Bank of the West Classic Savings Account

Bank of the West Classic Savings Account Review

Bank of the West Classic Savings Account is offered by Bank of the West, a bank founded in 1874 and based in San Francisco, CA. Bank of the West savings account are available in 19 states across the USA.

Key Takeaways

• Low interest rate. The maximum annual percentage yield for this account is only 0.01%.
• $0 monthly account fees available. This account charges a monthly service fee of up to $5, but the fee is waived if you keep a minimum balance of $300 or have a monthly direct deposit of $25.
• No ATM fees. Bank of the West Classic Savings Account does not charge fees on ATM transactions.

Bank of the West savings account Pros & Cons

Pros	Cons
Interest-yielding account. Access to physical branches.	Does not provide access to a nationwide ATM network. Does not come with a debit card Only available in 19 states. Higher than average wire transfer fees. Monthly service charge (if minimums are not met). No signup bonus.

Bank of the West savings account FAQ

Are savings accounts from Bank of the West federally insured?

Yes, your deposits 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.

Does Bank of the West offer a signup bonus?

Bank of the West savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Bank of the West savings account?

The minimum deposit to open a Bank of the West savings account is $25.

Bank of the West Classic Savings Account Minimums

Description
Minimum Balance to Avoid Monthly Fee	Starting at $300
Minimum Balance to Earn APY	$0.01
Minimum Direct Deposit to Avoid Monthly Fee	Starting at $25
Minimum Opening Deposit	Starting at $25

What APY does Bank of the West Classic Savings Account offer?

Bank of the West savings account offers an APY of 0.01% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Bank of the West savings account charge?

Bank of the West savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

However, you can waive the monthly fees if you have a minimum daily balance of $300. Avoid the monthly fees by setting up a direct deposit of at least $25.

• Outgoing domestic bank transfers come with a $35 fee.
• Outgoing international bank transfers come with a $50 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
• Bank of the West savings account charges $3 every time you request a paper statement.

What features and perks does Bank of the West savings account offer?

This savings account includes the following features:

• Check images with monthly statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks for each statement period.
• Fraud monitoring - Bank of the West savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - Bank of the West savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.

Can you set up a direct deposit to Bank of the West savings account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Bank of the West savings account?

The customer support email for Bank of the West savings account is social@bankofthewest.com.