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%

Jason C
Jason C

Now extra 0.1% since CIT reduced to 2.40%

Steve J
Steve J

Join the discussion…Onl

eclipsor
eclipsor

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

carol
carol

you can have multiple HYMM accts but they don’t offer checking or savings to online customers.

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.

hmg
hmg

OUTGOING wires r NOT FREE
Send a domestic wire transfer from another bank. You will need to provide the Western State Bank Routing Number and your Account number. Incoming wire fees are waived. Wires over $25,000 are allowed.

Banking&Banging
Banking&Banging

Their maximum is 3M? is this correct?

Ann
Ann

Yes. Most people should stick to $250k or $500k max, though.

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.

M
M

This is most of the verbage from my email after applying for an account:

I have started the account opening process, next you will see an email from DocuSign where you can electronically sign the account agreement. After the account agreement is completed I will complete the account process and send you and email with your account and online banking credentials. Then you are ready to fund the account and begin earning 2.50% APY on your money. You have several convenient options to fund your account:

Check: If you send a check to Western overnight, we’ll cover your delivery/shipping fees.
Wire transfer: When you wire the funds to Western State Bank, we’ll cover the fee on both sides of the transaction. Western also allows one free wire transaction per month.
“Pushing” funds via ACH: Your bank can initiate an ACH fund transfer to Western State Bank by providing them your Western account and routing number. The maximum amount you can send is determined by your bank.
“Pulling” funds via ACH: Western will “pull” funds from your bank after micro deposits have been completed. Western’s limits are $25,000 per transaction, with a total of $100,000 per month.
External transfers from Western State Bank Online Banking: You can set up to five external accounts and transfer money back and forth. The limits are $2,000 per day ($4,000 per month) transferred in and $5,000 per day ($10,000 per month) transferred out.
Bank visit: You can walk into any Western State Bank location (North Dakota or Arizona) and make a deposit. Find a list of our locations athttps://www.westernbanks.com/locations.

I’ll reach out to you by phone and or email to review these options. You can also reply to this email or contact us directly at 877-846-9345.

Again, thanks for choosing Western State Bank!

Ann
Ann

” Check: If you send a check to Western overnight, we’ll cover your delivery/shipping fees.
Wire transfer: When you wire the funds to Western State Bank, we’ll cover the fee on both sides of the transaction. Western also allows one free wire transaction per month. ”

Nice!

Schmekel
Schmekel

The worst financial institution’s website I’ve ever used.

1) Once an ACH is initiated with Western State pushing or pulling, there is a “Scheduled Transactions” link but it seems once the transaction begins that page goes blank.
I initiated Western State pulling from 3 different accounts. There is no record of these on their site, although I believe they are in progress.
From now on I will take screen shots every time I finalize an ACH with them.
Better yet, I’ll try to never have Western State doing the pushing/pulling.

2) From an external bank I pushed out 2 deposits, one to Western State.

It reached the other bank the next day and the funds are already available in that account.

But the push to Western State is not showing on the Western State website, although it has left the pushing bank and my account there.

3) The phone just rings for a few minutes and then hangs up if one calls after hours.
No voice mail, no recorded message.
Primitive. Inexcusably so.

All of the above caused me to go to the FDIC website to make sure they are indeed insured.
I can’t find them listed there, but will call the bank and find out if they are listed under a different corporate name.
Or perhaps I’m not recognizing it on the FDIC site – there are several variants of their name on that site but none appear to be them.

Looney Tunes
Looney Tunes

Their FDIC number to lookup their information on the FDIC website is 9123.

Nick
Nick

Did you ever see the money in your account? Honestly it’s more surprising you were able to see the funds next day with the other bank, normally ACH push seems to take 3 days between two different banks.

Schmekel
Schmekel

Sorry for not seeing your question sooner.

Yes, the funds did transfer.
And they are FDIC insured.

“Honestly it’s more surprising you were able to see the funds next day with the other bank, normally ACH push seems to take 3 days between two different banks.”

Agree.
Happened to me another time since then, both times pushed by State Farm Bank.

Jeff
Jeff

Seems a bit sketch to me as well, took over a week to instantiate the account and then couldn’t even execute a pull form an external checking account above $2,000. The website looks like it was built in a frat house basement while finishing off a few kegs of beer, think I’ll be going elsewhere unfortunately. Hope others have a better experience.

Steve

This bank also has some opening bonus offers for checking accounts: https://www.westernbanks.com/personal/programs/

Refer-A-Friend: The referrer gets $100. There’s a pdf coupon you’re supposed to print and fill out with the name and address of the referrer, and give it to the banker who opens your account. It’s not clear if this will work for accounts opened online, though the FAQ says you can mail the coupon within 5 business days (not sure if email would work).

100 Ways to Earn: Get $25 or $50 or $100 for doing various things. Does this just happen automatically without doing anything special to enroll in the offer? Can this be combined with the refer-a-friend?

DoC posted about similar offers in 2014: https://www.doctorofcredit.com/az-nd-only-200-western-bank-checking-account-promotion/

But that post said “AZ, ND Only”. Is that still true? If this money market account is nationwide, maybe their other accounts are too now. Or are checking accounts more strict than money market? Or do the bonuses have geographic restrictions even though the accounts don’t?

Carla
Carla

The refer-a-friend bonus doesn’t apply for the Online accounts. I called a representative and was told it wasn’t an option.

Elizabeth
Elizabeth

Although I did run into a problem with the online application (the web site application glitched each time I got to the ID upload page), a helpful rep emailed me the next day and she was able to get the account set up. I haven’t had any issues with this bank once the account was set up.

Transfers have been flawless. A push from my bank showed up in my Western account the very next day. After linking my external bank online with trial deposits, I was able to schedule all of the larger ACH pulls with the Western rep via a quick email and a few clicks in DocuSign. All of the ACH pulls debited my external bank and credited the new Western account on the very same day they were scheduled for. Submit the request on Monday. Money was pulled and credited on Tuesday.

I haven’t needed to call them, but the rep I have been working with has been very responsive to my emails. Web site and mobile app are a little rudimentary, but are sufficient for my needs so far.

Now let’s hope they keep a good interest rate!

Schmekel
Schmekel

Wanted to do some online banking today and deposit via ACH into this bank, but it will be going to a different bank instead.

I can login with no trouble. I click “Transfers”, click “Launch External Transfer” and the next page says
“We’re sorry for this error. In order to use this service, your internet browser must accept third-party cookies. Please refer to your browser’s online help for enabling cookies in your system. Please try again after you enable the cookies.”

Tried with the browser I’ve been using successfully since I got the account, rebooted, made sure cookies are being saved, turned off privacy add-ons, turned off VPN, cleared cache and cookies, still get same message.

Tried a 2nd browser, still same message.

Anyone else having the problem today (Sunday)?

Will call them tomorrow if I still can’t get in.
Then will move everything out of the account if I can’t get the Transfers to work online again, via external bank ACH.

Will post a follow up here.

Schmekel
Schmekel

Ignore my complaint above.

I had my browser set to block Third Party Cookies which I’d forgotten about – had to turn off the browser blocking for cookies and trackers for this site.
Also for this site had to turn off all my privacy apps, but left on the VPN, and could finally get through.

It’s crazy when some websites think they are increasing security and by doing that they cause their customers to lose their personal security and thus make their website less secure for the customer to use.

This is currently the only site I have to do this with.
But it is working so I accept the conditions.

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