Using the basic checking and savings accounts offered by Bank of the West won't cost you too much money: There is a low minimum deposit required to open an account, and monthly fees can be avoided by either receiving a single deposit at the beginning of each statement cycle or keeping a relatively low balance. Customers under the age of 18 do not have to pay any fees.
But even if you do, you will receive little of it back. The interest rates on savings accounts and certificates of deposit are significantly lower than those offered by online competitors. And you may need help locating a branch: Although most of the bank's operations are concentrated in Western states, it maintains a small number of branches in various places, some of which may be found as far east as the Midwest. If you live in California, your chances of finding a branch that is conveniently located near your home are the highest.
Customers that need a traditional bank in California and are seeking checking accounts with low minimum initial deposits, and monthly fees that are simple to waive will benefit the most from this financial institution.
Checking
Any Deposit Checking, 1% for Planet Checking, and Premier Checking are the three varieties of checking accounts that customers may open with Bank of the West. Customers with Premier Checking accounts are exempt from the $3 fee that the bank applies to any transaction made from an ATM that Bank of the West does not own. The overdraft fee at Bank of the West is $35 per transaction, with a daily cap of five transactions. Each day you utilize the overdraft protection service, you will be charged $12. Other aspects of checking accounts include the following:
Any Deposit Checking
- There is a $10 monthly maintenance charge; however, the price may be eliminated if at least one deposit is made each month or if the account owner is under 25.
- No minimum balance.
- If you prefer print statements, there is a monthly cost of $3 unless the account owner is 65 or older.
1% for the Planet Checking
- There is a $10 monthly maintenance cost, although account owners under the age of 25 are exempt from paying this price, and it may also be eliminated if at least one deposit is made each month.
- No minimum balance.
- If you prefer print statements, there is a monthly cost of $3 unless the account owner is 65 or older.
- Bank of the West will contribute one percent of its net income from your account to charitable organizations that work to protect the environment.
- In the mobile app, you may see an estimate of the carbon footprint caused by the purchases made with your debit card.
Premier Checking
There is a $25 monthly maintenance cost, but if you have at least $25,000 in deposits and investments with Bank of the West, this price is eliminated.
There are no costs levied by the Bank of the West when using ATMs that are not owned or operated by the Bank of the West. In addition, reimbursements are offered for fees paid by other banks when withdrawing cash.
No further charges will be incurred for overdraft protection transfers.
Has a negligible interest rate and payment.
Savings
The Classic Savings account offered by Bank of the West needs a minimum starting deposit of $25. The account has a monthly cost of $5 unless the account holder maintains an average monthly balance of at least $300, uses the bank's Auto-Save option for monthly transfers of at least $25, or is 18 years old or younger. In these cases, the account holder is exempt from the price. The interest is low, and it accumulates constantly.
CDs
The Flexible-Term certificates of deposit offered by Bank of the West have a minimum starting deposit requirement of $1,000. Premium CDs demand a $2,500 minimum. The repayment period might be anything from one month to five years, and the interest will be compounded every month.
Money Markets
Even if the interest rates on the Choice Money Market Savings account are greater than those on the ordinary savings account offered by Bank of the West, the rates are still rather low. Each day, interest is compounded. Opening an account with Choice Money Market Savings needs a minimum deposit of $100. The bank assesses a monthly cost of $15, although customers who maintain an average monthly balance of at least $5,000, make automatic savings transfers of at least $75 each month from their checking account, or have a Premier Checking account are exempt from paying this price.
