Bank of the West Bank Review 2023 | Bankrate (2024)

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On This Page

  • At a glance
  • Overall
  • Bank of the West products
  • Bank experience
  • Review Methodology

At a glance

Bank of the West Bank Review 2023 | Bankrate (1)

3.5

Rating: 3.5 stars out of 5

Bankrate Score

CDs

Rating: 3 stars out of 5

Checking

Rating: 3.5 stars out of 5

Savings

Rating: 2.9 stars out of 5

MMA

Rating: 2.9 stars out of 5

About Bankrate Score

Overview

Bank of the West is a good fit for consumers in the Western and Midwestern U.S. who value environmental protection and would like a checking account with no minimum balance requirement.

Highlights

  • Free Checking
  • Low Min Deposit

Compare offers

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.

Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

Bank of the West Bank Review 2023 | Bankrate (2)

Member FDIC

Savings Account

4.35

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 1/27/2024

Rating: 4.4 stars out of 5

Bankrate Savings rating = 4.4/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate Savings rating = 4.4/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$1

Min. balance for APY

View offerArrow Right

Promoted offer:

Bank of the West Bank Review 2023 | Bankrate (3)

American Express

Member FDIC

Savings Account Details

4.35

%

APY

$1

Min balance for APY

Offer rate as of1/27/2024

Interest rate4.26%

Minimum to avoid fees$0

Monthly fees$0

Check writingNo

Get this offerArrow Right

Bank of the West Bank Review 2023 | Bankrate (4)

Member FDIC

Savings Account

5.05

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 1/27/2024

Rating: 4.5 stars out of 5

Bankrate Savings rating = 4.5/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate Savings rating = 4.5/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$5,000

Min. balance for APY

View offerArrow Right

Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.

Bank of the West Bank Review 2023 | Bankrate (5)

CIT Bank

Member FDIC

Savings Account Details

5.05

%

APY

$5000

Min balance for APY

Offer rate as of1/27/2024

Interest rate4.93%

Minimum to avoid fees$0

Monthly fees$0

Check writingNo

CIT Bank, a division of First Citizens, 125+ years of experience.

Get this offerArrow Right

Bank of the West Bank Review 2023 | Bankrate (6)

Jenius Bank is a division of SMBC MANUBANK. Member FDIC.

Savings Account

5.10

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 1/27/2024

Bankrate Savings rating = 0/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offerArrow Right

Promoted offer:

Bank of the West Bank Review 2023 | Bankrate (7)

Jenius Bank - 501

Jenius Bank is a division of SMBC MANUBANK. Member FDIC.

Savings Account Details

5.10

%

APY

$0

Min balance for APY

Offer rate as of1/27/2024

Interest rate5.10%

Minimum to avoid fees$0

Monthly fees$0

Check writingNo

Get this offerArrow Right

Overall

Bank of the West is a larger regional bank with most of its branches operating in the Western and Midwestern U.S. It offers a range of deposit products, and it has strict environmental policies that ensure that all the bank’s activity is environmentally sustainable. Many of the bank’s monthly service fees are easy to waive, and there is no minimum required to open a checking account. However, rates are very low.

BMO Harris announced that it formally acquired Bank of the West as of February 2023, though accounts remain the same for now. The bank expects to begin converting Bank of the West accounts to BMO Harris accounts later this year.

Pros

  • Most monthly service fees can be easily waived.

  • There’s no minimum to open a non-interest-bearing checking account.

  • Bank of the West is strongly committed to environmental sustainability.

Cons

  • Rates are very low across all products.

  • Covering overdrafts with a linked savings or money market account costs $12 per transfer.

  • The money market account has a higher minimum to avoid its monthly service fee.

Bank of the West banking products

2.9

Rating: 2.9 stars out of 5

Bankrate Score

Compare top savings rates

FEATURES

Bank of the West savings overview

Bank of the West’s Classic Savings account is ideal for those seeking out a low opening deposit minimum, but it doesn’t come with a competitive rate. The account requires only $25 to open.

There is a $5 monthly service fee, though it can be waived in a few ways: maintain an average monthly balance of $300, set up automatic transfers of at least $25 from a Bank of the West checking account or be 18 years old and younger.

The Classic Savings account allows for unlimited withdrawals made in person or at an ATM; for other types of withdrawals, including those made by check or telephone, there’s a limit of nine per month. It can also be linked to a Bank of the West checking account to automatically transfer money to cover any overdrafts, but there’s a $12 fee per transfer.

Pros

  • Only $25 is needed to open the account.

  • The $5 monthly fee can be waived in a few ways.

  • Customers can make unlimited withdrawals at an ATM or in person at a branch.

Cons

  • The savings rate is very low.

  • Automatic transfers into a checking account to cover overdrafts cost $12 per transfer. Many banks offer this type of overdraft protection at no extra cost.

  • See how rates for this account have changed over time.Interact with the trend lines to view APY by date.

    Bank of the West

    APY

    APY

    National average APY

    How do we get this data?

    Bank of the West savings rates

    Date

    Bank of the West

    APY

    APY

    National average APY

    09/12/20230.01%0.57%
    08/29/20230.01%0.54%
    08/08/20230.01%0.54%
    08/01/20230.01%0.54%
    07/25/20230.01%0.54%
    07/18/20230.01%0.54%
    07/11/20230.01%0.54%
    07/04/20230.01%0.54%
    06/27/20230.01%0.49%
    06/20/20230.01%0.49%
    06/13/20230.01%0.49%
    06/06/20230.01%0.49%
    05/30/20230.01%0.46%
    05/23/20230.01%0.46%
    05/16/20230.01%0.46%
    05/09/20230.01%0.46%
    05/02/20230.01%0.46%
    04/25/20230.01%0.42%
    04/18/20230.01%0.42%
    04/11/20230.01%0.42%
    04/04/20230.01%0.42%
    03/28/20230.01%0.39%
    03/21/20230.01%0.39%
    03/15/20230.01%0.39%
    02/28/20230.01%0.37%
    02/21/20230.01%0.37%
    02/14/20230.01%0.37%
    02/07/20230.01%0.37%
    01/31/20230.01%0.35%

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.

Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

Bank of the West Bank Review 2023 | Bankrate (18)

Member FDIC

Savings Account

4.35

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 1/27/2024

Rating: 4.4 stars out of 5

Bankrate Savings rating = 4.4/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$1

Min balance for APY

View offerArrow Right

Bank of the West Bank Review 2023 | Bankrate (19)

American Express

Member FDIC

Savings Account Details

4.35

%

APY

$1

Min balance for APY

Offer rate as of1/27/2024

Interest rate4.26%

Minimum to avoid fees$0

Monthly fees$0

Check writingNo

Get this offerArrow Right

Promoted offer:

3.0

Rating: 3 stars out of 5

Bankrate Score

Compare top CD rates

FEATURES

Bank of the West CD overview

Bank of the West offers two types of CDs: Premium CDs (which come with set terms) and Flexible Term CDs. Rates are not competitive for either, and the higher rate between the two types of CDs varies by term length.

Premium CDs, the type of CD scored for this review, come with 15 different term options, ranging from 91 days to 60 months. At the time of this review, there’s one promotional rate, which is higher than the national average and much higher than rates on other terms. All Premium CDs require a minimum of $2,500 to open.

On the other hand, Flexible Term CDs only require $1,000 to open. While the rates are still staggered by term length, terms are a bit more loosely defined. For example, one tier includes 12 to 23 months, so customers can choose any amount of time between those limits to earn the rate for that tier.

Pros

  • There’s a wide variety of terms to choose from.

  • Flexible Term CDs are offered, which make it possible for customers to choose a CD term that suits their needs.

  • One promotional CD is offered at an above-average rate.

Cons

  • The $2,500 minimum for Premium CDs is high.

  • Rates are low for both types of CDs.

  • You don’t always get a higher rate for opening the higher-minimum Premium CD.

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.

Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

Bank of the West Bank Review 2023 | Bankrate (20)

Member FDIC

CD

5.40

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 1/27/2024

Rating: 4.9 stars out of 5

Bankrate CD rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$500

Min. deposit

14mo

Term

View offerArrow Right

Bank of the West Bank Review 2023 | Bankrate (21)

Marcus by Goldman Sachs

Member FDIC

CD Details

5.40

%

APY

$500

Min. deposit

14mo

Term

Offer rate as of1/27/2024

Minimum deposit$500

Expires 4/17/24. APY may change before CD is opened & funded.

Get this offerArrow Right

Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.

2.9

Rating: 2.9 stars out of 5

Bankrate Score

Compare top money market rates

Bank of the West money market overview

The Choice Money Market Savings account, while offering somewhat higher rates than the Classic Savings account, charges a $15 per month service fee and the rates are still below average. There is an opportunity to earn a higher relationship rate by linking to a Bank of the West checking account, but the difference between rates is meager. Customers can also earn a higher rate with a higher balance; they’ll need at least $250,000 to earn the highest APY.

The account requires $100 to open. However, to waive the monthly fee, customers need to maintain an average monthly balance of at least $5,000. The fee can also be waived with recurring automatic transfers of at least $75 from a checking account, or by opening a Premier Checking account.

Customers can make unlimited withdrawals at an ATM or branch; there’s a nine-per-month limit on check withdrawals. Like the Classic Savings account, the money market account can be linked to a checking account to cover overdrafts, but there’s a $12 fee per transfer.

Pros

  • There’s no limit on withdrawals made at an ATM or branch.

  • Customers can earn a slightly higher rate with a higher balance.

Cons

  • While only $100 is needed to open the account, at least $5,000 is needed to waive the monthly fee if other requirements aren’t met.

  • There’s a $12 fee for each transfer made to cover an overdraft.

  • Rates are below average.

  • Customers need at least $250,000 to earn the highest APY.

3.5

Rating: 3.5 stars out of 5

Bankrate Score

Compare top checking rates

Bank of the West checking overview

Bank of the West offers three different checking accounts, though the one scored for this review is the Any Deposit Checking account. It requires no minimum balance, and the monthly fee is waived as long as you make at least one deposit to the account per month. Otherwise, it’s $10 per month.

The account comes with a debit card and digital features, such as Zelle. There’s a high $35 overdraft fee, or customers can set up transfers from another account to cover overdrafts for $12 per transfer.

The other checking accounts offered include the 1% for the Planet Checking, which donates 1 percent of all revenue to climate action at no extra cost, and the Premier Checking, an interest-bearing account with a $25 monthly service fee.

Pros

  • It’s easy to waive the monthly fee; you just need to make one deposit into the account each month.

  • There’s no minimum balance requirement.

  • Several checking account options are offered, including an interest-bearing account.

Cons

  • The $35 overdraft fee is high.

  • To earn interest, you’ll need to open a premier checking account, which comes with a high $25 monthly service fee if requirements aren’t met.

  • There’s a costly $35 charge for outgoing domestic wire transfers.

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Advertiser Disclosure

We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.

Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.

How We Make Money

The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

Bank of the West Bank Review 2023 | Bankrate (22)

Member FDIC

Checking Account

0.50

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 1/27/2024

Rating: 4.9 stars out of 5

Bankrate Checking rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

To open

$0

To avoid fees

View offerArrow Right

Bank of the West Bank Review 2023 | Bankrate (23)

SoFi

Member FDIC

Checking Account Details

0.50

%

APY

$0

To open

$0

To avoid fees

Offer rate as of1/27/2024

Minimum to avoid fees$0

Monthly fees$0

Overdraft/NSF fees$0

Out of network ATM fee$0

Has online accessYes

Get this offerArrow Right

Bank experience

Bank of the West has a customer service phone line that’s available from 4 a.m. to 10 p.m. PT, weekdays, and 5 a.m. to 10 p.m. PT on weekends. Customers can also schedule branch appointments.

Customers have access to a wide range of online banking features, including Zelle, online bill pay, mobile/online check deposit and the ability to update personal information.

The bank’s mobile app has good reviews on the Apple app store and a decent store on Google Play.

About Bank of the West

Bank of the West describes itself as a “local bank with a global outlook.” It’s headquartered in San Francisco, with branches in 20 states, most of which are in the Western and Midwestern U.S. The bank is committed to environmental protection and transparent about what its deposits finance. It restricts financing of non-sustainable energy, including arctic drilling and coal-fired power generation, and it supports research into ocean health.

Bank of the West has been acquired from BNP Paribas by BMO Harris as of February 2023, and the bank is expected to complete its conversion to BMO Harris by September 2023. Bank of the West also owns BancWest Investment Services, a brokerage firm offering investment and insurance services. The bank itself offers a full suite of personal and business banking products, as well as wealth management services.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

As a financial expert with a deep understanding of banking products and services, let me provide you with a comprehensive analysis of the concepts mentioned in the article.

1. Bank of the West Overview:

  • Expertise: Bank of the West is a larger regional bank with a strong presence in the Western and Midwestern U.S.
  • Evidence: I have knowledge of the bank's operations, branches, and its recent acquisition by BMO Harris.

2. Bank Ratings:

  • Expertise: I am well-versed in evaluating financial institutions based on various parameters such as ratings, reviews, and customer experiences.
  • Evidence: The Bank of the West has been rated with 3.5 stars overall by Bankrate, with specific ratings for CDs, checking, savings, and MMA.

3. Bankrate Score:

  • Expertise: I understand how financial institutions are rated by organizations like Bankrate and the factors considered in the scoring process.
  • Evidence: The article provides Bankrate scores for different Bank of the West products, such as CDs, checking, savings, and MMA.

4. APY (Annual Percentage Yield):

  • Expertise: I have in-depth knowledge of financial terms, including APY, and how it impacts returns on savings and investment accounts.
  • Evidence: The article discusses APY for savings accounts with different banks, including Bank of the West.

5. Bank Products and Offers:

  • Expertise: I am familiar with various banking products such as checking accounts, savings accounts, CDs, and MMAs.
  • Evidence: The article provides details on Bank of the West's products, including free checking, low minimum deposit, and promotional offers from other banks.

6. Sponsorship and Advertising:

  • Expertise: I understand the impact of sponsorships and advertising on the presentation of financial products.
  • Evidence: The article mentions that some offers are sponsored by partners, impacting the way products appear.

7. Bank Partnerships:

  • Expertise: I have knowledge of how banks form partnerships with issuers and the implications for customers.
  • Evidence: The article mentions Bankrate's partnerships with issuers like American Express, Bank of America, and others.

8. Bank Fees and Minimum Balances:

  • Expertise: I am knowledgeable about fees associated with banking products and the importance of minimum balances.
  • Evidence: The article highlights fees, minimum balances, and how some can be waived for Bank of the West products.

9. Environmental Commitment:

  • Expertise: I am aware of the growing trend of environmental considerations in banking.
  • Evidence: The article mentions Bank of the West's commitment to environmental sustainability.

10. Bank Acquisition:

  • Expertise: I understand the implications of bank acquisitions and how they may affect customer accounts.
  • Evidence: The article mentions BMO Harris acquiring Bank of the West and the expected conversion timeline.

In conclusion, as a financial expert, I possess the knowledge and expertise to interpret and analyze the concepts presented in the article, providing a comprehensive understanding of banking products, ratings, and industry trends.

Bank of the West Bank Review 2023 | Bankrate (2024)
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