Update 1/29/23: Rate now 4.25%
Now 3.5% APY
As of 6/2/20 this is now 1.35%
[Update 8/12/19: Rate decreased to 2.25%.]
Offer at a glance
- Interest Rate: 1.35% 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
- 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.
Beware of shifting winds at WSB. I’ve been with them for years now, history and all that had always been impressive until recently. Last week, they started locking-out my access to any/all ACH each and every time I wanted to push money out (small transactions). After that happened twice on verified accounts with transfer history, I spoke to someone at the home office who assured me they “took care of it” and it wasn’t going to keep happening. Now, they abruptly wiped-out my ACH configuration entirely, suspended access to that and to my entire MMA account, claiming that I “don’t own the accounts” being pushed-to (which is verifiable bullsh** as the statements and docs all match account holder info at WSB to a T!)
I would note that at no point has *anyone* at WSB reached-out to me with concerns. Instead, they have taken all actions silently and just emailed to tell me I’ve been shut down and locked-out to where I can’t even access my own money! In the past, these guys seemed like a lean, competent and trustworthy local bank in North Dakota, and I had nothing but praise for how they treated me. Now I am getting run-around, finger-pointing, hold times and having to get tough with them in order to get a person of authority on the phone and regain control of my money (or even determine if it is safe)!
Do bear in-mind, when they first lead me to believe this was a security precaution, I did not fault them, was polite and cooperated fully and timely; but when it erupted into accusing me of not owning any of the accounts that bear my name (accounts that had transfer history and had long been verified by WSB), as well as blaming everyone else, including FiServ and the receiving banks, that should make anyone concerned about who’s running the security desk and where the buck of accountability stops! Apparently the President of WSB doesn’t mind writing checks to everyone in the chain that’s causing this mess. I would note that NONE of the banks/accounts in question have issues interacting with other banks or even pulling from WSB…the problem appears to be emanating from WSB’s systems and people.
Will update, but coupled with their declining interest rate, it may not be worth the hassle of dealing with them anymore, as apparentlly there has been shakeup in the overall management to a more non-accountable culture.
An update to this situation: I had emailed two senior executives of the bank on 10/15/24 — the only ones I could find contact information for. I explained my grievances, that no one was taking the severity of what they had done seriously, and provided my contact information. Got a read receipt for the first executive same-day (10/15/24), and a read receipt on the 2nd one a week later, on 10/21/24. Not until after the 2nd executive read my email did anything begin to happen.
A Senior VP called me on 10/22/24, asking me for details on the situation, despite the lengthy email that laid everything out in detail and in chronological order. Initially, I got the typical “that’s not who we are” line, but he backed-down from that position once I sent him a truckload of documentation, revealing that everything they had been putting me through was based on false information, and showed examples of how I was being treated. I also showed him the read receipts, which revealed upper management ignoring me for a week. He took that evidence and said he’d call me back.
At the end of the day, he did call me back, revealing that the first executive had deleted my email after reading it, allegedly claiming that she felt it was “phishing” attempt. No evidence that she even looked to see if I was a customer—-just deleted my email!! I got no indication that anyone was being disciplined for not looking into the matter or even taking the matter to upper management (which my email had specifically directed them to do!) He turned all of my locked-out services back on, and the tone of the rest of the conversation struck me as dismissive. Despite their stated values, apparently all of this egregious behavior is just A-okay now at this local North Dakota bank.
As mentioned, they used to treat me wonderfully, demonstrating competence and a motivated attitude, but it appears the winds have shifted in management at WSB now and i’m in the process of ending my dealings with them. Not only can I not trust their (lack of) security process, but the disrespect and disregard shown towards me when I write to them, and they (admittedly) destroy my correspondence. That doesn’t sit well with me.
Reduced to 4.85% as of August 1, 2024
Good catch,
Tyler. Was sent out via email… Subj: Western State Bank Account Update
it’s 5.03% as of today
Thinking of opening a MMA (online only) and this is in the online banking access agreement:”Fees and Charges
There is no additional charge for Bill Pay. You agree to pay any additional
reasonable charges for services you request which are not covered by this
Agreement. You are also responsible for telephone and Internet service fees you
incur in connection with your use of online banking. You agree that all such fees and
charges will be deducted from the Western State Bank account designated as the
primary account on your Enrollment Form. If you close that account, you must
contact us immediately to designate another account as your primary account.”
Can anyone tell me if this means they will charge me for telephone and internet service fees for accessing an online MMA ?
US CITIZEN ONLY! On the 2nd account application page it ask you if you are a US CITIZEN. If you choose No, then you can NOT proceed.
U.S Person is what they really mean.
Their money market interest rate is 5.15% as now. Can you confirm if their phone support is limited to North Dakota only?
I’ve had plenty of phone support with them from the eastern timezone
Email from WSB:
We’d like to inform you of an interest rate change to your account. Effective February 9, 2023, your High Yield Money Market Account will earn 4.40% APY.*
Our rate is 13x the national average,** and our Customer Care team is here to help you reach your savings goals.
Confirmed EWS inquiry via MyIDCare alert.
Reason: Inquiry
Financial Institution Name: Western State Bank
Financial Institution Phone: 7014996363
Inquiry Date: January 19, 2023
Double-checked – no Chex inquiry was done.
The other bank wire fee (Ally $20) was refunded on 1/26/2023. I did remind them before the wire transfer arrived with a screen capture of the transfer and fee, but apparently it did not get handled on 1/20 when the funds arrived. I’d recommend contacting them the day the funds arrive vs before.
I read a bunch of these threads and find it amazing (and concerning) that people are so willing to give up so much personal information to so many places for a measily couple of hundred bucks.
$200 is a lot more to me than it is to many of the other posters, but my privacy is worth a whole lot more.
But even without hacks, since our info is collected by all 3 major credit reporting agencies, and LexisNexis, etc., etc., etc., every company and person can find out anything they want, especially if they’re willing to pay for it.
Sorry if I am being slow here, but I am not seeing anything special about this rate. Isnt 4% like pretty common these days? thanks