Western Financial Bank's Money Market Now at 4.50%

The yield on the Western Financial Bank's Online Money Market Plus account was finally raised from 4.25% to 4.50% APY. Many had worried that after WFB was acquired by Wachovia, this high yield money market account would go away or would never again have competitive rates. With this latest rate change, at least WFB seems intent to keep it competitive.

WFB hasn't done a good job at promoting this account at their website. There still exists inconsistencies in the account features. For example, On the Online Accounts page, the Online Money Market Plus is described as requiring a $5K minimum opening deposit. However, in the savings account rates page, this account is described as requiring only $1 minimum to open. Based on this FW thread, it seems that the $5K requirement use to apply but was removed last year. WFB certainly needs to do a better job at updating their website.

This no-minimum money market account was the first to reach 4.25% APY last November. Unlike the other no-minimum savings account, this is a money market account that has both ATM access and check writing.

Note, WFB is still offering a 5.15% APY 13-month certificate of deposit with only a $100 minimum.