West Bank


Overview / Commentary
515-222-2300
1601 22nd Street
West Des Moines, IA 50266

West Bank is headquartered in West Des Moines and is the 5th largest bank in the state of Iowa. It is also the 370th largest bank in the nation. It was established in 1893 and as of March of 2020, it had grown to 168 employees at 14 locations. West Bank has an A health rating.

Reviews (2)

Bank Review: West Bank (Iowa)

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We opened three "Reward Me" Checking Accounts when the RCA was nationally available with the (4.5%, $50K) offer.  This is a very friendly bank with excellent customer service.  A VP opened our accounts and followed through the entire process, she is also personally available to answer our additional questions.  The no-pin debit card requirement is reasonable (to reduce fraud).  They have recently upgrade their website as well as their BillPay system, the BillPay system is the best set that many top-notvh banks (e.g., Danversbank, Rockland FCU) employ.  The turn-around for their BillPay is pretty short and absolutely reliable. 

They lowered their interest rate and limit several months ago, now (4.0% APY, $30K) and restrict applicants to Iowa residents only.  We moved our fund out of the WB Accounts (to seek higher rates), but still keep the three accounts open in case their rate becomes competitive in the future.

Pros:

- Ease of account opening

- Generous on debit card transactions (multiple charges with small amounts are perefctly fine!)

- Excellent BillPay feature

- Good customer service

Cons:

- No starter free checks

- Now limited only to Iowa residents

Terrible Bank

I used to use this bank as it provided pretty good interest rate for using the debit card for certain number of times each month for shopping. What I didn't realize at that time was that this was a baiting rate which faded away and dropped significantly to become not attractive at all, at which point I stopped using it.
Since this was a no fee account I just tried to be a loyal customer by still keeping the account open. I haven't received any communication(email/mail/text) from the company, but it silently changed the account policy to begin to charge monthly fee on the account since 2017. After 3 years when I finally thought about checking the account, my account already got robbed ~400. I tried quite some time to work with the company to get some fees back, as the bottomline is that I have never received any communication about this fee. The banker Ian promised to call back that afternoon but never did, and I am very sure he never will until I called him again at the third business day afternoon. It's very obvious that the company just tried to play a delay game so they could charge another monthly fee from my account, to rob every penny possible from a loyal customer!
If you could, avoid using a bank like this. It just treats every customer like a cash machine and tries to rob every penny possible from you!



Health

Health Grade Components

Overall
FDIC Certificate #15614
Year Established1893
Employees168
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.36%
Return on Equity - YTD14.52%
Annual Interest Income$25.2MM
Assets and Liabilities
AssetsQ1 2020vs Q1 2019$2.52B$2.31B
LoansQ1 2020vs Q1 2019$1.98B$1.73B
DepositsQ1 2020vs Q1 2019$2.02B$1.91B
Equity CapitalQ1 2020vs Q1 2019$229.2MM$225.1MM
Loan Loss AllowanceQ1 2020vs Q1 2019$18.3MM$16.7MM
Unbacked Noncurrent LoansQ1 2020vs Q1 2019$488.00K$1.8MM
Real Estate OwnedQ1 2020vs Q1 2019$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not West Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

West Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$250k*-Savings
OTHER TIERS: 0.05% Up to $50k | 0.10% $50k - $100k | 0.15% $100k - $250k
0.25%*$250k*-Business Savings
OTHER TIERS: 0.05% Up to $50k | 0.10% $50k - $100k | 0.15% $100k - $250k

West Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$1m*-Money Market
OTHER TIERS: 0.05% Up to $10k | 0.10% $10k - $100k | 0.15% $100k - $500k | 0.20% $500k - $1m
0.25%*$1m*-Business Money Market
OTHER TIERS: 0.05% Up to $10k | 0.10% $10k - $100k | 0.15% $100k - $500k | 0.20% $500k - $1m

West Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%-$30kReward Me Checking

West Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*$250k*-36 Month CD
OTHER TIERS: 0.50% $1k - $25k | 0.60% $25k - $100k | 0.70% $100k - $250k
1.00%*$250k*-48 Month CD
OTHER TIERS: 0.60% $1k - $25k | 0.70% $25k - $100k | 0.80% $100k - $250k
1.00%*$250k*-60 Month CD
OTHER TIERS: 0.70% $1k - $25k | 0.75% $25k - $100k | 0.90% $100k - $250k
1.00%*$250k*-Business 36 Month CD
OTHER TIERS: 0.50% $1k - $25k | 0.60% $25k - $100k | 0.70% $100k - $250k
1.00%*$250k*-Business 48 Month CD
OTHER TIERS: 0.60% $1k - $25k | 0.70% $25k - $100k | 0.80% $100k - $250k
1.00%*$250k*-Business 60 Month CD
OTHER TIERS: 0.70% $1k - $25k | 0.75% $25k - $100k | 0.90% $100k - $250k
0.75%*$250k*-24 Month CD
OTHER TIERS: 0.40% $1k - $25k | 0.45% $25k - $100k | 0.55% $100k - $250k
0.75%*$250k*-30 Month CD
OTHER TIERS: 0.40% $1k - $25k | 0.50% $25k - $100k | 0.60% $100k - $250k
0.75%*$250k*-Business 24 Month CD
OTHER TIERS: 0.40% $1k - $25k | 0.45% $25k - $100k | 0.55% $100k - $250k
0.75%*$250k*-Business 30 Month CD
OTHER TIERS: 0.40% $1k - $25k | 0.50% $25k - $100k | 0.60% $100k - $250k
0.50%*$100k*-12 Month CD
OTHER TIERS: 0.30% $1k - $25k | 0.35% $25k - $100k
0.50%*$100k*-18 Month CD
OTHER TIERS: 0.30% $1k - $25k | 0.40% $25k - $100k
0.50%*$100k*-Business 12 Month CD
OTHER TIERS: 0.30% $1k - $25k | 0.35% $25k - $100k
0.50%*$100k*-Business 18 Month CD
OTHER TIERS: 0.30% $1k - $25k | 0.40% $25k - $100k
0.25%*$250k*-3 Month CD
OTHER TIERS: 0.10% $1k - $25k | 0.15% $25k - $100k | 0.20% $100k - $250k
0.25%*$25k*-6 Month CD
OTHER TIERS: 0.20% $1k - $25k
0.25%*$250k*-Business 3 Month CD
OTHER TIERS: 0.10% $1k - $25k | 0.15% $25k - $100k | 0.20% $100k - $250k
0.25%*$25k*-Business 6 Month CD
OTHER TIERS: 0.20% $1k - $25k
Locations

Availability

Des Moines Area

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