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Western State Bank Review

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Western State Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1902, Western State Bank has assets totaling $1 billion and deposits totaling $914 million, which makes it a medium-size bank. Western State Bank, whose headquarters are in Devils Lake, North Dakota, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated Western State Bank 4.2 out of 5 stars, suggesting it is a great bank that you should seriously consider. Western State Bank provides customers with a full selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Western State Bank's most basic checking does not have a monthly maintenance charge. Locating a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is the best bet for getting the most income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.9
SmartAsset Average: 3.5

Western State Bank features a savings rate of 0.10%, which is fair in comparison to the average U.S. bank. Its one-year CD earns at a rate of 1.60% and the five-year CD earns at a rate of 2.50%, while its highest-yielding money market account has an APY of 0.50%. Given Western State Bank's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Western State Bank's Savings Rates Compare

Western State Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Western State Bank charges its customers extremely low fees in comparison to the national average. With no monthly fee, Western State Bank's checking account is perfect for people who want an easy checking account. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. Western State Bank unfortunately does not refund out-of-network ATM fees, meaning you will need to search for a Western State Bank ATM or eat the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

Western State Bank is a brick-and-mortar bank, with nine total branches in Arizona and North Dakota. It also offers access to mobile and web apps for simple access and banking on the go. Western State Bank gets relatively good ratings from customers for its online presence. Out of 26 ratings on both iOS and Android platforms, the Western State Bank mobile app has an overall rating of 4.4 out of 5 (compared to the national average of 3.8). Western State Bank's mobile app allows you to control your finances by monitoring monthly statements, sending and receiving money and reaching customer service. Western State Bank gets an excellent consumer satisfaction score based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Western State Bank ranks as a medium-size bank and handles $1 billion in assets and $914 million in deposits. Western State Bank has a strong Texas Ratio of 6.97%, indicating a small possibility of failure. Additionally, Western State Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.97%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Western State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.60% APY
  • 24 Month: 1.75% APY
  • 36 Month: 2.15% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.50% APY
$1000 for all terms
Money Market Accounts 0.5% APY 0.5% APY $10000 $15000

Western State Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Western State Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Western State Bank's CD rates are fair in comparison to the national average.

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Find a Western State Bank Near Me

Western State Bank has nine physical branches across the U.S.

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