Western State Bank (Western) is now offering its High Yield Money Market (2.50% APY) on a nationwide basis. (Note: I included a link to the High Yield Money Market because it has its own URL, which is not listed on Western’s main website.) The stated APY applies to all balances up to $3 million, with no minimum balance requirement.
Western has an excellent FAQs page, providing answers to the most common questions including,
- There are no monthly maintenance fees applied to the account.
- Debit cards and checks will not be issued on this account.
- There is no access to the account through an ATM withdrawal.
- A $5.00 fee is imposed for each additional withdrawal or debit over six per month.
- If your balance plus accrued and credit interest exceeds $3,000,000.00, a representative from Western State Bank will contact you to reduce the balance in the account.
Funding and Accessing
The FAQs page also details the three ways to fund the High Yield Money Market:
- ACH Funding will be allowed up to $25,000 per transfer. A maximum of six ACH originations for a total of $100,000 per month is allowed.
- Send a domestic wire transfer from another bank. Incoming wire fees are waived. Wires over $25,000 are allowed.
- Send a check by U.S. mail from a U.S. financial institution.
There are also three ways to access your money:
- Request Western State Bank to send a wire transfer to another bank. Contact the Wire Department at 701-499-6376 or [email protected] One outgoing wire fee per month per account is waived. The wire is only available to be sent to the external account in which the initial deposit was made from. Wire cut off time is 4 pm CT.
- ACH transactions will be allowed up to $25,000. A maximum of six outgoing ACH transactions of $25,000 each for a total of $100,000 per month is allowed.
- Contact Customer Care at 877-846-9345 and a cashier’s check can be mailed to you.
You can add as many beneficiaries as you like, but according to CSR, the Bank prefers an even number of beneficiaries. Social Security numbers are not required when naming a beneficiary.
Thanks DA reader, CTM, for the Forum post about the High Yield Money Market.
Headquartered in Devils Lake, North Dakota, Western State Bank currently offers its High Yield Money Market and two CDs on a nationwide basis.
Opening a High Yield Money Market account can be done online, or at any of six North Dakota branches located in Devils Lake, Fargo, Granville, Towner, Upham, and West Fargo. Following the 2013 acquisition of Central Arizona Bank, the Bank gained five Arizona branches, which are located in Casa Grande, Chandler, Scottsdale, Sun City, and Sun City West.
Western State Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.59% (excellent) based on September 30, 2018 data. The Bank has an excellent capitalization level (12.59%), the result of holding $1.05 billion in assets with $131.99 million in equity. Please refer to our financial overview of Western State Bank (FDIC Certificate # 39123) for more details.
In 1966, the Bank of Webster (established in 1902) was purchased by a group of investors, who were looking to found a new bank. Two years later, the corporate name and headquarters were changed, and the Western State Bank of Devils Lake, North Dakota, opened its doors for business. Currently North Dakota’s ninth largest bank, Western State Bank has assets in excess of $1 billion and more than 24,000 customer accounts.
How the High Yield Money Market Compares
When compared to the Money Market accounts tracked by DepositAccounts.com that are available nationwide without a small balance cap, Western State Bank’s High Yield Money Market APY currently ranks first, regardless of minimum balance requirements.
The above rates are accurate as of 2/20/2019.
To search for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts Rates Table page.