OneWest Bank Review 2020

Published June 2020 by Matthew Goldberg

AT A GLANCE
3.0
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Bankrate Score

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Credit Card Cash

ATM fee refunds

It's a good option for savers in California looking for a range of CD terms and checking customers who are seeking ATM fee reimbursements.

  • CDs
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    3.2
  • Savings
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    3.4
  • Checking
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    2.8
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    2.5
  • MORE HIGH-YIELD OPTIONS

    Overall

    3.0

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    Bankrate Score

    OneWest Bank has more than 60 locations in Southern California.

    What we like

    • OneWest Bank may be a good option if you live in Southern California.

    • During our review, OneWest was offering a $250 checking reward for opening an account.

    • All three of the OneWest Bank checking accounts offer ways to earn ATM surcharge rebates.

    • All OneWest Bank checking accounts get a free first order of checks.

    What we don't

    • There are higher APYs available at other banks.

    • Unlimited ATM surcharge rebates require a balance of $50,000 or higher on the OneAccount Checking account.

    • There are only 70 ATMs in OneWest’s network.

    CD rates

    3.2

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    Bankrate Score

    You’ll need $1,000 to open a CD at OneWest Bank. OneWest Bank offers 10 terms of CDs. These range from as short as three months to as long as five years.

    What we like

    • OneWest Bank’s longer-term CDs, its two-year CD and longer, tend to be higher than the national average.

    • OneWest Bank offers ten terms of CDs. One of these CD terms should work for most savers.

    What we don't

    • The grace period is only seven days at OneWest Bank. Generally grace periods are around 10 days at banks.

    • OneWest Bank’s shorter-term CDs tend to be below the national average APY.

    Savings accounts

    3.4

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    Bankrate Score

    You only need $100 to open both the Personal Savings account and the Green Savings account.

    The Personal Savings Account is OneWest Bank’s highest APY option. Those with at least $100,000 will earn the highest yield, which is four times the national average.

    What we like

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

    • The Personal Savings account earns four times the national average at its highest tiers.

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

    What we don't

    • There are higher savings APYs available at other banks.

    • In order to earn the highest yield on both the Personal Savings account and the Green Savings account you need at least $100,000. There are savings accounts available where you can earn a higher APY on your first penny.

    Checking accounts

    2.8

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    Bankrate Score

    OneWest has three checking accounts: Personal Checking, Premium Checking and OneAccount Checking. The Premium Checking and the OneAccount Checking both reimburse out-of-network ATM fees up to $20 a month if your account balance is under $50,000. Those with account balances more than $50,000 have unlimited out-of-network reimbursements on out-of-network ATM fees.

    What we like

    • OneWest has three different checking accounts. This offers OneWest customers a variety of accounts to choose from.

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

    • Personal Checking customers only need to sign up for eStatements to waive the $5 monthly maintenance fee.

    • No matter what checking account you choose, your first order of checks are free. With the OneAccount Checking account, you get unlimited free OneWest checks.

    What we don't

    • The OneAccount checking account has a $25 fee if you don’t maintain a $10,000 average monthly balance.

    • You need a large balance, $50,000 in order to get unlimited ATM surcharge rebates. There are accounts with lower balance requirements that offer this feature.

    Money market accounts

    2.5

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    Bankrate Score

    The Premium Money Market account is the only money market account that OneWest Bank offers. It requires $1,000 to open. You need at least $100,000 to earn the top APY on this account -- which is more than three times the national average for money market accounts.

    What we like

    • You can earn more than three times more the national average APY for money market accounts.

    • A OneWest ATM/debit card is available for the Premium Money Market account.

    What we don't

    • You’ll need to keep at least $10,000 in the Premium Money Market account to avoid the $10 fee.

    • A balance of at least $100,000 is needed to earn the highest APY on this account, which is a little more than three times the national average APY for money market accounts.

    Bank experience

    There are 70 ATMs in OneWest’s network. OneWest Bank doesn’t charge an out-of-network fee when you use an out-of-network ATM. OneWest Bank has more than 60 locations in Southern California.

    The OneWest mobile app allows customers to block certain purchases if they’re made outside of your normal banking region.

    About OneWest Bank

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

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. Matthew is currently on the Society for Advancing Business Editing and Writing (SABEW) Board of Governors. He has previously served on conference planning committees, the training committee and the finance committee for SABEW, which is the world's largest and oldest organization of business and financial journalists. His reporting career has included working as a staff reporter at two daily newspapers. He earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.