If you're hunting for a solid return on your cash without locking it up in a CD, Western State Bank's High Yield Money Market account is worth a look. They're currently offering 3.75% APY on all balances up to $10 million—and you don't need a ton of money to get started. Here's the breakdown.
What Makes This Money Market Stand Out?
First off, the rate. At 3.75% APY, you're earning about six times the national average for money market accounts. That's competitive even among online banks. And unlike some high-yield accounts that have tiered rates or require you to jump through hoops, this one keeps it simple: any balance above $0 earns the full rate.
Western State Bank is based in Devils Lake, North Dakota, and has an 'A' health rating from independent evaluators. That's a sign of stability. They're also FDIC-insured, so your money is protected up to $250,000 per depositor.
How to Fund and Manage Your Account
Getting money in is flexible. You can fund your account via check, wire transfer, ACH (pushing from another bank), external transfer through Western's online banking, or by visiting a branch in person. You can link up to five external accounts for easy transfers.
One thing to note: there's no debit card or checkbook, and you can't use an ATM. So this isn't a checking account replacement. It's purely a savings vehicle. If you need to pull money out, you'll use ACH or request a cashier's check by calling customer care at 877-846-9345.
Limits and Fees to Keep in Mind
While there's no monthly fee and no penalty for closing early, there are a few guardrails. You're limited to 10 withdrawals or debits per month. After that, each one costs $5. That's standard for money market accounts.
Also, if your balance ever exceeds $10 million (plus accrued interest), the bank will contact you to reduce it. That's unlikely for most of us, but worth knowing.
Who Should Consider This Account?
This is a great fit if you have at least $5,000 to open the account and want a competitive rate without locking your money away. It's also good if you prefer a straightforward, no-fee structure. Just be comfortable with online-only access—no branches outside North Dakota, and no ATM or debit card.
Bottom Line
- No monthly fees and no minimum balance after opening.
- Rate is 3.75% APY on all balances up to $10 million.
- No debit card, checks, or ATM access—plan accordingly.
- Soft pull credit check won't affect your credit score.
Common Questions
Is there a minimum balance to earn the 3.75% APY?
No. After you meet the $5,000 opening deposit, any balance earns the full APY. There's no ongoing minimum balance requirement.
Can I write checks or use a debit card?
No. The account doesn't come with checks or a debit card, and there's no ATM access. You'll need to transfer funds via ACH or request a cashier's check.
What happens if I make more than 10 withdrawals in a month?
Each additional withdrawal or debit beyond 10 per month incurs a $5 fee. That's typical for money market accounts.
Is there a penalty for closing the account early?
No early termination fee. You can close the account whenever you like without penalty.
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