Thursday, 19 September 2019

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

Home Bank of California Review: Checking, Savings, CD, Money Market, and IRA Accounts
28 Dec
8:20

Home Bank Of California’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Home Bank Of California Statement Savings

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.56%

CD Rates

Home Bank Of California 12-17 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.92%

CD Rates

Home Bank Of California 36-47 Month CD

2.90%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.17%

CD Rates

Home Bank Of California 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Home Bank of California’s checking account option

magnifying glass

How Home Bank of California’s checking account compares

If you’re looking to earn the highest interest rate possible with your checking account, there’s no doubt about it: Home Bank of California doesn’t even come close to the top-yielding checking accounts out there today.

As far as ATM policies go, it’s understandable that the bank doesn’t operate a huge network of ATMs itself. But other banks and credit unions are in this situation as well, and many at least offer some form of ATM rebates to compensate you for when you inevitably have to use an out-of-network ATM. We wish that Home Bank of California did this, but sadly, it does not.

Home Bank of California’s savings account option

magnifying glass

How Home Bank of California’s savings account compares

The top high-yielding savings accounts are offering interest rates miles above the one at this bank. Most of these savings accounts also have no minimum balance requirements, so you can feel free to save up the cash you need and take out as much of it as you need, when you need it. That’s just not something you can do at Home Bank of California, and that’s why we recommend you look for another bank for more consumer-friendly policies.

Home Bank of California’s CD rates

magnifying glass

How Home Bank of California’s CD rates compare

We wouldn’t suggest opening a short-term CD at Home Bank of California because there’s no advantage to it — you’re just locking your money up for a month at a time, all to earn the same interest rate as the savings account that you can access for free whenever you want.

As for its longer-term CDs, they’re not terrible rates. Still, they’re a far cry from being the top-yielding CDs out there. It would be worth your time in considering these higher-earning CDs, especially since you’ll be locking your money away for a while. You might as well get the best interest rate you can in that case.

Home Bank of California’s Money Market account option

magnifying glass

How Home Bank of California’s money market account compares

The Home Bank of California offers poor interest rates on its money market account. It’s also doubly unfortunate that this account doesn’t come with checks like most money market accounts — in fact, that’s why many people choose money market accounts over savings accounts.

If you’d like to learn more about other higher-yielding savings accounts (that do offer checks), we’d recommend one of these money market accounts instead of this Super Money Fund account.

Home Bank of California’s IRA account options

magnifying glass

How Home Bank of California’s CD rates compare

Home Bank of California offers decent rates on its IRA CDs. But, just like with the regular CDs, it’s always a good idea to open the highest-yielding IRA CD you can find.

There are a few reasons for this. First, it’s easier to house your IRA CDs at separate banks than, say, a checking account, because it’s essentially a one-and-done transaction. Second, it’s important to find the best return for your retirement savings; most people don’t save enough already, and a less-than-optimal interest rate will only compound this. That’s why we recommend you look elsewhere for your IRA CD needs.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lindsay VanSomeren

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

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

« »

Szemere

Related Articles