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You are here: Home / CD Rates / Bank of the West CD Rates – Now up to 3.10% APY!

Bank of the West CD Rates – Now up to 3.10% APY!

Written by: editorial staff
January 6, 2023

The only 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. You have the option to open these as stand alone accounts or as IRA CDs.

Their CDs come in two types:

  1. Premium Certificates of Deposit
  2. Flexible Term CD

Their “Premium” CDs are just standard term CDs while their flexible term CDs come with term ranges rather than set dates. See details and APYs (annual percentage yield) below.

In this post you'll learn:

  • Bank of the West CD Rates + Account Details
  • Premium Certificates of Deposit Rates
  • Flexible Term CD Rates
  • IRA CD Rates + Options Available
  • Premium IRA CD Rates
  • Flexible IRA CD Rates
  • Early Withdrawal Penalties

Bank of the West CD Rates + Account Details

bankofthewest.com

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 TermAPY
91 days0.02%
5 months0.02%
182 days0.02%
7 months0.02%
8 months0.02%
9 months3.10%
10 months0.02%
11 months0.02%
12 months0.02%
13 months0.02%
14 months0.05%
15 months0.05%
16 months0.05%
18 Months0.05%
24 Months0.10%
60 Months0.25%
APY = Annual Percentage Yield

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at 1.07% APY and 1.09% APY, respectively, according to FDIC data.

Flexible Term CD Rates

Their Flexible Term CDs require a minimum deposit of $1,000 and must be opened in a branch.

Term RangeAPY
32 – 89 days0.02%
90 – 179 days0.02%
180 – 364 days0.02%
12 – 23 months0.05%
24 – 35 months0.10%
36 – 47 months0.10%
48 – 60 months0.15%
APY = Annual Percentage Yield

IRA CD Rates + Options Available

If you’re interested in opening an IRA CD, then you have 3 options. They are:

  1. Premium IRA CD
  2. Flexible IRA CD
  3. 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

Bank of the West Premium CDs come with a standard grace period of 10 days with automatic renewal if nothing is done during that 10 day window.

These accounts must be opened at a local branch, however, Bank of the West has a promotional 13 month “premium money market CD” that can be applied for online. Below are all of the current rates.

The APYs are shown in the table below.

Premium IRA CD TermAPY
91 days0.01%
182 days0.03%
8 months0.02%
12 months0.02%
18 months0.05%
24 months0.10%
APY = Annual Percentage Yield

Flexible IRA CD Rates

Their flexible IRA CDs come with term ranges rather than set dates. The APYs are listed below.

Flexible IRA CD TermAPY
12 – 23 months0.05%
24 – 35 months0.10%
48 – 60 months0.15%
APY = Annual Percentage Yield

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 TermFee
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 months730 days of simple interest

ABOUT THE AUTHOR

editorial staff: A group of savers, investors, side-hustlers and entrepreneurs serve the editorial team with a combined 20 years experience in entrepreneurship, banking and blogging.
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Filed Under: CD Rates Tagged With: Bank of the West

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