Bank of the West Money Market Account Review
Bank of the West Money Market Account is offered by Bank of the West,
founded in 1874 and based in San Francisco, CA.
Bank of the West Money Market Account is available in
19 states across the USA.
- Very high APY. This account offers an annual percentage yield of up to 0.15%, which is much higher than the national average for a money market account.However, you must keep a minimum balance of $0.01.
- Charges a monthly fee. This account charges a monthly service fee of up to $15, but the fee is waived if you keep a minimum balance of $5,000.
- Small minimum initial deposit. You only need $100 to open an account.
Pros & Cons of Bank of the West Money Market Account
- High-interest yield.
- Does not offer mobile check deposits.
- Free debit card
- No charge on incoming domestic or international wire transfers.
- No signup bonus.
- Only available in 19 states.
- Monthly service charge.
Bank of the West Money Market Account FAQ
Are money market accounts from Bank of the West federally insured?
Yes, your Bank of the West money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What are the interest rates for Bank of the West money market rates?
Bank of the West money market offers an APY starting at 0.02% and ranging up to 0.15% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $0.01.
Bank of the West money market Rates and Terms
|APY (Annualized Percentage Yield)
||0.02% - 0.15%
What are the fees for Bank of the West Money Market Account?
This account charges a monthly maintenance fee of up to $15.
You can avoid this fee by maintaining a balance of $5,000.
Bank of the West will charge you a $15 fee if you exceed your maximum number of monthly transactions.
Bank of the West Money Market Account Fees
||up to $15
|Paper Statement Fee
|Excess Transaction Fee
What is the minimum balance for Bank of the West money market?
Minimum deposit of $100. You must make an initial deposit of at least $100 to open this account.
Monthly maintenance fee waiver. You can avoid the monthly fee if you keep a balance of $5,000.
Interest rate minimum balance of $0.01. You must keep the account balance above $0.01 to earn interest.
What features and perks does Bank of the West money market offer?
This account includes the following features:
- Fraud monitoring - Bank of the West monitors transactions for potentially fraudulent activity.
- Mobile Banking Services - Bank of the West money market allows you to manage your money through online banking and a dedicated mobile app.
How to open an account with Bank of the West
- Visit the Bank of the West website.
- Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
- Check the information is accurate and submit your application.
Bank of the West Money Market Account Disclosure:
There are 3 ways to waive the monthly fee:
Maintain an average monthly balance of $5,000
Use Auto-Save to set up a recurring monthly transfer of $75 or more from any Bank of the West personal checking account to your Choice Money Market Savings account
Maintain a Bank of the West Premier Checking Account.
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