West Bank is headquartered in West Des Moines and is the 5th largest bank in the state of Iowa. It is also the 377th largest bank in the nation. It was established in 1893 and as of December of 2018, it had grown to 163 employees at 12 locations. West Bank's money market rates are 2X the national average, and it boasts an A+ health rating.
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Bank Review: West Bank (Iowa)
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
Data as of Q4 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 15614 |
| Year Established | 1893 |
| Employees | 163 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.39% |
| Return on Equity - YTD | 13.93% |
| Annual Interest Income | $84.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2018vs Q4 2017 | $2.30B$2.11B |
| Loans | Q4 2018vs Q4 2017 | $1.71B$1.49B |
| Deposits | Q4 2018vs Q4 2017 | $1.90B$1.81B |
| Equity Capital | Q4 2018vs Q4 2017 | $221.6MM$216.7MM |
| Loan Loss Allowance | Q4 2018vs Q4 2017 | $16.7MM$16.4MM |
| Unbacked Noncurrent Loans | Q4 2018vs Q4 2017 | $1.9MM$622.00K |
| Real Estate Owned | Q4 2018vs Q4 2017 | $0$0 |
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 | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.50%*† | $250k* | - | Savings | ||
| OTHER TIERS: 0.05% → Up to $25k | 0.10% → $25k - $50k | 0.15% → $50k - $100k | 0.25% → $100k - $250k | |||||
West Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.00%*† | $10m* | - | Money Market | ||
| OTHER TIERS: 0.05% → Up to $10k | 0.25% → $10k - $100k | 0.45% → $100k - $500k | 0.55% → $500k - $1m | 0.90% → $1m - $10m | |||||
West Bank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.26% | $30k | - | Reward Me Checking |
