California Bank and Trust Review: Checking, Savings, CD, Money Market, and IRA Accounts

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Updated on Tuesday, September 1, 2020

California Bank and Trust’s checking account options

Anytime Checking

Anytime Checking is California Bank and Trust’s entry-level checking account that pays no interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $6; $0 with a $250 monthly direct deposit, 10 debit or credit card transactions or for account holders ages 25 and younger
  • ATM fee: $0; up to $2 for withdrawals from an ATM not owned or operated by Zions Bancorporation, N.A.
  • ATM refund: none
  • Overdraft fee: $36 each (insufficient funds fee), maximum five per day; $12 with overdraft protection

Customers looking for a basic checking account with a modest opening deposit requirement might look at Anytime Checking. The account carries a monthly fee, but it can be waived with qualifying activities, such as direct deposits or debit/credit card transactions. Those under age 26 can also score a fee waiver, although you must be at least 18 to open this account. Also, note that if you’re escaping the monthly maintenance fee due to your age, that benefit will automatically expire once you turn 26.

Here are some of the other basic services included with the account:

  • online banking, including online bill pay
  • mobile check deposit
  • eStatements, eNotices, and eTax Documents
  • support for Apple Pay®, Google Pay™, and Samsung® Pay
  • a U.S.-based customer service, available seven days a week
  • easy check reordering process

Those opting for paper statements instead of eStatements will be assessed a $2 monthly fee.

The account also has varying mobile deposit limits based on the age of the banking relationship. For accounts opened for zero to 59 days, the daily mobile deposit limit is $1,000, with a 30-day rolling cumulative total of $2,500. These limits jump to up $2,500 per day and $5,000 per 30 days with a relationship age of 60 to 179 days, and $5,000 and $10,000 for 180 days or longer.

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on California Bank & Trust’s secure website

Anytime Interest Checking

Anytime Interest Checking is essentially the interest-bearing version of the Anytime Checking account, with a few added perks.
APYMinimum Balance to Earn APY
0.01%
$0.01
0.01%
$1,000
0.01%
$2,500
0.01%
$5,000
0.01%
$25,000
0.01%
$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $11; $0 with a minimum daily balance of $1,500 or a combined personal deposit and personal loan/credit card balance of at least $10,000
  • ATM fee: $0; up to $2 for withdrawals from an ATM not owned or operated by Zions Bancorporation, N.A.
  • ATM refund: Use any ATM in the U.S. and California Bank & Trust will waive the first withdrawal fee at other banks’ ATMs each month
  • Overdraft fee: $36 each (insufficient funds fee), maximum five per day; $12 with overdraft protection

Anytime Interest Checking has the same opening deposit requirement as the entry-level Anytime Checking account, and it has many of the same features, including the following:

  • online banking and bill pay
  • mobile check deposit
  • completely paperless account option
  • support for Google Pay™, Samsung® Pay, and Apple Pay®
  • a U.S.-based customer service team available seven days a week
  • an easy check reordering process

One of the additional benefits of the account, in addition to the interest payments, is the refund of one non-network ATM fee per month. The account has a much higher monthly fee that can only be waived with a maintaining balance, not on the basis of the account holder’s age or traditional qualifying activities such as direct deposits or credit/debit card usage. Mobile deposit limits are the same as with Anytime Checking, as is the $2 paper statement fee.

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on California Bank & Trust’s secure website

Member FDIC

Premium Interest Checking

Premium Interest Checking is California Bank & Trust’s top-of-the-line checking account.
APYMinimum Balance to Earn APY
0.01%
$0.01
0.01%
$1,000
0.01%
$2,500
0.01%
$5,000
0.02%
$25,000
0.02%
$100,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25; $0 with a combined personal deposit balance of $10,000 or a combined personal deposit and personal loan/credit card balance of $25,000
  • ATM fee: $0; $0 California Bank & Trust withdrawal charge on up to three transactions at other banks’ ATMs per month, $2 thereafter
  • ATM refund: up to three ATM fees charged by other banks each month
  • Overdraft fee: $36 each (insufficient funds fees), maximum five per day; $0 with overdraft protection

California Bank & Trust’s Premium Interest Checking account has the same low minimum opening deposit requirement as all of the bank’s checking accounts. However, the monthly fee is quite high on this account, and it can only be waived with a large personal deposit balance and/or a personal loan/credit card balance at the bank.

Standard features of the account are the same as with the bank’s other checking accounts, including mobile/online access and support for Google Pay™, Samsung® Pay, and Apple Pay®. However, the account does provide additional benefits to help justify the higher fee and waiver requirements.

For starters, the account pays a higher level of interest than the Anytime Interest Checking account. Customers also enjoy no-charge overdraft protection, no monthly fee on additional savings or money market accounts, and free CB&T cashier’s checks. Mobile deposit limits and the $2 fee for paper statements also apply to this account.

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on California Bank & Trust’s secure website

Member FDIC

Senior Advantage Checking

Senior Advantage Checking is a lower-fee checking account for customers aged 62 and older.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5; $0 with minimum daily balance of $500 or direct deposits of at least $250 per month
  • ATM fee: $0; up to $2 for withdrawals at an ATM not owned or operated by Zions Bancorporation, N.A.
  • ATM refund: Use any ATM in the U.S. and California Bank & Trust will waive the first withdrawal fee at other banks’ ATMs each month
  • Overdraft fee: $36 each (insufficient funds fees), up to five times per day; $12 with overdraft protection

Senior Advantage Checking is similar to California Bank & Trust’s Anytime Checking account, but in a lower-fee wrapper. Account minimums, ATM fees, and overdraft fees remain the same, but the monthly fee is dropped, and that fee can be avoided with direct deposits or a modest minimum daily balance. One other difference is that there is no paper statement fee with this account. The account maintains all of the basic services as the bank’s other checking accounts, including mobile and online access, U.S.-based customer service seven days a week, and support for Google Pay™, Samsung® Pay, and Apple Pay®. Like the Anytime Checking account, this account does not pay interest.

How to get California Bank and Trust’s checking accounts

As noted above, you’ll need to contact a banker over the phone or visit a branch to open a checking account at California Bank and Trust, as the bank offers no option for opening accounts online.

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on California Bank & Trust’s secure website

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How California Bank and Trust’s checking accounts compare

California Bank and Trust offers a decent line of checking accounts, from those that benefit younger or older account holders to those looking for interest on their checking deposits. Unfortunately, the rates paid at CB&T are less than half of the national average and are not competitive with the best rates for checking accounts available nationally.

California Bank and Trust’s savings account options

Savings Account

This simply named account is California Bank and Trust’s only traditional savings account.
APYMinimum Balance to Earn APY
0.01%
$0.01
0.01%
$1,000
0.01%
$5,000
0.01%/0.02%*$25,000
0.01%/0.02%*$50,000
0.01%/0.03%*$100,000
*with Premium Interest Checking
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3; $0 with minimum daily balance of $200 or by receiving at least $25 in automatic transfers from a linked checking account
  • ATM fee: $0; up to $2 for withdrawals from an ATM not owned or operated by Zions Bancorporation, N.A.
  • ATM refund: none
  • Overdraft fee: $36 each (insufficient funds fee), up to five times per day; $12 with overdraft protection

This traditional savings account has a small minimum opening deposit. The low monthly fee can be easily avoided with a small daily balance or with automated transfers from a checking account. Interest is paid on all deposits, with the rate divided into six tiers. Deposits of $100,000 or more are required to hit the top tier, although currently all tiers pay the same APY.

A small bonus percentage is paid on certain tiers if customers also have a Premium Interest Checking account. Paper statements come with a $2 fee.

Certain withdrawals, including those by check, debit card, telephone, or computer transfer, are limited by federal regulations up to six per month, per Federal Reserve Regulation D; transactions in excess of six are hit with a $15 fee. Customers who exceed this limit three times in a 12-month period may see their savings account closed or transferred to a different type of account.

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on California Bank & Trust’s secure website

Member FDIC

Young Savers Account

The Young Savers account is a fee-free savings vehicle for those 25 years or younger.
APYMinimum Balance to Earn APY
0.01%
$0.01
0.01%
$100
0.01%
$500
0.01%
$1,000
0.01%
$10,000
0.01%
$50,000
  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0; up to $2 for withdrawals from an ATM not owned or operated by Zions Bancorporation, N.A.
  • ATM refund: none
  • Overdraft fee: $36 each (insufficient funds fee), up to five times per day; $12 with overdraft protection

Customers under age 26 get their own savings account at California Bank and Trust, with a small minimum required opening deposit and no monthly maintenance fee. As with the regular savings account, interest is divided into six tiers, but the top tier starts at $50,000 instead of $100,000; rates are also higher on the Young Savers account once deposits reach at least $1,000.

Minors are allowed to open this account as well, but a parent or legal guardian must be an additional signer. Transaction limits also apply to this account (per Federal Reserve Regulation D), with certain withdrawals in excess of six per month assessed a $15 fee. Customers exceeding this limit three times in a 12-month period may have their account closed or changed to a different type of account. Paper statements trigger a $2 monthly fee.

How to get California Bank and Trust’s savings accounts

You’ll need to contact a banker in person or over the phone to open a savings account at California Bank and Trust. Currently, the bank does not have an online application.

SEE DETAILS Secured

on California Bank & Trust’s secure website

Member FDIC

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How California Bank and Trust’s savings account compares

California Bank and Trust has a limited savings account roster, with just one traditional savings account and an option for younger savers as well. Although both accounts pay interest, you’ll earn a fraction of the national average for bank savings rates nationwide, even with the savings boost from a Premium Interest Checking relationship.

At every level, the best available savings rates pay much more than the interest you can get at CB&T, at every level.

California Bank and Trust’s CD account options

Regular CDs

California Bank and Trust offers a modest range of shorter-term CDs, all with $1,000 minimum balances.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: all interest for terms of 31 days or less; 90 days’ interest for terms of 32 days to one year; 180 days’ interest for terms over one year

California Bank and Trust’s CD line is fairly standard, with a $1,000 minimum, a range of maturities from one month to five years, and an early withdrawal penalty based on the original term. CB&T’s CDs renew automatically at maturity for a similar period, unless the bank sends a notice of nonrenewal. Grace periods run from two to 11 days, depending on the length of maturity. The rates aren’t currently advertised on the website, so you’ll need to call the bank to find out their most current ones.

How to get California Bank and Trust’s CDs

As with other accounts at California Bank and Trust, you must speak with a banker if you wish to open a CD account, as there is no online application available.

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How California Bank and Trust’s CD rates compare

California Bank and Trust offers a fairly middle-of-the-road line of CDs. Account minimums and maturity dates are somewhat standard across the industry. The grace period is generous for longer-term CDs before they auto-renew. Rates can vary. Customers seeking top rates may want to consider another option with the best national CD rates.

California Bank and Trust’s money market account options

Money Market Account

California Bank and Trust offers a single money market account, with traditional features.
APYMinimum Balance to Earn APY
0.01%
$1,000
0.01%/0.02%*$5,000
0.03%/0.04%*$25,000
0.04%/0.05%*$100,000
0.05%/0.06%*$250,000
*with Premium Interest Checking
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $10; $0 with a minimum daily balance of $1,000
  • ATM fee: $0; up to $2 for withdrawals at an ATM not owned or operated by Zions Bancorporation, N.A.
  • ATM refund: none
  • Overdraft fee: $36 each (insufficient funds fee), up to five times per day; $12 with overdraft protection

Customers looking for a higher yield than California Bank and Trust’s savings account might be better served with the bank’s money market account. Although deposits below $1,000 don’t earn anything, deposits above $1,000 all earn about triple the rate on the savings account. This account has check writing privileges, up to the six-item-per-month limit, with excess transactions triggering a $15 fee and possible account closure. ATM access is provided just as with the bank’s savings accounts — free for in-network ATMs, and with a $2 fee for non-network withdrawals. The money market account has online and mobile access, and there’s a $2 fee for those who choose paper statements. The moderately high monthly fee can be waived with a minimum daily balance.

How to get California Bank and Trust’s money market account

As mentioned above, California Bank and Trust has no online account application. You must speak with a banker to open a money market account.

SEE DETAILS Secured

on California Bank & Trust’s secure website

Member FDIC

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How California Bank and Trust’s money market account compares

There’s only one money market account option at California Bank and Trust, so all comparisons must be done with national competitors. Although the money market account pays more than the bank’s savings accounts, even at the highest tiers, the rate paid is less than the national average rate. Shopping around for the best money market rates nationwide will reveal much higher rates available elsewhere.

California Bank and Trust’s IRA account options

Regular IRA CDs

California Bank and Trust offers the same line of CDs in its IRA as it does in its taxable accounts, with $1,000 minimum balances.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Early withdrawal penalty: all interest for terms of 31 days or less; 90 days’ interest for terms of 32 days to one year; 180 days’ interest for terms over one year

California Bank and Trust’s IRA CD line is the same as in its non-IRA accounts, with a $1,000 minimum, a range of maturities from one month to five years, and an early withdrawal penalty based on the original term. CB&T’s CDs renew automatically at maturity for a similar period, unless the bank sends a notice of nonrenewal. As with the bank’s non-IRA CDs, the grace period before renewal runs from two to 11 days, depending on maturity length. The rates aren’t currently advertised on the website, so you’ll need to call the bank to find out their most current ones.

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on California Bank & Trust’s secure website

IRA Money Market Account

This account allows IRA holders at California Bank and Trust to earn interest on an investment with more flexibility than a CD.
APYMinimum Balance to Earn APY
0.01%/0.02%*$0.01
0.01%/0.02%*$2,000
0.01%/0.02%*$10,000
0.03%/0.04%*$25,000
0.03%/0.04%*$50,000
0.04%/0.05%*$100,000
*with Premium Interest Checking
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0 for this specific account; however, there is an annual maintenance fee of $15 per plan holder account
  • ATM fee: n/a
  • ATM refund: n/a
  • Overdraft fee: n/a

The IRA version of California Bank and Trust’s money market account has a smaller opening deposit requirement than the regular Money Market account and begins paying interest on the first dollar deposited. Rates can be enhanced slightly with a complementary Premium Interest Checking account. Interest is compounded daily and paid monthly, and additional deposits are allowed at any time. There’s no monthly fee for this account, other than the standard fee that applies to all IRA accounts, and there’s also no ATM access. Online and mobile access is included.

How to get California Bank and Trust’s IRA accounts

As mentioned above, California Bank and Trust has no online account application. To open an IRA account of any kind, you’ll have to talk to a CB&T banker.

SEE DETAILS Secured

on California Bank & Trust’s secure website

Member FDIC

magnifying glass

How California Bank and Trust’s IRA accounts compare

California Bank and Trust’s IRA CD line offers the same overall features as the bank’s taxable accounts — meaning, maturities and account minimums are fairly standard. Some branches may offer a promotional CD, but you’ll have to contact your local office. The best available national IRA CD rates can be found elsewhere.

The IRA Money Market is a nice option for those looking to park money at rates better than you could get in a savings account; however, when compared with other money market accounts, these rates also come up short.

Overall review of California Bank and Trust’s products

California Bank and Trust has a full roster of consumer accounts, but no particular option stands out as being a must-have. Although the bank’s top-tier checking accounts comes with additional features, it has a high fee that must be overcome with a large account balance, and it still pays a below-average interest rate. The lowest-cost checking account, for seniors, doesn’t pay interest at all.

California Bank and Trust only offers one traditional savings account and one (non-IRA) money market, and these also pay below-average rates. Its CD lineup offers a number of options, but again, the rates paid are low across-the-board. The highlighted rate is the 15-month promotional CD, which tops national averages but still can’t compete with higher rates available elsewhere; that CD also has a high minimum balance requirement.

Net-net, California Bank and Trust’s product line may appeal to Californian’s looking for a regional bank to meet their basic financial service needs. However, those looking for feature-packed accounts or high yields can find better options somewhere else.

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