Western State Bank Review 2020

Western State Bank has a great lineup of checking accounts with four total: Free Checking, Future Checking, VIP Checking and VIP Plus Checking.

All checking account holders are eligible for up to $20 in monthly ATM refunds. The bank has five branded ATMs but is also part of the MoneyPass ATM network, giving customers access to thousands of additional ATMs.

With the bank’s VIP Plus Checking account, you’ll earn 0.15 percent on your money. No minimum balance is required for customers who have $10,000 in any combination of deposit accounts or $25,000 balance in loans and deposits. If you don’t meet those requirements, there’s a $10 monthly fee.

The bank’s Free Checking account doesn’t charge a fee but also doesn’t pay a yield.

Western State Bank offers what its Regular Savings account. It only pays 0.1 percent APY, well below top-yielding banks.

On the plus side, the minimum deposit to open the account is just $250. You must maintain a $100 balance to earn the APY and to avoid the $5 monthly service charge.

Western State Bank offers a range of CDs, with terms ranging from three months to four years, according to the bank’s website. The range of CD terms could be ideal for customers looking to do a short-term CD ladder with month-long terms.

The bank’s one-year CD pays 0.9 percent APY, a decent rate but below what you can find at top-yielding banks. The minimum deposit to open the CDs is only $500.

Western State Bank offers its Treasury Market Account. The APY on the account is above the national average of 0.21 percent but well below what’s available at top-yielding institutions.

The account requires $1,000 to open, but you’ll need $10,000 to earn the top APY. There’s a $10 monthly fee if your account balance is under $1,000. The account does offer access to checks.