Venture Bank Direct Offering 3.8% APY Savings Account

Rate information contained on this page may have changed. Please find latest savings rates.

Venture Bank Direct is offering a competitive 3.8% APY savings account.

Venture Bank Direct, a relatively new entrant into the high yield savings game is offering a competitive 3.8% APY savings account.  This puts it into the top 5 savings account rates on the BestCashCow rate tables (November 17, 2008). 

I called to find out more about the account and learned that they have an all-electronic application process.  They authenticate users via several questions presumably pullled from your credit file.  This is standard procedure for an online applicatin.  Transferrring funds in and out can also be done electronically via ACH.  According to the customer service rep I spoke with, a hard pull is not done when applying for the account.

The company launched their online direct bank in August and they have had the 3.8% APY savings account since October 2.  According to the CSR, they "are not planning a rate change anytime soon."  That doesn't mean of course that they can't or won't lower the rate tomorrow but it's nice to hear them at least say they plan to keep rates steady for some time.

Venture Bank Direct is the online channel for Venture Bank.  Venture Bank has approximately $1.2 billion in assets and 18 financial centers in four western State of Washington counties.  The bank was established in 1979 as Lacey Bank and the Company was incorporated in 1983. It changed its name to First Community Bank in 1981 and in 2003 changed its name again to Venture Bank.

The bank has a 2 out of 5 star rating from Bauer Financial.  In its most recent filing with the SEC, the bank's President acknowledged that the bank has felt pressure from the declinking real estate market:

“We are feeling the effects of the real estate slowdown, which have affected virtually all banks”, said Ken Parsons, Chairman and CEO of Venture Financial Group. “The impact has been most pronounced with residential land development projects. Lot sales activity has slowed, putting pressure on developers’ cash flow, and in some areas impacting lot prices.”

Venture Bank and Venture Bank Direct are FDIC insured so as we recommend with all banks, stay below FDIC limits.

If anyone has experience opening an account at Venture Bank, please share your experience below.

Your code to embed this article on your website* :

*You are allowed to change only styles on the code of this iframe.



  • KJR

    November 19, 2008

    I opened an account with Venture Bank Direct in September and I have found them straight-forward and easy to work with. Like all online savings accounts, funds take a few days to come in or out, but their customer care staff is friendly and helpful and I like how steady they have kept their rate. I also have an HSBC online account and they dropped their rates 3 times in the first 3 months I had the account open so I'm happy to see this one staying competitive.

  • Chris

    December 05, 2008 is a great find. The account was easy to set up and I was earning interest in 1 day. Very happy with your advice!


  • Marcus

    December 18, 2008

    I checked out Venture Bank Direct and have been happy so far. They added an online checking account which is a big plus for me. Makes for easy access.

  • claire

    January 06, 2009

    i've opened online savings a month ago and so far i don't see any flaws... it takes about 4-5 days for funds to be deposited which i have no problem with.
    I'm happy with my choice and you should try it too!

  • Maybe Not

    May 01, 2009

    Low rates now, application can be slow. Bank seems to have credit problems, rated 1 star.

  • «
  • Page 1 of 1
  • »
Add your Comment