At a glance

3.5

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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

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

Most monthly service fees can be easily waived.
There’s no minimum to open a non-interest-bearing checking account.
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

Bankrate Score

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FEATURES

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

Only $25 is needed to open the account.
The $5 monthly fee can be waived in a few ways.
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.

Rate history for Bank of the West's Savings account

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 last updated between 5/7 and 5/13.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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 last updated between 5/7 and 5/13.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Bank of the West CD overview

Bank of the West offers two types of CDs: Premium CDs (which come with set terms) and Flexible Term CDs. Rates are not competitive for either, and the higher rate between the two types of CDs varies by term length.

Premium CDs, the type of CD scored for this review, come with 15 different term options, ranging from 91 days to 60 months. At the time of this review, there’s one promotional rate, which is higher than the national average and much higher than rates on other terms. All Premium CDs require a minimum of $2,500 to open.

On the other hand, Flexible Term CDs only require $1,000 to open. While the rates are still staggered by term length, terms are a bit more loosely defined. For example, one tier includes 12 to 23 months, so customers can choose any amount of time between those limits to earn the rate for that tier.

Pros

There’s a wide variety of terms to choose from.
Flexible Term CDs are offered, which make it possible for customers to choose a CD term that suits their needs.
One promotional CD is offered at an above-average rate.

Cons

The $2,500 minimum for Premium CDs is high.
Rates are low for both types of CDs.
You don’t always get a higher rate for opening the higher-minimum Premium CD.

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Bank of the West money market overview

The Choice Money Market Savings account, while offering somewhat higher rates than the Classic Savings account, charges a $15 per month service fee and the rates are still below average. There is an opportunity to earn a higher relationship rate by linking to a Bank of the West checking account, but the difference between rates is meager. Customers can also earn a higher rate with a higher balance; they’ll need at least $250,000 to earn the highest APY.

The account requires $100 to open. However, to waive the monthly fee, customers need to maintain an average monthly balance of at least $5,000. The fee can also be waived with recurring automatic transfers of at least $75 from a checking account, or by opening a Premier Checking account.

Customers can make unlimited withdrawals at an ATM or branch; there’s a nine-per-month limit on check withdrawals. Like the Classic Savings account, the money market account can be linked to a checking account to cover overdrafts, but there’s a $12 fee per transfer.

Pros

There’s no limit on withdrawals made at an ATM or branch.
Customers can earn a slightly higher rate with a higher balance.

Cons

While only $100 is needed to open the account, at least $5,000 is needed to waive the monthly fee if other requirements aren’t met.
There’s a $12 fee for each transfer made to cover an overdraft.
Rates are below average.
Customers need at least $250,000 to earn the highest APY.

3.5

Bankrate Score

Compare top checking rates

Bank of the West checking overview

Bank of the West offers three different checking accounts, though the one scored for this review is the Any Deposit Checking account. It requires no minimum balance, and the monthly fee is waived as long as you make at least one deposit to the account per month. Otherwise, it’s $10 per month.

The account comes with a debit card and digital features, such as Zelle. There’s a high $35 overdraft fee, or customers can set up transfers from another account to cover overdrafts for $12 per transfer.

The other checking accounts offered include the 1% for the Planet Checking, which donates 1 percent of all revenue to climate action at no extra cost, and the Premier Checking, an interest-bearing account with a $25 monthly service fee.

Pros

It’s easy to waive the monthly fee; you just need to make one deposit into the account each month.
There’s no minimum balance requirement.
Several checking account options are offered, including an interest-bearing account.

Cons

The $35 overdraft fee is high.
To earn interest, you’ll need to open a premier checking account, which comes with a high $25 monthly service fee if requirements aren’t met.
There’s a costly $35 charge for outgoing domestic wire transfers.

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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.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bank of the West APY APY last updated between 5/7 and 5/13. APY last updated between 5/7 and 5/13	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
09/12/2023	0.01%	0.57%
08/29/2023	0.01%	0.54%
08/08/2023	0.01%	0.54%
08/01/2023	0.01%	0.54%
07/25/2023	0.01%	0.54%
07/18/2023	0.01%	0.54%
07/11/2023	0.01%	0.54%
07/04/2023	0.01%	0.54%
06/27/2023	0.01%	0.49%
06/20/2023	0.01%	0.49%
06/13/2023	0.01%	0.49%
06/06/2023	0.01%	0.49%
05/30/2023	0.01%	0.47%
05/23/2023	0.01%	0.47%
05/16/2023	0.01%	0.47%

Bank of the West Bank Review 2023

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

Bank of the West banking products

Bank of the West savings overview

Pros

Cons

Rate history for Bank of the West's Savings account

Bank of the West CD overview

Pros

Cons

Bank of the West money market overview

Pros

Cons

Bank of the West checking overview

Pros

Cons

Bank experience

About Bank of the West

Review methodology

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