

So similar to CIT with extra 0.05%

eclipsor
eclipsor

anyone know if you can have multiple? as well as attach a free checking account to it to access the funds easier?

nancy
nancy

doc if i used your citi aa offer for a checking accoutn and i just got the aa points do I risk getting it clawedback if i shut the checking account i dont like checking accounts and credit cards open sitting around at 0? would appreciate your opinion even if yu dont know 1000% perent sure thanks

arch
arch

“a couple of others who have a $50,000 maximum” link goes to NASB also

Ben
Ben

ACH transactions will be allowed up to $25,000.
A maximum of six outgoing ACH transactions of $25,000 each for a total of $100,000 per month is allowed

mm
mm

Money market is now at 2.25% APY no minimum
their 12 mo CD is at 2.50% APY $10,000 minimum deposit
and they have a 36 mo CD at 2.75 % APY $10,000 minimum deposit

Dmitriy
Dmitriy

That’s strange, I’ve just clicked on their link and still says 2.50% for the MM account – https://apps.westernbanks.com/ :

2.50%APY
High Yield Money Market
No minimum balance
No Monthly Fees
Earn 20x National Average (fdic.gov)
Open Now

Annual Percentage Yield. Rate effective 2/12/19 and may change after account is opened. $0-24,999.99: 2.50%, $25,000-249,999.99: 2.50%, $250,000-999,999.99: 2.50%, $1,000,000-1,999,999.99: 2.50%, $2,000,000-2,999,999.99: 2.50%, $3,000,000 and up: 2.50%. If the balance exceeds the maximum cap of $3,000,000.00 plus accrued and credited interest, the customer will be contacted to reduce the balance in the account. Personal accounts only. Fees may affect earnings. Member FDIC.

m
m

where did you get 2.25% for the money market?

Alex
Alex

ACH limits for the High Yield Money Market at 2.5%:
-$25,000.00 per day, or $100,000.00 per month.
Wires:
No limit. One outgoing wire fee a month will be waived. Otherwise, they are $15.

Person to person:
Inbound transfers from another financial institution- $2000 per day, $4000 per month.
Outbound transfers from another financial institution- $5000 per day, $10,000 per month.
If this person also had a Western State Bank account, there are no limits.

There is a $5 fee for withdrawals after the sixth.

Banking&Banging
Banking&Banging

Their maximum is 3M? is this correct?

Dave K
Dave K

Am I misreading this? If you go above and click on the link to the offer, then under the “Open Now’ button for the money market, there is a “more info” tab. click that. Is that saying that it does not pay the 2.5% for the first $25,000? Am I misreading that?

Servo
Servo

Yes you’re misreading. It shows 2.50% for all balance tiers.

Annual Percentage Yield. Rate effective 2/12/19 and may change after account is opened. $0-24,999.99: 2.50%, $25,000-249,999.99: 2.50%, $250,000-999,999.99: 2.50%, $1,000,000-1,999,999.99: 2.50%, $2,000,000-2,999,999.99: 2.50%, $3,000,000 and up: 2.50%. If the balance exceeds the maximum cap of $3,000,000.00 plus accrued and credited interest, the customer will be contacted to reduce the balance in the account. Personal accounts only. Fees may affect earnings. Member FDIC.

icemule1
icemule1

The ACH limits only apply if you initiate them from Western State Bank, right? If you initiate the ACH from a different bank, you are only bound by that bank’s limitations, right?

Schmekel
Schmekel

It is my understanding that is correct for all banks and thus far that has been my experience with all banks I’ve used.

Call them to verify if you wish.

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