Western State Bank

Overview / Commentary
110 4Th St. Se
Devils Lake, ND 58301

Western State Bank is headquartered in DEVILS LAKE and is the 8th largest bank in the state of North Dakota. It is also the 578th largest bank in the nation. It was established in 1902 and as of June of 2023, it had grown to 280 employees at 10 locations. Western State Bank's money market rates are 12X the national average, and it has an A health rating.

Related Posts

Western State Bank Money Market APY Zooms Upward - 7/3/2023

Western State Bank substantially increased the rate on its nationally available High Yield Money Market. APY applies to all balances up to $10m, but min opening deposit is $5k.

Western State Bank Online Money Market Rockets To 5.15% APY - 7/2/2023

No minimum balance $5,000 initial deposit required No minimum balance fees 10 withdrawals or debits from this account per monthly statement cycle North Dakota based phone support After 60 days you will have access to External Transfer where you can add up to five external accounts and transfer money back and forth. The limits are $5,000 per day ($10,000 per 30-day period) transferred in and $10,000 per day ($20,000 per 30-day period) transferred out. Interest is compounded and credited to your account monthly. It's calculated using the daily balance method, which applies a daily periodic rate to the principal in the account each day. This means that the interest from your account is calculated every day on a 365 day year/366 day for leap years. You will need the following to open an account: -You must be at least 18 years old -You must be a U.S. Citizen -Social security number

Western State Bank Increases Online Money Market To 4.55% APY - 4/5/2023

A minimum deposit of $5,000 is required to open an account. No minimum balance fees Multiple fund transfer options Interest is compounded and credited to your account monthly. It's calculated using the daily balance method, which applies a daily periodic rate to the principal in the account each day. If you initiate more than 10 withdrawals or debits from this account per monthly statement cycle, you may be charged a fee. The link to the High Yield Money Market application:  https://apps.westernbanks.com/

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Reviews (3)

New Well Account Bank

I closed the checking account I had held for many years. It didn't hold my money, but the money that 4 neighbors and I contributed each month to maintain our well. For a few months we had no financial institution holding our funds, but last week I opened a new checking account for our well funds. It's only used to hold the money and pay the power and write checks for occasional testing or repairs. There isn't a lot of activity on it, and it holds a few thousand dollars. The last repair we had was about 5,000.00 so it is necessary that we have money saved up for this type of thing. Anyway, I wanted to keep the well funds separate from any place where I personally bank (2 banks that are large, nationwide well-known banks.) I chose this small, hometown bank since it offered no-fee checking. I despise dealing with monthly fees or hoops you have to jump through to avoid them. The bank was extremely welcoming and friendly and also attractive inside. I think we'll stay with this bank for many years.


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I applied for a savings account online with this particular financial institution and was, ultimately, denied without a reason or explanation of why. It refused to release the reason(s) for denying the account application. This particular financial institution has some of the most ignorant and incompetent individuals working there. I would NOT recommend this particular financial institution for any type of financial products or services.

Misleading Waste Of Time

After sending them copies of drivers license, passports, copies of letters to verify residence, they keep coming back with request for more non-relevant information. Not my first rodeo, and I know that I am verifiable, so I smell something bad here. Just a guest, but think they are trolling for info to sell probably. Find a better bank.


Health Grade Components

FDIC Certificate #9123
Year Established1902
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.63%
Return on Equity - YTD14.05%
Annual Interest Income$60.0MM
Assets and Liabilities
AssetsQ2 2023vs Q2 2022$1.97B$1.76B
LoansQ2 2023vs Q2 2022$1.76B$1.40B
DepositsQ2 2023vs Q2 2022$1.68B$1.50B
Equity CapitalQ2 2023vs Q2 2022$223.0MM$196.4MM
Loan Loss AllowanceQ2 2023vs Q2 2022$30.7MM$29.5MM
Unbacked Noncurrent LoansQ2 2023vs Q2 2022$12.1MM$11.7MM
Real Estate OwnedQ2 2023vs Q2 2022$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Western State Bank Money Market Rates

5.15%-$10mHigh Yield Money Market

Western State Bank CD Rates

5.25%$1k-12 Month CD Special
5.25%$1k-7 Month CD Special


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