Bank Of The West Interest Rates


Are There Fees Associated With A Savings Account

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Savings accounts may charge a maintenance fee if the minimum balance requirement isnt maintained. Some savings accounts, however, dont require a minimum balance or only require a nominal amount and still pay competitive APYs. If the accounts minimum balance requirement is too high, consider finding a bank offering a similar APY with no minimum balance requirement or a lower one. Finding a savings account with no monthly fee is the easiest way to avoid having surcharges eat into your interest earnings or principal.

Out-of-network ATM fees are another charge to watch out for, as are fees for closing a savings account before a specified period, typically three to six months. Banks may also charge fees for sending wire transfers, or purchasing cashiers or official bank checks, utilizing funds in a savings account.

Bank Of The West Cd Rates

Lauren Perezeditorial integrityeditorial integrityBank of the West

  • High minimum deposit amounts

Best For

  • Customers living in Bank of the Wests service area who want access to physical locations

Bank of the West offers three different CD account types. These allow you to find an account that works best for you and your financial situation. If you have only $1,000 to deposit, youll want to open a Flexible-Term CD. That way, you dont have to overstretch your funds to meet the other accounts higher minimum deposits.

You wont find the best CD rates with Bank of the West. Only one account earns at a rate as high as 0.30%. Plus, to earn that rate, youll need a pretty high deposit .

Its important to know that youll need to visit your local Bank of the West branch to open a CD. You can also only open a Bank of the West account if you live in one of the 19 states the bank serves.

How Much Money Do You Need To Open A Savings Account

To start, its best to set aside three to six months worth of living expenses in a savings account. Ideally, that amount should be the minimum stashed away in your emergency fund, to cover such things as job loss, or unexpected health bills or home repairs. After that, you can start saving for more specific goals, such as saving for a down payment on a house, buying a car, going on a vacation or anything else worth saving for.

Consider keeping your emergency savings in a separate savings account to prevent inadvertently spending it on non-emergency purchases. Also, if your emergency savings is earning a competitive APY, theres little downside to saving more than needed to cover basic expenses. In an emergency, youll be glad you have a cushion.

Some banks may limit how much you can deposit into a savings account. There may be limits on your initial deposit, how much you can deposit at one time or how much money you can keep in the account.

Bankrate’s experts compiled these articles, customized by age, to help you save:

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Bank Of The West Account Features

Bank of the West offers its customers the ease of online and mobile banking. When you access your account online, you can track your spending and budgets, pay bills, transfer money, set up email and text alerts and more.

Much of the same is also true when you bank on the mobile app. However, you can also deposit checks on the go, log in with your fingerprint, see your balances with the swipe of a finger and even scan bill stubs to make payments.

Most of the following bank accounts have minimum deposit requirements and charge monthly fees. Its important to check those out so you dont get blindsided when you open an account.

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Bank of the West Mortgage Rates and Calculators
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Bank of Montreal was forced to swallow a C$983 million loss in the third fiscal quarter to keep its acquisition of Bank of the West on track, as interest rate volatility rocked hedges it put in place after the deal was announced in December.

BMO is buying the California-based lender from BNP Paribas for $16.3 billion, financed entirely through equity and representing a 50% premium to tangible book value at the time. The difference between the purchase price and TBV is

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Online Banks Vs Brick

  • These banks tend to offer higher yields than the national average.
  • Since these banks usually dont operate their own ATMs, they might be more likely to be a part of a large network of ATMs. Online banks might also be more likely to have a policy for reimbursing out-of-network ATM fees.
  • Online banks tend to not have minimum balance requirements or charge monthly service fees.
  • Choosing a local bank means youll be able to visit that location for in-person customer service.
  • Withdrawals from your savings account can be made in person.
  • There might be quite a few ATM locations in your neighborhood and when you travel.


  • Usually an online bank wont operate a branch that you can visit to solve problems or make an in-person withdrawal.
  • Deposits and withdrawals often require digital or mobile access.
  • Its rare for a brick-and-mortar bank to offer a competitive APY.
  • In-person hours might not work for your schedule.

Bank Of The West Cd Rates Review: Should You Invest In Them

Bank of the West, a regional bank headquartered in San Francisco, California, operates more than 600 branches across the western United States. The bank offers a wide variety of banking services and deposit accounts.

Among the deposit accounts offered by Bank of the West are its certificates of deposit .

A CD is a special type of bank account. They give customers a place to keep their money safe and earn interest but come with a condition that sets them apart from other bank accounts.

When you open a CD, you have to make a commitment to the bank.

You promise not to make a withdrawal from the account until a specific amount of time has passed.

Because of this promise, the bank is able to better predict how much money it has to keep on hand to handle customer withdrawals. In exchange for your commitment, banks offer higher interest rates on CDs than on other accounts.

If you want to open a new CD, this review will cover everything you need to know about Bank of the Wests CDs.

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Bank Of The West Overview

Bank of the West has been in the business since 1874 when it started in California as Farmers National Gold Bank. The bank took on its current name about 100 years later in 1979, reflecting its expansion outside of California. It is a wholly owned subsidiary of BNP Paribas. Additionally, Bank of the West wholly owns the subsidiary BancWest Investment Services.

Today, the bank strives to maintain its local feel and superior customer service to give its customers a better banking experience. At the moment, Bank of the West offers branches and its products to a limited area. The following states are able to bank with Bank of the West: Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming.

How Do I Access My Money

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You can access your money wherever you can find the bank. This means at a branch, ATM, online, over the phone or on its mobile app. Whenever you want to access your money at an ATM, youll need your Bank of the West debit card and PIN. Be ready to have your personal and account information ready when you want to access your money through any other method.

Online and mobile banking both allow you to check on your balances, make transfers, deposit checks and more. The mobile app is also equipped with security measures like Touch ID.

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Bank Of The West Premium Money Market Ira Cd

Key Features
  • 18 Month: 0.05% APY
  • 24 Month: 0.10% APY

This IRA reflects the regular Premium Money Market CD, just with fewer term lengths available. With an IRA CD, your retirement savings get to grow at a set interest rate over a set term instead of according to your investments. Youll still have the tax advantages of an IRA.

As a CD, youll have to wait for the accounts maturity date to make any additional deposits. You have a 10-day grace period to take any action. Otherwise, the account will automatically renew according to the same terms. Interest is compounded monthly and can be paid monthly, quarterly, semi-annually or at maturity.

Youll have to visit a bank branch to open this account.

Bank Of The West Flexible Ira Cd

Key Features
Current Standard Terms and Rates Rates based on the state of California

  • 12 – 23 Month: 0.05% APY
  • 24 – 35 Month: 0.10% APY
  • 48 – 60 Month: 0.15% APY

This account mirrors the regular Flexible-Term CD, only with fewer available term lengths. The shortest term you can open as an IRA with this account is 12 months. However, it would really boost your retirement savings to open an account between 48 and 60 months since those accounts carry the highest rate.

Again, this account allows you to benefit from having a set CD term and interest rate added onto the tax advantages of an IRA. Interest is compounded daily and is paid monthly, quarterly, semi-annually or at maturity. You can make additional deposits to the account once it reaches maturity.

Youll need to visit a bank branch to open this IRA option.

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Should You Get A Bank Of The West Cd Account

Getting a Bank of the West CD account makes the most sense if youre already a customer with the bank. If you already have a Signature Checking or Premier Checking account, youll be able to open a Relationship CD. On the whole, Bank of the Wests CD rates arent great enough to seek out. But if youre already a customer, you can more easily open an account at your local branch to add to your savings.

Bank Of The West Savings Account

Bank of the West Mortgage Review

Bank of the West offers one traditional savings account, called Classic Savings, which you can open for as little as $25. You can avoid the $5 monthly service fee by using Auto-Save to set up recurring monthly transfers of $25 or more from a Bank of the West checking account.

Another way to avoid the fee is to maintain an average monthly balance of $300 or more except in Minnesota, where the requirement is $50 or more.

The downside of this account is that it offers a very low APY of % regardless of the balance. On the plus side, interest compounds daily.

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Fixed Rate Certificates Of Deposit*

Scroll to the left to view the rest of the table.
Terms Minimum to Open & Minimum Daily Balance to Earn APY Interest Rate
3.53% Semi-annually

Individual Retirement Accounts are available in all Fixed Rate terms listed above. COD’s may be subject to an early withdrawal penalty. There is no minimum deposit amount required on Money Market IRA’s.

*COD’s may be subject to an early withdrawal penalty. All interest rates are stated as Annual Percentage Yield . APY rate assumes interest will remain in account until maturity or funds are withdrawn. Withdrawals and fees will reduce earnings. Disclosed rates for consumer and business accounts as applicable.

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Bank Of The West Vs Bank Of America

Bank of America, Member FDIC, offers top-tier savings accounts that let you earn a higher APY than you would at Bank of the West. Both banks give you options to avoid maintenance fees.

Customers in Bank of the Wests service area might find its community banking style to their liking, but if you live outside the service area, Bank of Americas wider reach gives it a leg up.

Savings Accounts To Help You Build A Brighter Future

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Enjoy low minimums and competitive interest rates to help you reach your long- and short-term financial goalsall from a bank with the strongest environmental policies of any major US bank.

  • Your deposits wont fund Arctic drilling, tar sands mining, or Big Tobacco
  • Competitive interest rates
  • Open an account with just $25
  • $5 monthly service charge
  • Three ways to waive your monthly service charge: maintain an average monthly balance of $300, use auto-save to set up recurring monthly transfers of $25 or more from any Bank of the West personal checking accountfootnote4, or if you are 18 years old or younger
  • Compounds daily and paid monthly

Choice Money Market Savings

  • Your deposits wont fund Arctic drilling, tar sands mining, or Big Tobacco
  • Higher interest rates than our Classic Savings account
  • Interest rate bonus if you also have a Premier Checking accountfootnote3
  • Open an account with just $100
  • $15 monthly service charge
  • Three ways to waive your monthly service charge: maintain an average monthly balance of $5,000, use auto-save to set up recurring monthly transfers of $75 or more from any Bank of the West personal checking accountfootnote4, or if you have a Premier Checking Account
  • Compounds daily and paid monthly

Also Check: Traditional Savings Account Interest Rate

Complements And Alternatives To Savings Accounts

  • Money market accounts: Money market accounts are savings deposit accounts that may allow limited check-writing privileges or access to a debit card.
  • Checking accounts: Checking accounts usually dont offer competitive yields. There are some high-yield checking accounts, but they usually require you to meet certain requirements beyond a minimum balance, including having direct deposit or a minimum number of debit card transactions. Also, the high yield may be limited to a certain amount of money.
  • Certificates of deposit: A fixed-APY CD provides the same yield for the term of the CD. Most savings accounts have variable yields, so a CD is a way to earn a fixed APY during a term. CDs usually have an early withdrawal penalty, however, if money is taken out prematurely.
  • No-penalty CDs: No-penalty CDs may offer a lower APY than a regular CD in exchange for greater flexibility: They typically dont charge a fee when money is withdrawn before the term concludes.
  • Money market mutual fund: Money market mutual funds pay interest and may permit check writing, but they aren’t federally insured.

What Is A Savings Account

A savings account is a type of financial account found at both banks and credit unions. These federally insured accounts typically pay interest, but often at lower rates than other interest-bearing financial products insured by the government, like certificates of deposit .

In exchange for lower rates, savings accounts offer more liquidity, allowing for up to six types of withdrawals or transfers per statement cycle . That makes savings accounts ideal for stashing money you may need access to if unexpected costs arise.

Savings accounts can play a crucial role in your financial health. Unlike a CD, which forces you to lock up your money for a specified period of time, theres no set term for maturity with a savings account. So, its a good spot to park your emergency fund.

Savings accounts are insured up to at least $250,000 at banks backed by the Federal Deposit Insurance Corp. and at credit unions backed by National Credit Union Administration , which operates and manages the National Credit Union Share Insurance Fund .

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Lock It In And Let It Grow

With fixed interest rates and terms ranging from 6 months to 5 years, our CD accounts are a great way to save money you don’t need right away.

Even Higher Rates

Qualify for even higher rates than traditional savings accounts.

Choose Your Terms

Select from a variety of terms with varying rates of return.

Earn Rates

Reference Rates For Our Home Loans

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A reference rate is a benchmark rate used to set home loan interest rates. Each variable home loan product is linked to one of the below reference rates. The reference rate for your home loan product after we’ve applied any relevant discounts determines your variable interest rate.

© Copyright Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide . Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement before making any decision about the product. Separate App Terms of Use also apply. Fees and charges may apply. For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request. Target Market Determinations are available here.

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