West End Bank Offers Nationally Available Online Savings


Deal Summary: Online Savings, 1.75% APY, $1 minimum opening deposit, new money.

Availability: Online Savings is available nationwide.

Indiana-based West End Bank is offering its first nationally available account: an Online Savings account that earns 1.75% APY on all balances. The minimum opening deposit is $1.00 of new money, with no stated balance cap. There are no minimum balance requirements or monthly service fees.

1.75%--West End Bank, S.B.Online Savings (New Money Only)
Rates as of February 12, 2019.

When a bank first begins to offer an online savings account, it’s rare that it has an online banking platform in place that has all the features that are useful for an online savings account. In addition, it’s rare for a bank to have thorough, accessible documentation, including the account disclosure describing all the limitations, requirements, fees, and features of the account. Lastly, it’s rare for the bank to have trained customer service reps who can answer most questions on the online savings account.

Based on the limited documentation that West End Bank has on its website (and the CSR who had to constantly request help to answer many of my questions), West End Bank looks like the typical bank that has just launched its first online account. The bank just has this one page on its website describing the online savings account with no account disclosure. Very few details are provided. If you click on the “Preferential Rates” link in the Online Savings box, a pop-up box opens with a few additional details. An excerpt of this pop-up box reads as follows:

Offer available on new money only. Rate will not be given on funds in existing accounts with West End Bank. This online account is NOT available in-branch and features both online banking account and e-statements. APY is annual percentage yield. APY is accurate as of 6-13-2018. Minimum balance to open account is $1.00. Business and fiduciary accounts are ineligible. Limit two accounts per household.

In a Live Chat, CSR was able to provide the following information:

  • Funding a new Online Savings account can be done through an external account or by credit card (CSR didn’t know the limit that could be funded by credit card).
  • Once the account is opened, you can use the transfer option within West End Bank’s online banking platform to transfer to an external account (CSR didn’t provide details on the transfer limits).
  • An ATM card can be ordered and used at MoneyPass ATMs for withdrawals.
  • A third withdrawal option is to send a letter (snail mail), along with a copy of your picture ID, requesting a check be mailed.
  • There is a $5 excess fee (charged quarterly) for each withdrawal/transfer beyond the six allowed per month.


Headquartered in Richmond, Indiana, West End Bank’s physical and primary market area includes Wayne and Union Counties in east central Indiana. The Online Savings account is the Bank’s first nationally available account.

As the name suggests, the Online Savings account can only be opened online. West End Bank has four Indiana branches located in Hagerstown, Liberty, and Richmond (2), for all in-branch transactions.

Bank Overview

West End Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.70% (excellent), based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $2.06 million, an above average annual growth rate of 0.9%. Please refer to our financial overview of West End Bank (FDIC Certificate # 28807) for more details.

West End Bank is a community bank that has been serving the residents of east central Indiana since 1894. Originally known as the West End Building & Loan Association, the Bank had three name changes between 1986 and 2005, with “West End” always part of the name. West End Bank is currently Indiana’s 47th largest bank, with assets in excess of $308 million.

How The Online Savings Compares

When compared to the 216 Savings Accounts tracked by DepositAccounts.com that are nationally available, West End Bank’s Online Savings APY currently ranks fifth.

The above rates are accurate as of 6/13/2018.

To compare the top Savings Account rates, both nationwide and in your local area, please refer to our Savings Account Rates Table.

Related Pages: Cincinnati savings accounts, Indianapolis savings accounts, savings accounts, nationwide deals

West End Bank (IN) Debuts 22-Month CD Special With Add-On Option
Deal Summary: 22-month CD Special, 2.20% APY, $1k minimum/$250k maximum deposit, additional deposits allowed up to the maximum.

Availability: Market area includes Wayne and Union Counties, Indiana.

West End Bank started the week by adding a 22-month CD Special (2.20% APY). The minimum deposit is $1k, with a balance cap of $250k.

In addition to the great rate, the 22-month CD Special also has a generous add-on option.

The CD Special is offered as an IRA (Traditional and Roth) earning the same APY, but with only a $50 minimum...

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2.00% 9-Month CD, 2.50% 19-Month CD & 3.00% 29-Month CD at West End Bank in Indiana - Local Only
West End Bank, S.B. has a CD special with some competitive rates: 2.00% APY for 9 months, 2.50% APY for 19 months and 3.00% APY for 29 months. Minimum deposit is $500. The 19-month and 29-month CDs are also available as traditional and Roth IRA CDs with a minimum balance of $50. These rates are listed in the bank's rate table as of 8/31/09. They're also listed in a promo page that's listed on the bank's home page.

It appears a branch visit is required to open an account. Branches are...

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3.50% 25-Month CD & 4.00% 35-Month CD at West End Bank in Indiana
West End Bank, S.B. has a CD special with some competitive rates: 3.00% APY for 15 months, 3.50% APY for 25 months and 4.00% APY for 35 months. Minimum deposit is $1,000. These are also available as traditional and Roth IRA CDs with a minimum balance of $50. These rates are listed in the bank's rate table as of 2/27/09.

It appears a branch visit is required to open an account. Branches are located in east Indiana cities of Richmond, Hagerstown and Liberty.

The bank has solid ratings for safety and soundness:...

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