Bank of the West is a regional bank, headquartered in San Francisco, California. They operate in 19 states within the West and Midwestern region of the country.
Some accounts can be applied for online, bust most require you to visit one of their 600 branch locations in the following states: Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming.
They offer a full suite of FDIC-insured deposit products that include variable rate accounts such as checking accounts, a money market account, and a classic savings account as well as fixed rate certificates of deposit.
For the purpose of this review, we will focus on Bank of the West’s fixed rate CDs which they call their “Premium Certificates of Deposit.” Bank of the West also offers IRA CDs with a different set of rates and terms that must be opened in a local branch.
đź“Ś Please Note: In early 2023, Bank of the West was acquired by BMO Harris. They still operate under the Bank of the West brand but share the same FDIC insurance as BMO Harris. So if you have deposits in BMO Harris and are considering Bank of the West, your FDIC coverage of $250,000 applies to the sum of deposits held at both banks (as opposed to $250k per bank). You can view BMO Harris CD rates here.
To see if their deposit accounts are right for you, continue reading our review below.
Bank of the West CD Rates + Account Details
Bank of the West is member FDIC and all consumer deposits are federally insured up to the applicable limits.
Their Premium CDs require a minimum deposit of $2,500 and must be opened in a branch.
Premium Certificates of Deposit Rates
CD rates surveyed June 9, 2023.
| CD Term | APY |
| 91 days | 0.02% |
| 5 months | 0.02% |
| 182 days | 0.02% |
| 7 months | 0.02% |
| 8 months | 0.02% |
| 9 months | 0.02% |
| 10 months | 0.02% |
| 11 months | 0.02% |
| 12 months | 0.02% |
| 13 months | 4.75% |
| 14 months | 0.05% |
| 15 months | 0.05% |
| 16 months | 0.05% |
| 18 Months | 4.50% |
| 24 Months | 4.50% |
| 36 months | 4.30% |
| 60 Months | 4.50% |
To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at 1.59% APY and 1.37% APY, respectively, according to FDIC data.
That said, a number of FDIC-insured online banks and credit unions with nationwide acceptance are now offering yields above 5.00% and 4.50% APY for the same respective terms.
How do Bank of the West’s CD Rates Compare?
To get a better idea of how Bank of the West’s CD rates compare to other well known banks then take a look at the table below.
This table compares the best CD rate offered at Bank of the West to the best CD rates offered by some of their competitors.
| Bank | Best CD Rate (APY) |
| Ally Bank | 4.85% |
| Tiaa Bank | 5.00% |
| Sallie Mae | 5.00% |
| Bank of the West | 4.75% |
How Much Can You Make with a Bank of the West CD?
How much money you earn with a Bank of the West CD is going to depend on your deposit size, the term you select and its APY (annual percentage yield).
Take a look at the table below, this shows total earnings on a few Bank of the West CDs assuming a deposit size of $25,000.
| CD Term | APY | Earnings |
| 13 months | 4.75% | $1,288.97 |
| 18 months | 4.50% | $1,706.34 |
| 3 years | 4.30% | $3,365.66 |
| 5 years | 4.50% | $6,154.55 |
IRA CD Rates + Available Options
If you’re interested in opening an IRA CD, then you have 3 options. They are:
- Premium IRA CD
- Flexible IRA CD
- IRA Add-On CD
The minimum deposit is just $100 to open any of these accounts. They are subject to annual contribution limits and must be opened in a local branch.
All IRA CDs held at Bank of the West are subject to an annual fee of $12. We should also note that if you end up closing your Bank of the West IRA altogether, they will charge you a $25 fee.
As with all of Bank of the West’s deposit accounts, their IRA CDs are federally-insured by the FDIC up to the applicable limits.
Premium IRA CD Rates
| Premium IRA CD Term | APY |
| 91 days | 0.01% |
| 182 days | 0.03% |
| 8 months | 0.02% |
| 12 months | 0.02% |
| 18 months | 0.05% |
| 24 months | 0.10% |
Flexible IRA CD Rates
Their flexible IRA CDs come with term ranges rather than set dates.
| Flexible IRA CD Term | APY |
| 12 – 23 months | 0.05% |
| 24 – 35 months | 0.10% |
| 48 – 60 months | 0.15% |
The last product is the Add-On CD which allows you to add deposits during the term. It comes with an APY of 0.05%.
Interest on IRA CDs is compounded daily and you have the option to be paid monthly, quarterly, semi-annually or at maturity.
When your IRA CD matures, you can automatically renew it, or transfer the funds into another retirement account for it to grow further. Bank of the West notes that other options are available depending on your individual eligibility. You may want to consult with your tax advisor before making any decision.
Early Withdrawal Penalties
If you need access to funds prior to the maturity of your CD, Bank of the West will impose an early withdrawal fee. This fee is standard practice for banks, but Bank of the West has slightly steeper fees in this regard than what is normal. In some cases the fees could even eat into your principal.
The fees are as follows:
| CD Term | Fee |
| 7 – 31 days | $25 + 31 days’ interest |
| 32 days to 11 months | $25 + 1% of amount withdrawn |
| 12 – 59 months | $25 + 3% of amount withdrawn |
| 60 months | 730 days of simple interest |
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