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

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Updated on Thursday, October 1, 2020

OneWest Bank checking account options

Personal checking

This account will give you your first order of checks free.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to $20 per month
  • Overdraft fee: $30

This checking account is great for those looking for a basic checking account with low fees. You don’t earn any interest, but you do get features such as free checks, a debit card, bill pay, and mobile banking. To get the monthly maintenance fee waived, you need to either choose to receive eStatements, be a minor or at least 55 years old, or maintain an average balance of $1,000.

For those who are interested in ATM refunds, you can get up to $20 per month in reimbursement, depending on your minimum average balance. You’ll receive up to $10 in refunds for balances up to $9,999 and up to $20 for balances of $10,000 and more.

To open an account, head over to their personal checking account page and click on the “Open an Account” button. You’ll be prompted to enter your ZIP code to ensure that you’re able to open this accounts (only Southern California residents can apply). Then you’ll need to agree to the bank’s disclosures and enter your personal details including your name, address, Social Security number and driver’s license.

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on OneWest Bank (CA)’s secure website

Premium checking

Earn a little bit of interest and the potential for ATM refunds.
APYMinimum Balance to Earn APY
0.01%
< $1,000
0.05%
$1,000
0.05%
$5,000
0.05%
$10,000
0.05%
$25,000
0.05%
$50,000
0.05%
$100,000
0.01%
$10,000,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to $20 per month (details below)
  • Overdraft fee: $30

If you want to earn some interest with a checking account, this one is OneWest Bank’s mid-tier product. However, you’re not going to earn much even if you maintain a high balance amount compared to other accounts.

You get the same features as the personal checking account such as a debit card, bill pay, free checks, and mobile banking. You can also get the monthly maintenance fee waived if you maintain a $1,000 minimum average balance.

This account also offers ATM refunds but only if you maintain a $5,000 minimum average balance. Receive up to $10 in refunds per month for up to $9,999 and up to $20 in refunds per month for balances of at least $10,000.

Head over to OneWest Bank’s premium checking account page and click on the “apply now” button. Enter in your ZIP code, since only Southern California residents can apply. After agreeing to the bank’s disclosures, enter your personal information such as your name, address, driver’s license and Social Security number.

SEE DETAILS Secured

on OneWest Bank (CA)’s secure website

Member FDIC

OneAccount checking

Get free checks with this account.
APYMinimum Balance to Earn APY
0.05%
< $1,000
0.05%
$1,000
0.05%
$5,000
0.05%
$10,000
0.05%
$25,000
0.05%
$50,000
0.10%
$100,000
0.10%
$10,000,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to $20/month (details below)
  • Overdraft fee: $30

The OneAccount checking account offers the highest rates out of all three the bank offers, though you’ll need a high minimum account balance in order to take advantage of them. The monthly maintenance fee seems pretty steep, but you can get it waived if you maintain a minimum average balance of $10,000.

Like the other checking accounts offered, you can get ATM refunds. If you maintain at least a $5,000 minimum average balance, you get up to $10 in refunds a month for a minimum average balance up to $9,999, and up to $20 a month if your balance is between $10,000 and $49,999. With a balance of $50,000 or more, you are eligible for unlimited reimbursement.

Other features include free checks, a debit card, bill pay and online banking.

First, go to the OneAccount checking account page on OneWest Bank’s website and click on the “apply now” button. After entering your ZIP code to verify you’re in the Southern California area, you’ll be asked to agree to their disclosures before heading to the application. Then, fill in your personal details such as your name, address, Social Security number and driver’s license and fund your account.

SEE DETAILS Secured

on OneWest Bank (CA)’s secure website

Member FDIC

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How OneWest Bank’s checking accounts compare

Sure, you get free checks and some ATM refunds, but the rates for OneWest Bank’s check accounts are minuscule compared with other online banks. Some of their competitors offer rates at least three times what this bank offers, plus unlimited ATM fees. If you’re really after those free checks, these accounts could be for you — but if not, you’re probably going to do better looking elsewhere.

To see what rates you might qualify for elsewhere, check out the 10 best online checking accounts.

OneWest Bank savings account options

Personal savings

The rates are low, but you do get limited check-writing capabilities.
APYMinimum Balance to Earn APY
0.05%
<$1,000
0.05%
$1,000
0.05%
$5,000
0.05%
$10,000
0.05%
$25,000
0.10%
$50,000
0.15%
$100,000
0.10%
$10,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: none
  • Monthly account maintenance fee: $3 (this can be waived)
  • ATM fee: none
  • ATM fee refund: none
  • Overdraft fee: N/A

The personal savings account is a low-cost account that offers you the option to receive limited check-writing capabilities. You also get a free ATM card and online banking. If you want the monthly maintenance fee waived, you’ll need to either choose to receive eStatements or maintain a $1,000 minimum average balance. Minors and people who are are least 55 years old don’t need to pay the monthly fee.

If you intend on making more than 6 withdrawals/transfers a month, you’ll be charged a $10 excess activity fee for each one. That’s because federal Regulation D mandates that savings accounts are limited to six certain withdrawals per statement cycle.

This account isn’t available nationwide, so you’ll need to first head to OneWest Bank’s personal and enter your ZIP code once you click on the “apply now” button on the personal savings account page. After, agree to the disclosures and fill out the application which includes divulging information such as your name, address and Social Security number. Then you can fund your account.

SEE DETAILS Secured

on OneWest Bank (CA)’s secure website

Member FDIC

Green savings

This account is available nationwide but doesn’t stand out amongst its competitors.
APYMinimum Balance to Earn APY
0.05%
<$1,000
0.05%
$1,000
0.05%
$5,000
0.05%
$10,000
0.10%
$25,000
0.15%
$50,000
0.20%
$100,000
0.10%
$10,000,000
  • Minimum opening deposit: $100
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The green savings account is a no-frills account that is available nationwide, though the rates aren’t particularly high. Unlike the personal savings account, you don’t get check-writing capabilities or ATM access, though you do get online, mobile and telephone banking. There is also no option to receive paper statements, just eStatements.

Like other savings accounts, you are limited to six certain withdrawals/transfers a month because of federal Regulation D. If you make more than the allotted amount, there’ll be a $10 excess activity fee per transaction.

Head to the Green Savings account page and click on the “apply now” button. You’ll need to enter your ZIP code, then agree to their disclosures. The application form will ask you to provide details such as your name, address and Social Security number, and then fund your account.

SEE DETAILS Secured

on OneWest Bank (CA)’s secure website

Member FDIC

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How OneWest Bank’s savings accounts compare

While it is a nice perk that you get ATM access and limited check-writing capabilities with the personal savings account, the product isn’t available nationwide. In addition, both the banks’ savings accounts have rates that are far below compared with our list of the best online savings accounts.

If you’re in the Southern California area, it may make sense to open an account for the limited check writing-capabilities — otherwise, you could be better off looking elsewhere.

OneWest Bank CD rates

Certificates of deposit

Earn more with the high-yield rates.
TermAPY
3 months0.10%
6 months0.10%
9 months0.15%
1 year0.25%
13 months0.30%
18 months0.30%
2 years0.35%
3 years0.40%
4 years0.40%
5 years0.45%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on term:
    • 90 to 365 days — 90 days’ simple interest
    • 365 days to 18 months — 180 days’ simple interest
    • Up to 2 years — 270 days’ simple interest
    • More than 2 years — either 2% on amount withdrawn or a market adjustment, whichever is greater (explained below)

These fixed rates CDs guarantee a rate of return if you keep the entire balance until maturity.

Interest earned is compounded daily and credited either monthly, quarterly or at maturity depending on your CD term. You can choose to keep interest earned in the account or withdraw. Once the CD matures, you have a seven-day grace period in which to deposit, withdraw or renew for another term.

The early withdrawal penalty is fairly straightforward except for terms two years or more. The market adjustment mentioned above refers to how much interest the bank will pay if it were to replace your CD with another “replacement CD” at a higher cost. This “replacement CD” is a term that is closest (but not longer) to your original CD term.To calculate this rate, OneWest bank will take the difference between the rate in your original CD and the current advertised interest rate for the replacement CD. This number will then be multiplied with the amount you intend to withdraw, times the number of years that’s left on your original CD term. If this number is greater than 2% of the amount withdrawn, then this is your early withdrawal penalty.

Head to the OneWest Bank website and fill out an online application form. You’ll be asked to fill in personal details such as your name, address, Social Security number and driver’s license. After that, just fund your account.

SEE DETAILS Secured

on OneWest Bank (CA)’s secure website

Member FDIC

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How OneWest Bank’s CD rates compare

The rates currently being offered aren’t that great by comparison, so if you’re interested in better rates for longer terms, then you’ll want to check out our list of the current best CD rates.

OneWest Bank money market account options

Premium money market

You get an ATM card and limited check-writing capabilities with this account.
APYMinimum Balance to Earn APY
0.05%
<$1,000
0.05%
$1,000
0.05%
$5,000
0.05%
$10,000
0.05%
$25,000
0.15%
$50,000
0.25%
$100,000
0.10%
$10,000,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: N/A

This money market account has ATM access and limited check-writing capabilities. You also get bill pay, online, mobile and telephone banking. You earn higher rates but it the minimum account balance seems pretty steep. Also, watch to see how many withdrawals/transfer you make as you’re limited to a certain six per month because of Regulation D. Otherwise, you’re looking at a $10 excess activity fee per transaction.

If you can maintain a minimum average balance of $10,000, you can get the monthly maintenance fee waived.

This account isn’t available nationwide, so you’ll need to first head to OneWest Bank’s personal and enter your ZIP code once you click on the “apply now” button on the personal savings account page. After, agree to the disclosures and fill out the application which includes information such as your name, address and Social Security. Then you can fund your account.

SEE DETAILS Secured

on OneWest Bank (CA)’s secure website

Member FDIC

magnifying glass

How OneWest Bank’s money market accounts compare

Sure, you get ATM access and limited check-writing capabilities, but the rates fall short compared with other online banks. If check writing and ATM access is important to you, this account could work. However, other accounts on our list of the best money market rates have have similar features, so you’ll want to shop around before deciding what’s best for you.

OneWest Bank IRA account options

IRA CD

Just your average IRA CD.
TermAPY
3 months0.10%
6 months0.10%
9 months0.15%
1 year0.25%
13 months0.30%
18 months0.30%
2 years0.35%
3 years0.40%
4 years0.40%
5 years0.45%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on term:
    • 90 to 365 days — 90 days simple interest
    • 365 days to 18 months —180 days simple interest
    • Up to 2 years — 270 days simple interest
    • More than 2 years — either 2% or a market adjustment, whichever is greater (explained below)

The IRA CD is best for those looking for a retirement account that has a guaranteed rate of return, though the rates aren’t that spectacular. Interest is compounded daily and credited monthly, quarterly or at maturity, depending on the term. Interest earned can either be withdrawn to another account or kept in the CD.

You’ll receive a seven-day grace period when your CD matures and you can either make additional deposits or withdrawals, or renew for another term. Otherwise, your CD will automatically be renewed for the same term at the current advertised APY.

If you have a CD term that’s two years or more, you’ll either pay 2% of the amount withdrawn or a market adjustment. How this works is that the market adjustment is based on how much money OneWest Bank will need to replace in order to replace your CD with another higher cost “replacement CD.” The bank will use a term that is closest (but not longer) to your original CD term.

OneWest will calculate this by taking the difference between your current rate and the replacement CD’s current advertised rate, multiplied by the amount withdrawn, times how much is remaining in your CD term. You could also face IRS penalties if you make withdrawals before you’re 59 1/2 years old, so check with a trusted tax professional to make sure.

You’ll need to head to a local branch or by calling customer service at 1-877-741-9378. Click here to find a location nearest you.

SEE DETAILS Secured

on OneWest Bank (CA)’s secure website

Member FDIC

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How OneWest Bank’s IRA CD rates compare

Unfortunately, OneWest Bank’s IRA CDs fall short. Some of the best IRA CD rates out there offer much higher rates and lower opening deposits. All this to say, you’re better off looking elsewhere.

Overall review of OneWest Bank’s banking products

Other than the low rates, the downfall of OneWest Bank is that most of their products are only available to Southern California. Even if the rates were more competitive, most U.S. residents won’t be able to access them — all this to say, you’ll want to look at other financial institutions.

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