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Western State Bank Review 2022

Published January 2022 by Libby Wells

AT A GLANCE
3.7

Bankrate Score

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ATM fee refunds

Free Checking

Western State Bank is ideal for consumers looking for a wide choice of checking accounts with lots of perks, and no fees or easy-to-avoid fees. The bank also offers access to thousands of ATMs through the MoneyPass ATM network.

  • Checking
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    4.9
  • Savings
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    2.6
  • CDs
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    3.6
  • MMAs
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    2.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Capital One

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Overall

    3.7

    Bankrate Score

    Western State Bank is a well-established, federally insured bank based in North Dakota that offers deposit and loan products for individuals and businesses.

    What we like

    • Western State Bank offers a selection of checking accounts with lots of perks and minimal fees.

    • Customers have access to thousands of MoneyPass ATMs.

    • It offers digital banking tools.

    • It offers special benefits to current and former members of the U.S. armed services.

    What we don't

    • APYs on deposit products tend to be low compared with top national offers.

    • It doesn't post APYs on its website.

    Checking accounts

    4.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Western State Bank offers a comprehensive lineup of four checking accounts: Free Checking, VIP Checking, VIP Plus Checking and Future Checking share many of the same benefits, including a reasonable opening deposit of only  $50.

    Free Checking, which Bankrate scored for this review, is the only checking account that doesn't pay interest, but it has no monthly service fee or minimum balance requirement. All checking accounts come with a debit card, free checks and up to $20 in ATM refunds per monthly statement cycle, though Free Checking and Future Checking customers have to present an ATM receipt and wait up to five business days to get the refund credited to their accounts.

    The VIP Plus account has the most features and benefits. No minimum balance is required for customers who have $5,000 in any combination of deposits and/or loans. Otherwise, a $10 monthly fee applies.

    What we like

    • The bank offers a range of checking accounts to fit customers’ needs.

    • Customers get $20 in monthly ATM fee refunds.

    • Checking customers get free Western State Bank checks.

    • The $50 opening deposit is reasonable.

    What we don't

    • The VIP Plus Checking account requires sizable deposits or balances to avoid the fee.

    • APYs on interest-bearing accounts are not posted on the website.

    Savings accounts

    2.6

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Western State Bank offers its Personal Savings account, an interest-bearing account that pays well below the APY at top-yielding banks.

    On the plus side, it requires just $100 to open and a $100 balance is all that’s needed to earn the APY and avoid a $5 monthly service charge.

    What we like

    • The minimum deposit required to open an account and the balance needed to earn the APY are very low.

    • The $5 monthly service fee is waived for balances of at least $100.

    What we don't

    • The account's APY is very low.

    CD rates

    3.6

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    2.00 % APY

    2yr

    Term

    $ 500

    Min. deposit

    Western State Bank offers seven terms of CDs ranging from 31 days to five years, which could be ideal for customers looking to build a CD ladder.

    The 12-month CD APY is higher than the national average but below what  top-yielding banks pay. The minimum opening deposit is $1,000. 

    The bank doesn't advertise CDs on its website, so an account must be opened at a branch.

    What we like

    • The bank offers a range of CD terms, enabling depositors to build a CD ladder.

    • The minimum deposit required is $1,000, which is typical for many banks.

    What we don't

    • The 12-month APY is below what many top-yielding banks pay.

    • CDs are not advertised on the bank website and must be opened in a branch.

    Money market accounts

    2.2

    Bankrate Score

    Western State Bank offers its Treasury Market Account, which requires $50 to open. The APY on the account is below the national average and far below what’s available at top-yielding institutions.

    A $1,000 minimum balance is required or a $10 monthly fee applies. The first 10 debit transactions per month are free; after that, the bank charges $5 per transaction. The account comes with ATM fee refunds and access to online and mobile banking.

    What we like

    • The $50 minimum deposit to open is reasonable.

    • The account comes with some ATM fee refunds.

    What we don't

    • The APY is below the national average.

    • A $10 monthly fee applies unless a balance of $1,000 or more is maintained.

    • APYs are not disclosed on the website.

    • There is a $5 fee per debit transaction after the first 10 debit transactions during each monthly statement period.

    Bank experience

    Western State Bank offers a highly rated mobile app for both Android and iOS devices. With the app, customers can check their balances and transactions, deposit checks and pay bills.

    Branch hours vary. The bank website lists each branch location's address, phone number and business hours. Customers can also email the bank through its Contact Us page on its website.

    About Western State Bank

    Western State Bank is a federally insured bank founded in 1902 and headquartered in Devils Lake, North Dakota. It has 11 branches in North Dakota and Arizona, digital banking tools and a partnership with the MoneyPass ATM network. Its Freedom Banking program benefits veterans and those who currently serve in the U.S. military. It offers a "Move-on-Over Kit" to help new customers transition from another bank.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.