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OneWest Bank Review 2022


Member FDIC
Savings account

Member FDIC
Savings account

Member FDIC
Savings account

Member FDIC
Savings account

Member FDIC
Savings account
Overall
3.8
Bankrate Score
OneWest Bank has more than 60 branches in Southern California and a full lineup of deposit and loan products, and online and mobile banking tools.
What we like
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OneWest Bank offers 24/7 banking through online and mobile banking and an automated telephone system.
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Checking accounts feature free online bill pay.
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Opening deposits for all checking accounts are reasonable.
What we don't
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You can find higher yields on deposits at other banks.
CD rates
4.2
Bankrate Score

Member FDIC
CD
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
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OneWest Bank offers 10 terms on CDs, ranging from three months to five years.
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OneWest Bank pays slightly better than the national average on CD products.
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The $1,000 deposit to open a CD is reasonable.
What we don't
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You can find higher yields at other banks, especially online banks.
Savings accounts
2.8
Bankrate Score

Member FDIC
Savings account
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.
The Green Savings account, which was scored for this review, does not come with an ATM or debit card and check-writing is not available. There is no monthly service charge.
What we like
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Both the Personal Savings and the Green Savings accounts require only $100 to open.
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The Personal Savings account comes with a check-writing option and an ATM card.
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The Green Savings account doesn’t have a monthly service charge.
What we don't
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There are higher APYs available at other banks.
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You need a balance of at least $100,000 to earn the highest yield on the Personal Savings and Green Savings accounts.
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Green Savings does not come with an ATM card, debit card or a check-writing option.
Checking accounts
4.8
Bankrate Score

Member FDIC
Checking account
OneWest has three checking accounts: Personal, Premium and OneAccount checking. Premium and OneAccount checking are interest-bearing.
Personal Checking, which was scored for this review, requires only $25 to open. It carries a $5 monthly fee that is waived if you meet one of the following criteria: maintain a $1,000 average monthly balance; elect to get eStatements; are a senior 55 or older; one of the account holders is a minor under age 18.
All OneWest checking accounts come with online banking, bill pay, mobile banking and an ATM/debit card that allows for contactless payments.
What we like
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OneWest has three checking account options to suit different needs.
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The minimum amount to open the Personal Checking ($25) and Premium Checking accounts ($100) are reasonable.
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Personal Checking customers can easily avoid the $5 monthly fee by electing to get eStatements.
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All checking accounts come with online banking, bill pay, mobile banking and an ATM/debit card that allows contactless payments.
What we don't
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You can find higher yields at other banks.
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OneAccount checking requires a high average monthly balance ($10,000) to avoid a $25 monthly fee.
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
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The MMA offers access to 24/7 banking online or through an automated telephone system.
What we don't
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The Premium Money Market Account requires a high balance ($10,000) to avoid the $10 monthly fee.
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A very high balance ($100,000) is needed to earn the highest APY.
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You can find higher yields at other banks, especially online banks.
Bank experience
The OneWest Bank mobile app gets excellent reviews from Apple device users and decent reviews from Android device users. Customers also can bank online or via the automated telephone system. OneWest has a live chat feature on its website. The bank allows person-to-person payments using Zelle.
OneWest Bank has more than 60 locations in Southern California. Telephone customer service hours are 7 a.m. to 6 p.m. Pacific time, Monday through Friday, and 7 a.m. to 3 p.m. Pacific time, Saturday.
About OneWest Bank
OneWest Bank is a federally insured bank established in 2009. It has more than 60 branches in Southern California, from San Diego to Ventura County. It offers a full menu of deposit and loan products for consumers and small businesses. Its corporate headquarters is in Pasadena.
OneWest is a division of CIT Bank, whose parent company recently merged with First Citizens BancShares Inc. The deal closed in January 2022.
Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.