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- At a glance
- Overall
- Bank of the West products
- Bank experience
- Review Methodology
At a glance
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.
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 1/26/2024
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
Promoted offer:
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of1/26/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
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 1/26/2024
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
Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.
CIT Bank
Member FDIC
Savings Account Details
5.05
%
APY
$5000
Min balance for APY
Offer rate as of1/26/2024
Interest rate4.93%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
CIT Bank, a division of First Citizens, 125+ years of experience.
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 1/26/2024
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
Promoted offer:
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 of1/26/2024
Interest rate5.10%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
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.
Member FDIC
Savings Account
4.4
Rating: 4.4 stars out of 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 Score
4.35
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/26/2024
$1
Min. balance for APY
Promoted offer
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of1/26/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.5
Rating: 4.5 stars out of 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 Score
5.05
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/26/2024
$5,000
Min. balance for APY
Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.
CIT Bank
Member FDIC
Savings Account Details
5.05
%
APY
$5000
Min balance for APY
Offer rate as of1/26/2024
Interest rate4.93%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
CIT Bank, a division of First Citizens, 125+ years of experience.
Jenius Bank is a division of SMBC MANUBANK. Member FDIC.
Savings Account
0.0
Rating: 0 stars out of 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 Score
5.10
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/26/2024
$0
Min. balance for APY
Promoted offer
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 of1/26/2024
Interest rate5.10%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
5.0
Rating: 5 stars out of 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 Score
5.15
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/26/2024
$0
Min. balance for APY
Promoted offer
EverBank
Member FDIC
Savings Account Details
5.15
%
APY
$0
Min balance for APY
Offer rate as of1/26/2024
Interest rate5.02%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.4
Rating: 4.4 stars out of 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 Score
4.35
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 1/26/2024
$0
Min. balance for APY
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Capital One
Member FDIC
Savings Account Details
4.35
%
APY
$0
Min balance for APY
Offer rate as of1/26/2024
Interest rate4.35%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
It only takes about 5 minutes to open a fee-free account.
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
09/12/2023 0.01% 0.57% 08/29/2023 0.01% 0.54% 08/08/2023 0.01% 0.54% 08/01/2023 0.01% 0.54% 07/25/2023 0.01% 0.54% 07/18/2023 0.01% 0.54% 07/11/2023 0.01% 0.54% 07/04/2023 0.01% 0.54% 06/27/2023 0.01% 0.49% 06/20/2023 0.01% 0.49% 06/13/2023 0.01% 0.49% 06/06/2023 0.01% 0.49% 05/30/2023 0.01% 0.46% 05/23/2023 0.01% 0.46% 05/16/2023 0.01% 0.46% 05/09/2023 0.01% 0.46% 05/02/2023 0.01% 0.46% 04/25/2023 0.01% 0.42% 04/18/2023 0.01% 0.42% 04/11/2023 0.01% 0.42% 04/04/2023 0.01% 0.42% 03/28/2023 0.01% 0.39% 03/21/2023 0.01% 0.39% 03/15/2023 0.01% 0.39% 02/28/2023 0.01% 0.37% 02/21/2023 0.01% 0.37% 02/14/2023 0.01% 0.37% 02/07/2023 0.01% 0.37% 01/31/2023 0.01% 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.
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 1/26/2024
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
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of1/26/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
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.
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 1/26/2024
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
Marcus by Goldman Sachs
Member FDIC
CD Details
5.40
%
APY
$500
Min. deposit
14mo
Term
Offer rate as of1/26/2024
Minimum deposit$500
Expires 4/17/24. APY may change before CD is opened & funded.
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.
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 1/26/2024
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
SoFi
Member FDIC
Checking Account Details
0.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of1/26/2024
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
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.
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As an expert in banking and financial services, with a keen understanding of various banking products, including savings accounts, CDs, and checking accounts, allow me to dissect and elucidate the concepts mentioned in the provided article.
Bank of the West Products:
-
Savings Accounts:
- Bank of the West offers a Classic Savings account with a low opening deposit requirement of $25. It imposes a $5 monthly service fee, which can be waived by maintaining an average monthly balance of $300 or through other means.
- The savings rate is quite low, and there's a $12 fee for automatic transfers into a checking account to cover overdrafts.
-
Certificates of Deposit (CDs):
- Bank of the West provides both Premium CDs and Flexible Term CDs. Premium CDs require a minimum opening deposit of $2,500, while Flexible Term CDs require $1,000.
- The rates offered are not competitive, and there's a $35 overdraft fee.
-
Money Market Accounts (MMAs):
- Bank of the West's Choice Money Market Savings account offers slightly higher rates compared to the Classic Savings account but charges a $15 monthly service fee.
- To waive the fee, customers need to maintain an average monthly balance of at least $5,000 or fulfill other requirements.
- The account also incurs a $12 fee for transfers to cover overdrafts.
-
Checking Accounts:
- Bank of the West offers three checking accounts, including the Any Deposit Checking account, which has no minimum balance requirement and waives the monthly fee with at least one deposit per month.
- However, there's a high $35 overdraft fee, and customers need to open a Premier Checking account to earn interest, which comes with a $25 monthly service fee if requirements aren't met.
Bank Experience:
- Bank of the West provides customer service via phone and branch appointments, along with various online banking features such as Zelle, online bill pay, and mobile check deposit.
- Its mobile app has received positive reviews on the Apple app store and decent reviews on Google Play.
Review Methodology:
- Bankrate conducts reviews of financial institutions, including banks and credit unions, updating its list regularly.
- Each institution is analyzed based on factors like offered interest rates, fees, minimum balance requirements, and access to funds.
- A score is assigned to each type of account and its features, which are carefully weighed based on their importance to account holders to determine an overall score.
In summary, Bank of the West offers a range of banking products but tends to have lower rates compared to competitors. It emphasizes environmental sustainability and provides various means for customers to avoid fees, although some fees, such as overdraft fees, can be relatively high.
