Monday, 23 November 2020

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

OneWest Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
21 Oct
8:28

OneWest Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

OneWest Bank Personal Savings

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

0.55%

CD Rates

OneWest Bank 1 Year CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.20%

CD Rates

OneWest Bank 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.40%

CD Rates

OneWest Bank 5 Year CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

OneWest Bank checking account options

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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

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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

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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

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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

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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.

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.

Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/onewest-bank/

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