Review
Updated
Fact Checked
Nathan Alderman
If Pacific Western Bank's High Yield Savings Account isn't on your radar yet, better hold on to your seat. This account boasts one of the highest savings rates among bank products -- yes, even higher than some CDs. If you're looking to maximize interest on a risk-free account -- and live close to a Pacific Western Bank location -- let's take a closer look at what the bank's High Yield Savings Account has to offer.
Ratings Methodology
Rates as
of May 14, 2024
Pacific Western Bank High Yield Savings Account
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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APY
5.15%
Min. To Earn APY
N/A
- High APY
- Waivable monthly fees
- Mobile deposits
- Must open an account in person
- Limited branch access
- Minimum $5,000 to open
This high yield savings account is a strong contender among today's leading banks. You need to open an account in person, so you'll have to live near a Pacific Western Bank. In addition, you'll need $5,000 to open an account. If you can check those two boxes, this savings account could make your money work harder for you.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.26%
Min. to earn: $1
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N/A
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Pacific Western Bank High Yield Savings Account interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| Pacific Western Bank High Yield Savings Account | 5.15% | $5,000 |
Data source: Pacific Western Bank.
An APY of 5.15% is on the high side, even among online savings accounts. But to open the account, you'll need to deposit and maintain a balance of $5,000 to keep earning that APY. Even though Pacific Western Bank High Yield Savings Account is in line with others out there, that high balance requirement might make this one a poor fit for brand-new savers.
Full Pacific Western Bank High Yield Savings Account review
For those living in California (or Denver and Durham), this account is making big waves with its competitive interest rates. Let's take a look at what the bank has to offer.
Top perks
High APY: At 5.15%, Pacific Western Bank High Yield Savings Account has one of the highest APYs of high-yield savings accounts on our radar. With a minimum opening deposit of $5,000, you could easily snag at least $250 in your first year.
Option to waive $3 monthly fee: So long as you can maintain a balance of $5,000, you can waive the $3 account fee.
Fee-free withdrawals: When you withdraw money at a Pacific Western Bank ATM, you won't pay a fee (out-of-network ATMs, however, may impose their own fees).
What could be improved
You must open an account in person: Currently, you cannot open an account online or over the phone. You must be near one of Pacific Western Bank's 69 branches, which essentially means you live in California. With the exception of two branches (one in Denver and the other in Durham), these brick-and-mortar locations are in the Golden State.
If you don't live near a branch, you'll have to check another high-yield savings account. Alternatively, you can check out Pacific Western's money market account, which has a high APY and is available for anyone, whether you reside near a local branch or not.
High minimum deposit: Not everyone has $5,000 in cash to open an account, nor might you always have $5,000 to waive the monthly fee. If you have less than $5,000 but still want to earn high interest, look at other top high-yield savings accounts.
Poor reviews for banking app: On both the App Store (1.5 rating) and Google Play (2.6 rating), the Pacific Western Bank app doesn't have the best reviews. Many reviewers complain that the app doesn't work properly, crashes frequently, and bugs out when you try to log in.
How to access your money
Whether you're banking online or in person, it's important to consider how you'll withdraw and deposit money.
Deposit options
Unless you bank within a Pacific Western Bank regularly, your deposits will be limited to electronic transfers and remote check deposits through its app. Accordingly, here's how you can fund your account:
- Cash deposits in-person at branches
- ACH transfer
- Wire transfers
- Mobile check deposit
Withdrawal options
Much like with deposits, withdrawing money is easy if you do it at a local branch or at a Pacific Western Bank ATM. With that in mind, here are some ways to access your money:
- In-person at branches
- Transfer to Pacific Western checking account
- Electronic transfer to an external bank account
- Wire transfers
The Pacific Western Bank High Yield Savings Account is right for you if:
- You live close to a Pacific Western Bank and can open an account in person.
- You want to earn high interest.
- You can meet the $5,000 minimum deposit.
Keep reading about Pacific Western Bank:
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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No, they are separate banks.
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In late 2023 or early 2024, Pacific Western Bank will merge with Banc of California.
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Yes, all accounts at Pacific Western Bank have FDIC insurance.
Our Banking Experts
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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