Great Western Bank Review | SmartAsset.com (2024)

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Basic Savings Account

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 whichyour 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

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

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

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

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

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

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.