West Bank (IA) Review

West Bank Savings

0.15% APY

Established in 1893, West Bank has $3.96 billion in assets as well as deposits totaling $3.07 billion, making the institution a large bank. West Bank, whose headquarters are in West Des Moines, Iowa, does not have the access to customer service other banks offer. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated the bank 4.2 out of 5 stars, which means West Bank is a great choice and should warrant serious consideration. 

West Bank offers the full package of product offerings, including savings accounts, checking accounts, CDs, brokerage accounts, mortgage products and credit cards. West Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, West Bank offers one without a maintenance or monthly fee. Using the same bank for checking and savings is ideal for getting the largest interest rates on your deposits while keeping access to your money without getting penalized for withdrawing.

Service Quality

West Bank is a brick-and-mortar bank, with 12 total bank locations in Iowa and Minnesota. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. ET; Saturday, 8:00 a.m. to 12:00 p.m. ET. 

West Bank receives relatively satisfactory scores from users for its mobile banking services: with 60 customer reviews on Apple and Android platforms, the West Bank mobile app has an overall rating of 3.2 out of 5 (compared to the national average of 3.8). West Bank's mobile app allows you to manage your bank accounts by looking at monthly statements, transferring funds and reaching customer service. West Bank receives an excellent consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

West Bank has several deposit products which include savings accounts, checking accounts and CDs, meaning you have many options to manage your money. West Bank does not have the best savings rate, which means you should think about other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. West Bank's CD rates are competitive compared to other U.S. banks.

Rates

West Bank has an average savings rate of 0.15% but depending on your balance can get as high as 0.45%, which is fair in comparison to the national average. Its one-year CD earns at a rate of 2.95% and the five-year CD earns at a rate of 1.80%, while its highest-yielding money market account earns at a rate of 2.53%. West Bank has a fair savings rate, which means you can find higher rates with other banks. Consider taking a look at other banks for savings accounts.

Fees

On average, West Bank charges its customers extremely low fees compared to the average U.S. bank. West Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who will need cash in a pinch, West Bank is solid because it has ATM fee of $1.50, which is good in comparison to other U.S. banks. Also, at $30, West Bank's overdraft fee is noticeably lower than the national average, making it perfect for those who don't check their balance often. West Bank refunds any incurred ATM charges (with conditions), making getting cash a free and simple process.

Financial Health

West Bank is currently a large bank and owns assets totaling $3.96 billion and deposits totaling $3.07 billion. West Bank's Texas Ratio is 0.08%, suggesting an exceptionally minute chance of failure. Additionally, West Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a West Bank Near Me

West Bank has 12 locations across the U.S.