Bank Of The West Cd Rates
- Bank Of The West Cd Rates Certificate Of Deposit
- Bank Of The West Cd Rates 2020
- Bank Of The West Omaha Ne Cd Rates
Bank of the West is a regional bank, headquartered in San Francisco, California. They operate in 19 states within the West and Midwestern region of the country.
East West Bank began over 40 years ago as a savings and loan association with one branch in the Chinatown district of Los Angeles. It has grown to our present stature as a full-service commercial bank with over 120 locations worldwide. A CD from East West Bank is a term deposit account that offers a higher rate of interest than a regular savings account. You can easily withdraw your funds early but may be subject to early withdrawal fee 1. Use our research to find the best CD rates in Sacramento, CA, and in other areas of California. Insured up to $250,000 per depositor per bank, certificates of deposit are safe investments. Bank of the West does not endorse the content of this website and makes no warranty as to the accuracy of content or functionality of this website. The privacy and security policies of the site may differ from those practiced by Bank of the West. To proceed to this website, select Continue, or Cancel to remain on the Bank of the West website.
Some accounts can be applied for online, bust most require you to visit one of their 600 branch locations in the following states: Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming.
They offer a full suite of FDIC-insured deposit products that include variable rate accounts such as checking accounts, a money market account, and a classic savings account as well as fixed rate certificates of deposit.
For the purpose of this review, we will focus on Bank of the West’s fixed rate CDs. You have the option to open these as stand alone accounts or as IRA CDs.
Bank of the West currently sells two types of certificate of deposit accounts. These are:
- Flexible-Term CDs. You may pick specific terms ranging from 32 days to 60 months.
- Premium Certificate of Deposits. Terms range from 91 days to 60 months.
If you’re opening an IRA CD you have a third option in the “IRA Add-On CD.” We’ll discuss this product later in the article.
If you reside in one of the states Bank of the West operates in and are in the market for a CD, continue reading our review below to see if their products meet your needs.
Bank of the West is member FDIC and all consumer deposits are federally insured up to the applicable limits.
Their Flexible-Term CDs require a minimum deposit of $1,000 and must be opened in a branch.
Bank of the West Flexible-Term CD Rates
To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at 0.22% APY and 0.46% APY, respectively.
Flexible Term IRA CD Rates + Details
If you are opening a Flexible-Term IRA CD, then the minimum deposit is just $100. These accounts are subject to annual contribution limits and must be opened in a local branch.
All IRA CDs held at Bank of the West are subject to an annual fee of $12.
As with all of Bank of the West’s deposit accounts, their IRA CDs are federally-insured by the FDIC up to the applicable limits.
Bank of the West Flexible Term IRA CD Rates
Interest on IRA CDs is compounded daily and you have the option to be paid monthly, quarterly, semi-annually or at maturity.
When your IRA CD matures, you can automatically renew it, or transfer the funds into another retirement account for it to grow further. Bank of the West notes that other options are available depending on your individual eligibility. You may want to consult with your tax advisor before making any decision.
Bank of the West Premium CDs require a higher minimum deposit of $2,500 to open. They come with a standard grace period of 10 days with automatic renewal if nothing is done during that 10 day window.
These accounts must be opened at a local branch, however, Bank of the West has a promotional 13 month “premium money market CD” that can be applied for online. Below are all of the current rates.
Bank of the West Premium CD Rates
Although their promotional 13 month money market CD boasts the best APY of their short term products, it just barely edges out the national average for 12 month CDs which sits at 0.22% APY.
Premium IRA CD Rates + Details
As with Bank of the West’s Flexible Term IRA CDs, their Premium IRA CDs also come with a minimum deposit requirement of just $100 as well as the $12 annual fee.
Bank of the West Premium IRA CD Rates
Interest on IRA CDs is compounded daily and you have the option to be paid monthly, quarterly, semi-annually or at maturity.
12 month IRA Add-On CD
Bank of the West also has an Add-On IRA CD available with a 12 month term. This allows you to add more funds to your CD prior to its maturity.
The minimum deposit requirement for this product is $100.
Bank of the West IRA Add-On CD Rate
Bank Of The West Cd Rates Certificate Of Deposit
The $12 annual fee also applies to this account.
We should also note that if you end up closing your Bank of the West IRA altogether, they will charge you a $25 fee.
If you need access to funds prior to the maturity of your CD, Bank of the West will impose an early withdrawal fee. This fee is standard practice for banks, but Bank of the West has slightly steeper fees in this regard than what is normal. In some cases the fees could even eat into your principal.
The fees are as follows:
While Bank of the West CD rates have been competitive in the past, they currently do not keep up with an already historically low national average.
Their most competitive offer is a 13 month promo CD with a yield on par with an average 12 month CD.
On top of that, Bank of the West imposes early withdrawal fees that are steeper than most banks and have the potential to eat away at some of your principal.
Bank Of The West Cd Rates 2020
If you’re in the market for a fixed-rate CD with a respectable APY, then we would recommend going with an online bank such as Ally or a credit union with nationwide acceptance such as PenFed Credit Union.
Keep your money working for you. Certificates of Deposit, or CDs, are one of the safest investments you can make. Enjoy financial security knowing your funds are FDIC-insured up to the maximum allowable limits.
BankWest provides competitive rates and flexible terms.
| Accounts | Key Benefits |
|---|---|
| Term CD | Flexible terms, low, minimum opening deposit and fixed or variable rates make this a great, safe savings option. |
| For the Future CD | A low, opening balance of $100 will open this savings product that matures as your children do. |
| Freedom CD | The Freedom CD offers a fixed rate with the flexibility to cash out without penalty after only 7 days. |
Term Certificate of Deposit (CD)
- Terms from 12 months to 60+ months
- Low, minimum opening deposit of $1,000 required
- Fixed or variable rates
- Penalty for early withdrawal
For the Future CD
- An account to help adults provide children with a financial jumpstart on college, trade school or a career.
- This CD can be opened with as little as $100. If the balance of the CD is less than $1,000, an ongoing monthly deposit of $10 or more is required until the CD balance reaches $1,000.*
- The CD can be held in the adult’s name with the child as the beneficiary in order for the minor to be eligible for student loans and scholarships without the “For The Future CD” being considered as an available asset for the minor.
- At account opening, the parent and/or adult chooses who will control assets at maturity.
- This CD matures in May of the student’s senior year in high school or when the youth reaches age 19, whichever occurs first.
- Variable interest rate
- Penalty for early withdrawal
Freedom CD
- 12-month term
- $5,000 minimum opening deposit required
- May be cashed without penalty any time after the FDIC’s seven-day deposit requirement
- Customers can have one (1) partial withdrawal per year as long as the remaining balance does not fall below the minimum required opening balance
- Fixed rate
Curious about our Certificate of Deposit rates?
We provide competitive rates and flexible terms. Contact us to discuss our current CD rates. Call (800) 253-0362, visit one of our branches or contact us using our online contact form.
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