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.

Bank of the West currently sells two types of certificate of deposit accounts. These are:

1. Flexible-Term CDs. You may pick specific terms ranging from 32 days to 60 months.
2. Premium Certificate of Deposits. Terms range from 91 days to 60 months.

If you’re opening an IRA CD you have a third option in the “IRA Add-On CD.” We’ll discuss this product later in the article.

If you reside in one of the states Bank of the West operates in and are in the market for a CD, continue reading our review below to see if their products meet your needs.

Bank of the West Flexible-Term CD Rates + Account Details

Bank of the West is member FDIC and all consumer deposits are federally insured up to the applicable limits.

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

Bank of the West Flexible-Term CD Rates

CD Term	APY
32 – 89 Days	0.02%
90 – 179 Days	0.02%
180 – 364 Days	0.04%
12 – 23 Months	0.10%
24 – 35 Months	0.15%
36 – 47 Months	0.25%
48 – 60 Months	0.35%

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at 0.22% APY and 0.46% APY, respectively.

Flexible Term IRA CD Rates + Details

If you are opening a Flexible-Term IRA CD, then the minimum deposit is just $100. These accounts 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.

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.

Bank of the West Flexible Term IRA CD Rates

IRA CD Term	APY
12 – 23 months	0.10%
24 – 35 months	0.15%
48 – 60 months	0.35%

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.

Bank of the West Premium Certificate of Deposit Rates + Details

Bank of the West Premium CDs require a higher minimum deposit of $2,500 to open. They 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.

Bank of the West Premium CD Rates

CD Term	APY
91 days	0.02%
5 months	0.02%
182 days	0.05%
7 months	0.05%
8 months	0.05%
10 months	0.05%
11 months	0.08%
12 months	0.08%
13 month money market CD	0.25%
14 months	0.12%
15 months	0.12%
16 months	0.12%
18 months	0.15%
24 months	0.20%
60 months	0.35%

Although their promotional 13 month money market CD boasts the best APY of their short term products, it just barely edges out the national average for 12 month CDs which sits at 0.22% APY.

Premium IRA CD Rates + Details

As with Bank of the West’s Flexible Term IRA CDs, their Premium IRA CDs also come with a minimum deposit requirement of just $100 as well as the $12 annual fee.

Bank of the West Premium IRA CD Rates

IRA CD Term	APY
91 days	0.02%
182 days	0.05%
8 months	0.05%
12 months	0.08%
18 months	0.15%
24 months	0.20%

Interest on IRA CDs is compounded daily and you have the option to be paid monthly, quarterly, semi-annually or at maturity.

12 month IRA Add-On CD

Bank of the West also has an Add-On IRA CD available with a 12 month term. This allows you to add more funds to your CD prior to its maturity.

The minimum deposit requirement for this product is $100.

Bank of the West IRA Add-On CD Rate

CD Term	APY
12 months	0.08%

The $12 annual fee also applies to this account.

We should also note that if you end up closing your Bank of the West IRA altogether, they will charge you a $25 fee.

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

Final Thoughts

While Bank of the West CD rates have been competitive in the past, they currently do not keep up with an already historically low national average.

Their most competitive offer is a 13 month promo CD with a yield on par with an average 12 month CD.

On top of that, Bank of the West imposes early withdrawal fees that are steeper than most banks and have the potential to eat away at some of your principal.

If you’re in the market for a fixed-rate CD with a respectable APY, then we would recommend going with an online bank such as Ally or a credit union with nationwide acceptance such as PenFed Credit Union.