OneWest Bank Review 2021

Published January 2021 by Libby Wells

AT A GLANCE
3.5

Bankrate Score

bank-logo

ATM fee refunds

It's a good option for California customers who want an interest-bearing checking account and a range of CD terms.

  • CDs
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    3.6
  • Savings
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    2.3
  • Checking
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    4.6
  • MMAs
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    2.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Overall

    3.5

    Bankrate Score

    OneWest Bank has more than 60 locations in Southern California.

    What we like

    • OneWest Bank offers 24/7 banking through online and mobile banking and an automated telephone system.

    • Checking accounts feature free online bill pay.

    • Opening deposits for all checking accounts are reasonable.

    What we don't

    • You can find higher yields on deposits at other banks.

    CD rates

    3.6

    Bankrate Score

    You’ll need $1,000 to open a CD at OneWest Bank. OneWest Bank offers 10 terms of CDs ranging from three months to five years. When a CD matures, there is a seven-day grace period to either transfer the funds or withdraw them.

    What we like

    • OneWest Bank offers 10 terms on CDs, ranging from three months to five years.

    • OneWest Bank pays slightly better than the national average on CD products.

    • The $1,000 deposit to open a CD is reasonable.

    What we don't

    • You can find higher yields at other banks, especially online banks.

    Savings accounts

    2.3

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    You need only $100 to open either the Personal Savings account or the Green Savings account.

    Personal Savings, OneWest Bank’s highest APY savings option, requires a balance of $100,000 or more to earn the top yield.

    What we like

    • Both the Personal Savings and the Green Savings accounts require only $100 to open.

    • The Personal Savings account comes with a check-writing option and an ATM card.

    • The Green Savings account doesn’t have a monthly service charge.

    What we don't

    • There are higher APYs available at other banks.

    • You need a balance of at least $100,000 to earn the highest yield on the Personal Savings and Green Savings accounts.

    • Green Savings does not come with an ATM card or a check-writing option.

    Checking accounts

    4.6

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    OneWest has three checking accounts: Personal, Premium and OneAccount checking. Premium and OneAccount checking are interest-bearing. The bank does not charge its customers to use out-of-network ATMs, and it reimburses $10-$20 in ATM surcharges, depending on the account balance.

    What we like

    • OneWest has three checking account options to suit different needs.

    • The minimum amount to open the Personal Checking ($25) and Premium Checking accounts ($100) are reasonable.

    • Personal Checking customers can easily avoid the $5 monthly fee by electing to get eStatements.

    • Personal and Premium checking offer the first order of checks for free. With OneAccount Checking, you get unlimited free checks.

    • The bank reimburses $10 in out-of-network ATM surcharges with a balance of at least $5,000 and $20 with a balance of $10,000 and higher.

    What we don't

    • You can find higher yields at other banks.

    • OneAccount checking requires a high average monthly balance ($10,000) to avoid a $25 monthly fee.

    • There is a $10 fee if a checking account is closed within 90 days of opening.

    Money market accounts

    2.0

    Bankrate Score

    The Premium Money Market account pays a decent APY and requires $1,000 to open. You need a balance of $100,000 to earn the top APY on this account. The account comes with a OneWest Bank ATM card, free online bill pay and access to all the bank's online and mobile banking conveniences. The $10 monthly service charge is waived with an average monthly balance of $10,000.

    What we like

    • The account comes with unlimited check-writing.

    • The MMA offers access to 24/7 banking online or through an automated telephone system.

    What we don't

    • The Premium Money Market Account requires a high balance ($10,000) to avoid the $10 monthly fee.

    • A very high balance ($100,000) is needed to earn the highest APY.

    • You can find higher yields at other banks, especially online banks.

    Bank experience

    OneWest Bank has a highly rated mobile app. Customers also can bank online or via the automated telephone system. It has a live chat feature on its website. The bank allows for peer-to-peer payments using Zelle or Popmoney. OneWest Bank doesn’t charge its customers for using out-of-network ATMs and it reimburses some ATM fees charged by other banks. OneWest Bank has more than 60 locations in Southern California.

    About OneWest Bank

    OneWest Bank is a division of CIT Bank, N.A. Its corporate headquarters is in Pasadena, California. OneWest Bank, which is federally insured, was established in 2009. There are more than 60 OneWest branches in Southern California.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a contributing writer to Bankrate. Previously, she was Bankrate's chief copy editor. Libby has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.