Tracing its small-town beginnings back over 80 years ago, Great Western Bank has grown into a regional bank reaching across nine U.S. states with over 170 branches. The bank offers a variety of financial products from personal accounts, agribusiness and business services and wealth management. Still, Great Western maintains its small bank feel with strong customer service and a focus on the customer.
Products Offered
Product | Key Features |
Savings Account |
|
Certificates of Deposit |
|
Money Market Account |
|
Checking Account |
|
Great Western Bank Interest Rate Comparison
Basic Savings Account
Features | Key Details |
Minimum Deposit | $25 |
Access to Your Savings Account | Online, mobile or at a branch. |
Security | FDIC insurance up to the maximum amount allowed by law. |
Fees | No monthly fee |
Current Terms and Rates | 0.25% APY |
Great Western’s one savings account is straightforward and easy to use. This is due to its lack of a monthly fee and minimum balance requirement. You’ll need at least $25 to open the account, but once you’ve made that initial deposit, you won’t have to maintain a certain balance. Plus, the bank has made it easy to transfer funds between your savings and checking accounts.
The rate at which your account earns will depend on your balance. You’ll want to call or visit your local branch for the most accurate rates and balance tiers for your area.
Certificate of Deposit Specials
Features | Key Details |
Minimum Deposit | $500 |
Access to Your CD Account | Online, mobile or at a branch. |
Security | FDIC insurance up to the maximum amount allowed by law. |
Fees | No monthly fee, but an early withdrawal penalty may apply. |
Current Terms and Rates |
|
Great Western Bank offers seven Certificate of Deposit Specials, each with a great rate. You’ll need at least $500 to open a CD account. While this is relatively high, it will boost your savings better than a smaller deposit would.
When your CD reaches maturity, you can leave it alone to renew automatically for the same term and the advertised rate at the time of renewal. You could also choose to add funds or make a withdrawal. As is the case with almost all CDs, you cannot make a withdrawal from your CD before it matures. Doing so will incur a penalty.
Compare Great Western Bank to Other Competitive Offers
Money Market Account
Features | Key Details |
Minimum Deposit | $25 |
Access to Your Money Market Account | Online, mobile or at a branch. |
Security | FDIC insurance up to the maximum amount allowed by law. |
Fees | $10 monthly fee, waivable with a minimum balance of $1,000 |
Current Terms and Rates |
|
A money market account provides a great way to grow your money with savings account-like interest rates with the added flexibility like a checking account. You can make unlimited withdrawals in person at a Great Western branch. Outside of that, you’re limited to six outgoing transactions per month. Any extra withdrawals or transfers will cost $5 each.
Great Western Bank’s money market account is designed to work best for individuals with higher balances. For starters, you’ll need to open the account with at least $25, which is pretty low for a money market account. Then to secure the highest advertised rate, you’ll need at least $10,000. Otherwise, you’ll earn at a lower interest rate.
Digital Checking Account
Features | Key Details |
Minimum Deposit | $50 |
Access to Your Checking Account | Online, mobile or at a branch. |
Security | FDIC insurance up to the maximum amount allowed by law. |
Fees | $6 monthly fee, waivable with at least 25 debit card transactions and direct deposit |
Great Western bills this account as the one “that has it all.” Indeed, the Digital Checking account includes unlimited check writing, free online statements, free External Transfers, and three ATM fee refunds. The account isn’t free, but it can be if you make at least 25 debit card transactions and a direct deposit each statement cycle. Otherwise, you’ll pay $6 per month.
Free Checking Account
Features | Key Details |
Minimum Deposit | $50 |
Access to Your Checking Account | Online, mobile or at a branch. |
Security | FDIC insurance up to the maximum amount allowed by law. |
Fees | No monthly fee |
The best part about the Free Checking Account is that it lives up to its name. There’s no monthly fee or statement fee to worry about, nor any direct deposit or balance requirements. Just be mindful of sticking to the bank’s network of 35,000 free ATMs. Using an out-of-network ATM will result in a $2.50 fee for each transaction.
VIP Free Interest Checking Account
Features | Key Details |
Minimum Deposit | $50 |
Access to Your Checking Account | Online, mobile or at a branch. |
Security | FDIC insurance up to the maximum amount allowed by law. |
Fees | No monthly fee |
Current Terms and Rates | 0.05% - 0.25% APY |
The VIP Free Interest Checking Account is a great option all around. Not only is it an interest-earning checking account, but it’s also free. There is no monthly or statement fee you need to worry about, nor balance minimums. You just get to use the account as your checking account while your balance grows.
For a checking account, the VIP Free Interest Checking account earns at solid interest rates. Your exact rate will depend on your balance, but you can check what your rates could be by calling or visiting a branch.
Performance+ Checking Account
Features | Key Details |
Minimum Deposit | $50 |
Access to Your Checking Account | Online, mobile or at a branch. |
Security | FDIC insurance up to the maximum amount allowed by law. |
Fees | $8 monthly fee, waivable with balances $1,000 and over |
Current Terms and Rates | 0.05% - 0.25% APY |
If you have a higher balance you’re able to deposit into a Great Western Bank account, check out the Performance+ Checking account. It earns at higher rates for higher balances. Plus, balances over $1,000 waive the monthly fee.
Branch Locations
For a small bank, Great Western Bank has locations in a decent number of states across the Midwest and the Southwest. You can find branches in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota.
Great Western Bank also provides access to over 35,000 free ATMs throughout all 50 states. You can find the nearest free ATM to you through MoneyPass or Shazam Privileged Status.
Financial Statistics & Bank Health Rating
Great Western bank currently has $11.80 billion in assets and $9.10 billion in loans according to the FDIC. It also currently holds $9.08 billion in customer deposits.
Great Western’s Texas Ratio is 8.20%. The Texas Ratio indicates how risky it is to place your deposits with a certain bank. This is calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Great Western’s ratio is considered a very good score, indicating a low risk.