Wednesday, 20 January 2021

Banc of California Review: Checking, Savings, CD, Money Market and IRA Accounts

Banc of California Review: Checking, Savings, CD, Money Market and IRA Accounts
01 Apr
5:29

Banc of California’s checking account options

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How Banc of California’s checking accounts compare

We’ll be blunt: You can do much, much better than these checking accounts.

Instead, if you’re looking for an interest-earning checking account, try one of these instead. It’s hard to compare rates since Banc of California doesn’t publicize their rates for their checking accounts online, but you’ll definitely want to compare what other banks have to offer first.

Banc of California’s savings account options

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How Banc of California’s savings accounts compare

With the exception of the Kids Banc and the Personal High Yield Savings accounts, you can do much, much better at another bank or credit union. Even then, you might be able to find better rates on a youth bank account at another institution, and you definitely can find even higher-yielding accounts than the Personal High Yield Savings account offered at this bank. Instead, we recommend these online savings accounts for their high interest rates.

Banc of California’s accounts also come with high monthly fees. It is possible to avoid them, but that’s just one more box you have to remember to check each month.

Banc of California’s CD rates

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How Banc of California’s CD rates compare

Banc of California is again way off the mark when it comes to the best interest rates. You can find much better rates with one of the top-rated CDs at other banks. Some of these other CDs also don’t carry such a high minimum deposit requirement, making them more accessible to people who don’t yet have a lot of extra money to stash away in a certificate of deposit.

Bank of California’s money market account option

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How Banc of California’s money market account compares

Again, we can’t compare rates since the bank does not publish them online. Once you find out the rates, we recommend looking at one of our best-rated money market accounts to compare them to the competition.

We also don’t like the fact that you need to keep a relatively high balance — at least $5,000 — in this money market account to avoid a high monthly fee. That’s a lot of cash to stash away in a low-yielding account, and over time, you’ll miss out on a lot of interest payments from other banks.

Banc of California’s IRA option

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Source: https://www.magnifymoney.com/blog/reviews/banc-of-california/

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