West Bank

Overview / Commentary

www.westbankstrong.com

515-222-2300

1601 22nd Street
West Des Moines, IA 50266

West Bank is headquartered in West Des Moines and is the 5^th largest bank in the state of Iowa. It is also the 342^nd largest bank in the nation. It was established in 1893 and as of December of 2021, it had grown to 175 employees at 13 locations. West Bank has an A health rating.

View all posts from:

2012
2011
2010
Earlier

7/23 - West Bank Notifies Customers Of A Big Reward Checking Rate Cut

11/15 - West Bank Iowa 2% As Of 11/25/11; Was 3%

7/14 - West Bank Reward Checking Rate Reduction

9/25/09 - High-Yield Reward Checking Account at an Iowa Bank (West Bank)
8/14/09 - Update on SmartyPig's High Yield Savings Account
5/28/09 - High Yield Savings Account with Some Twists at SmartyPig

Reviews (2)

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Bank Review: West Bank (Iowa)

Posted by: 51hh | Jun 18, 2010

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

Comment

Terrible Bank

Posted by: happyhebaby | Dec 30, 2019

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!

Comment

Health

Data as of Q4 2021

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	15614
Year Established	1893
Employees	175
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	1.55%
Return on Equity - YTD	18.53%
Annual Interest Income	$107.3MM

Assets and Liabilities
Assets	Q4 2021vs Q4 2020	$3.50B$3.18B
Loans	Q4 2021vs Q4 2020	$2.43B$2.25B
Deposits	Q4 2021vs Q4 2020	$3.02B$2.70B
Equity Capital	Q4 2021vs Q4 2020	$316.2MM$250.5MM
Loan Loss Allowance	Q4 2021vs Q4 2020	$28.4MM$29.4MM
Unbacked Noncurrent Loans	Q4 2021vs Q4 2020	$8.9MM$16.2MM
Real Estate Owned	Q4 2021vs Q4 2020	$0$0

Rates

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Savings
Money Market
Checking
CD

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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

APY	MIN	MAX	ACCOUNT NAME
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

APY	MIN	MAX	ACCOUNT NAME
0.35%^*^†	$1m^*	-	Money Market
OTHER TIERS: 0.05% → Up to $10k \| 0.10% → $10k - $100k \| 0.20% → $100k - $500k \| 0.25% → $500k - $1m
0.35%^*^†	$1m^*	-	Business Money Market
OTHER TIERS: 0.05% → Up to $10k \| 0.10% → $10k - $100k \| 0.20% → $100k - $500k \| 0.25% → $500k - $1m

West Bank Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.25%	-	$30k	Reward Me Checking

West Bank CD Rates

APY	MIN	MAX	ACCOUNT NAME
0.80%^*^†	$250k^*	-	36 Month CD
OTHER TIERS: 0.35% → $1k - $25k \| 0.45% → $25k - $100k \| 0.50% → $100k - $250k
0.80%^*^†	$250k^*	-	48 Month CD
OTHER TIERS: 0.45% → $1k - $25k \| 0.55% → $25k - $100k \| 0.60% → $100k - $250k
0.80%^*^†	$250k^*	-	60 Month CD
OTHER TIERS: 0.55% → $1k - $25k \| 0.65% → $25k - $100k \| 0.70% → $100k - $250k
0.80%^*^†	$250k^*	-	Business 36 Month CD
OTHER TIERS: 0.35% → $1k - $25k \| 0.45% → $25k - $100k \| 0.50% → $100k - $250k
0.80%^*^†	$250k^*	-	Business 48 Month CD
OTHER TIERS: 0.45% → $1k - $25k \| 0.55% → $25k - $100k \| 0.60% → $100k - $250k
0.80%^*^†	$250k^*	-	Business 60 Month CD
OTHER TIERS: 0.55% → $1k - $25k \| 0.65% → $25k - $100k \| 0.70% → $100k - $250k
0.55%^*^†	$250k^*	-	24 Month CD
OTHER TIERS: 0.25% → $1k - $25k \| 0.30% → $25k - $100k \| 0.35% → $100k - $250k
0.55%^*^†	$250k^*	-	30 Month CD
OTHER TIERS: 0.25% → $1k - $25k \| 0.35% → $25k - $100k \| 0.40% → $100k - $250k
0.55%^*^†	$250k^*	-	Business 24 Month CD
OTHER TIERS: 0.25% → $1k - $25k \| 0.30% → $25k - $100k \| 0.35% → $100k - $250k
0.55%^*^†	$250k^*	-	Business 30 Month CD
OTHER TIERS: 0.25% → $1k - $25k \| 0.35% → $25k - $100k \| 0.40% → $100k - $250k
0.30%^*^†	$100k^*	-	12 Month CD
OTHER TIERS: 0.20% → $1k - $25k \| 0.25% → $25k - $100k
0.30%^*^†	$100k^*	-	18 Month CD
OTHER TIERS: 0.20% → $1k - $25k \| 0.25% → $25k - $100k
0.30%^*^†	$100k^*	-	Business 12 Month CD
OTHER TIERS: 0.20% → $1k - $25k \| 0.25% → $25k - $100k
0.30%^*^†	$100k^*	-	Business 18 Month CD
OTHER TIERS: 0.20% → $1k - $25k \| 0.25% → $25k - $100k
0.25%^*^†	$250k^*	-	3 Month CD
OTHER TIERS: 0.10% → $1k - $25k \| 0.15% → $25k - $100k \| 0.20% → $100k - $250k
0.25%^*^†	$100k^*	-	6 Month CD
OTHER TIERS: 0.15% → $1k - $25k \| 0.20% → $25k - $100k
0.25%^*^†	$250k^*	-	Business 3 Month CD
OTHER TIERS: 0.10% → $1k - $25k \| 0.15% → $25k - $100k \| 0.20% → $100k - $250k
0.25%^*^†	$100k^*	-	Business 6 Month CD
OTHER TIERS: 0.15% → $1k - $25k \| 0.20% → $25k - $100k