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Bank of the West Bank Review 2023

Updated September 14, 2023
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At a glance

3.5
Rating: 3.5 stars out of 5
Bankrate Score
Caret Down

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
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/13/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 4/13/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 4/13/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:

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

  • Checkmark

    Most monthly service fees can be easily waived.

  • Checkmark

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

  • Checkmark

    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

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

  • Checkmark

    Only $25 is needed to open the account.

  • Checkmark

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

  • Checkmark

    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
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/13/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

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.