Goldwater Bank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon

Pros:

  • Low required amount to earn interest
  • Business accounts offered
  • Personal and business loan options
  • Competitive interest rates on accounts

Cons:

  • CDs have high opening deposits
  • Cannot open account entirely online
  • High opening deposits on accounts
  • Accounts have tiered interest rates

What You Need to Know

Goldwater Bank has high amounts to open their accounts. Once you open an account, the amount required to keep in the account to earn interest is low. Goldwater Bank only requires $0.01 to be in the account to earn interest.

Business accounts are available through Goldwater Bank. There is a checking account for small and large businesses. There is a money market and savings account. CDs are available. Goldwater Bank offers cash management services for business accounts. This offers online banking, remote deposit, and card services. Business credit cards are available.

Goldwater Bank not only offers personal deposit accounts but lending options. They offer loans for building, remodeling, or home loans. Personal loans for vacations, cars, boats, or college tuition are available. They offer loans for business needs as well.

The interest rates for Goldwater Bank accounts are competitive. Their rates are much higher than the rates offered at brick and mortar banks. To earn the most competitive rates does require a large account balance. However, the lower balance rates are still much higher than other bank rates. They are competitive with online accounts. The business accounts also earn competitive interest rates.

The different CD accounts all require a high opening balance of $5,000. The CD terms range from 90-day terms to a 5-year term. The only fees associated with CDs is from withdrawing the money before the CD meets the maturity date.

Goldwater Bank accounts cannot be entirely opened online. To open a checking, savings, money market account, or a Visa check card you can fill out an application online. Then you must go to a branch location to finish the application and sign paperwork. Only CDs are available for out of state customers. Not all account information is on the website. A customer service representative can answer your questions.

The different accounts have high required amounts to open the accounts. The checking account requires $500 to open. Money market and saving accounts require $1,000 to $25,000 to open the accounts. Once the account is open, you are only required to keep $0.01 in the accounts to earn interest.

Interest rates for Goldwater Bank accounts are tiered. To earn the most competitive interest rates requires large balances in the accounts. The money market account requires $100,000 to earn the most competitive rates. The checking account requires $5,000.

Cool Things

Online Banking

Goldwater Bank offers online banking and a mobile app. You can check your accounts online or through the app. You can transfer money, check account activity, and pay bills. You can deposit checks through the app. Online banking is available for personal and business accounts. Goldwater Bank also offers banking through text.

History

Goldwater Bank was charted in 2007. The headquarters are in Phoenix, Arizona. It operates as a full-service bank to those in their community, as well as customers across the United States. Goldwater Bank offers personal and business accounts and loans.

In 2015, Kent Wiechert, President of Weststar Mortgage Corporation acquired Goldwater Bank. Weststar Mortgage started in New Mexico in 1983. Today they offer loans across the United States. They are on track to exceed $1 billion in loans.

In 2017, Goldwater Bank launched a new website. This site allowed customers to bank from anywhere. It made online banking available to customers nationwide. They offer personal deposit checking, savings, and money market accounts. CDs are available along with business accounts. Only CDs can be opened to those not by a branch location.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. Goldwater Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

With debit or ATM cards, online bill pay, transfers, or wires.

Does this bank offer mobile banking?

Yes. Goldwater Bank offers a free mobile app. Through the app, you can view your accounts, transfer money, and pay bills. You can also deposit checks.

Is this a good bank?

The interest rates on the accounts are competitive. The opening balances are high, but then you are only required to keep $0.01 in the account to earn interest. Only the money market account has a monthly fee.

Is this bank free?

The website only lists the money market account with having a fee. That fee is $10 a month. Waive the fee by keeping a daily balance of $1,000 in the account.

Is this bank secure online?

Their security measures comply with federal law. This includes computer safeguards and secured files and buildings. Employees can only see customer information they need to see. Information is encrypted with Secure Sockets Layer protocol.

Does this bank offer competitive interest rates?

Yes. Most Goldwater Bank accounts offer competitive rates with online accounts. The interest rates at Goldwater Bank are much higher than typical bank rates.

Can I use this bank for my business accounts?

Yes. Goldwater Bank offers checking accounts, money market, and savings accounts for businesses. CDs, credit cards, cash management, and loans are available for businesses. The interest rates for business accounts are competitive.

How is the online bank different from the online banking my bank offers?

It is not different. The accounts cannot be opened completely online. You can fill out an application, but then must go into a branch location to finish the application. Once an account is open, you can access your account online like at a typical bank.

Do their checking accounts pay interest?

Yes. Goldwater Bank checking accounts earn interest. To earn the highest interest rate, you must have $5,000 in the account. The highest interest rate is lower than other online accounts.

How do I reach customer service?

Email, mail, phone, or online chat. Goldwater Bank corporate office is in Phoenix, Arizona. You can follow Goldwater Bank on Facebook and Twitter.

Does this bank offer bill pay?

Yes. Goldwater Bank offers online bill pay for their accounts.

Can I deposit cash?

Yes, at local branch locations.

How long do transfers take?

Specific transfer times are not listed on the website. Make transfers by visiting a branch location, mailing a check and deposit slip, or a wire transfer. You can use the Mobile Gold app to deposit checks.

Can I sign up for direct deposit to this account?

Direct deposit is not specifically listed on the website. Goldwater Bank does allow electronic transfers.

Bank Contact Information

giantbank.com
2525 East Camelback Road
Suite 1100
Phoenix, AZ 85016
(480) 281 - 8200

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