Western State Bank Review 2020

Published January 2020 by Lance Davis

AT A GLANCE
3.7
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Bankrate Score

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ATM fee refunds

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Free Checking

Western State Bank is a regional bank with branches in Arizona and North Dakota. It's ideal for someone looking for a range of checking accounts; each account is either fee-free or easy to avoid fees. The bank also offers access to thousands of ATMs through the MoneyPass ATM network.

  • Checking
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    4.3
  • Savings
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    3.2
  • CDs
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    3.1
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    2.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Simple

    Member FDIC

    Checking account

    1.55 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    NBKC Bank

    Member FDIC

    Checking account

    0.75 % APY

    $ 5

    To open

    $ 0

    To avoid fees

    Overall

    3.7

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    Bankrate Score

    Western State Bank is an FDIC-insured bank started in 1902 and currently headquartered in Devils Lake, North Dakota. It has branches in North Dakota and Arizona.

    What we like

    • The bank offers a wide range of checking accounts with minimal fees.

    • Customers have access to MoneyPass ATMs.

    • The bank requires a small minimum deposit on its CDs.

    What we don't

    • APYs across products are low compared with top national offers.

    • The money market account requires $10,000 to earn the top APY.

    Checking accounts

    4.3

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.55 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    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.

    What we like

    • The bank offers a range of products to fit the customers’ needs.

    • Customers get $20 in monthly ATM fee refunds.

    • The bank is part of the MoneyPass ATM network.

    What we don't

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

    Savings accounts

    3.2

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    Bankrate Score

    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.

    What we like

    • The minimum deposit to open an account is very low.

    • The balance needed to earn the APY is also very low.

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

    What we don't

    • The accounts 0.1 percent APY is very low.

    CD rates

    3.1

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    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    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.

    What we like

    • The bank offers a range of CD terms.

    • The minimum deposit required is only $500.

    What we don't

    • The 0.9 percent APY is below many other top-yielding banks.

    Money market accounts

    2.8

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    Bankrate Score

    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.

    What we like

    • The account offers access to checks.

    • The $1,000 minimum deposit is fairly accessible.

    • There’s no monthly fee if your balance is at least $1,000.

    What we don't

    • The APY is well below what you could earn at top-yielding banks.

    • You must have a $10,000 balance to earn the top APY.

    Bank experience

    Western State Bank offers a high-rated mobile app for both Android and iOS devices. The app is rated 4.7 out of 5 stars for both. With the app, customers can check their balances and transactions, deposit checks, pay bills and send payments with Zelle.

    Bank branch hours vary by branch. Each branch has a contact phone number but hours are not made available on the bank’s website.

    The bank does allow people to get in contact through email on its Contact Us page.

    About Western State Bank

    Western State Bank is an FDIC-insured bank started in 1902 and currently headquartered in Devils Lake, North Dakota. Western State Bank is a regional bank with branches in Arizona and North Dakota.

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis is the editorial director for Bankrate.com. Lance sets the vision and strategy for the editorial team to ensure Bankrate helps its readers make smarter personal finance decisions. Previously, he worked as the optimization editor, as well as the social media and newsletter editor. He joined Bankrate as a copy editor in November 2013. Lance is an Alabama native and graduated from Auburn University with a bachelor's degree in journalism.