Bank Of The West Cd Rates
Posted By admin On 07/07/22Certificates of Deposit - Branch Banks 2021. A certificate of deposit (CD) is a savings product offered by a bank in which a depositor (someone who has money to put into the bank) agrees to commit a certain amount of money for a set period of time, in return for a fixed rate. 13-month CD with a competitive rate. Our Premium CD offers a competitive interest rate for the length of the term. Apply Now Learn More. Flexible-Term CD. Premium Certificate of Deposits. Apply at a Branch Learn More. Apply at a Branch Learn More. Flexible-Term CD.
- Highly competitive rates
- Wide range of terms available
- Potentially high minimum deposit
- Residents of Illinois looking for good rates
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West Suburban offers its Illinois customers a variety of banking products, including checking and savings accounts, money market accounts (MMAs) and certificate of deposit (CD) accounts. Its CD account options include its personal and business CDs. The bank additionally operates several branches throughout Illinois and offers competitive long-term interest rates for a wide range of terms.
Bank Of The West Cd Rates Iowa
In addition to CDs, West Suburban’s services also include online and mobile banking. These options allow you to perform basic banking actions like making transfers, viewing accounts and paying bills. So if you’re a resident of Illinois, the bank’s CD rates could earn you great return. However, if you aren’t located near any of its branches, you may want to consider other, similarly competitive options with the best CD rates out there.
Bank Of The West Money Market Rate
West Suburban Personal Certificates
West Suburban’s personal certificates function as the bank’s standard CD accounts. Additionally, for a minimum deposit of $2,500, you can open a CD with a term ranging from six months to 60 months. While the six-month personal CD rates are less competitive, you’ll earn at a greater annual percentage yield (APY) with larger deposits on longer terms. For instance, a six-month CD generates an APY of 0.05%, while you earn at a 0.20% APY with a 36-month term.
| Personal CD | Minimum Deposit | APY | |
| 6 Month | $2,500 | 0.05% | Compare CD Rates |
| 12 Month | $2,500 | 0.10% | Compare CD Rates |
| 18 Month | $2,500 | 0.10% | Compare CD Rates |
| 24 Month | $2,500 | 0.15% | Compare CD Rates |
| 30 Month | $2,500 | 0.15% | Compare CD Rates |
| 36 Month | $2,500 | 0.20% | Compare CD Rates |
| 48 Month | $2,500 | 0.25% | Compare CD Rates |
| 60 Month | $2,500 | 0.40% | Compare CD Rates |
6-Month Personal CD Interest Rate Comparison
Overview of West Suburban CDs
Overall, through West Suburban’s high-yield CDs, you’ll be able to earn great return for almost any CD term. For instance, you’ll earn 0.10% for a 12 month CD. If you open a CD with a term of 5 years, you could earn at a 0.40% APY. However, the bank’s minimum deposit requirement of $2,500 may be too high for some. Therefore, you’ll want to consider whether you’d like to earn at similarly competitive APYs for lower deposit requirements.
If you decide to open a CD with West Suburban, it’s important to remember that you cannot withdraw any funds into your account reaches maturity. For any early withdrawals made on certificates, West Suburban will extract a set amount of interest from the account. For instance, you could lose 90 days of interest for early withdrawal on a term between 90 days and a year. Therefore, it’s safer to wait until your account reaches maturity to pull out funds. Or if you’d like to continue earning interest on a CD, your CD will automatically renew on its maturity date. If you’d like to prevent its renewal, however, you’ll have a 10-day grace period to notify the bank.
How Much You Earn With West Suburban Certificate of Deposits Over Time
As with most banks’ certificates, greater deposits ultimately generate a greater return. In addition, interest compounds daily for West Suburban CDs, so your money will grow at a faster rate. While greater deposits produce more return, longer terms do as well. For instance, a $1,000 deposit for a West Suburban six-month CD will generate $1,000.25. A $1,000 deposit for a 60-month CD, on the other hand, earns you $1,020.16.
| Initial Deposit | 6-Month CD | 12-Month CD | 60-Month CD |
| 1,000 | $1,000.25 | $1,001 | $1,020.16 |
| 2,500 | $2,500.62 | $2,502.50 | $2,550.40 |
| 5,000 | $5,001.25 | $5,005 | $5,100.80 |
| 10,000 | $10,002.50 | $10,010 | $10,201.60 |
Compare West Suburban Bank to Other Competitive Offers
How West Suburban CDs Rates Compare to Other Banks
West Suburban offers competitive rates for its CDs, but you can also find comparable rates at other competitors like Third Federal and Barclays.
Third Federal, for instance, requires a significantly lower minimum deposit ($500) than West Suburban. In addition, its long-term CDs similarly allow you to earn at higher APYs than its short-term accounts do. So if you’re located near any of Third Federal’s physical locations, you could earn at greater rates for a lower minimum deposit.
Discover, though an online-only bank, also offers customers highly competitive rates. However, its minimum deposit may be comparably high and therefore unreasonable for some. But if you don’t mind its $2,500 deposit, you’ll have an extensive range of CD terms and rates at which to earn. Furthermore, you’ll earn at competitive APYs for any term you choose.
| CD Account | West Suburban | Third Federal | Discover | PenFed |
| 6 Month | 0.05% | 0.15% | 0.25% | 0.25% |
| 1 Year | 0.10% | 0.20% | 0.50% | 0.45% |
| 3 Year | 0.20% | 0.30% | 0.55% | 0.55% |
| 5 Year | 0.40% | 0.50% | 0.60% | 0.70% |
Should You Get a West Suburban CD Account
West Suburban ultimately offers great CD rates with a variety of CD terms for its users to select. Because this bank is primarily based in Illinois, it’s easier to open an account if you’re a local resident. While its minimum deposit is noticeably high, West Suburban’s CD rates generally compare well with many of its competitors for all of its terms.
- Three CD account options
- Easily navigable website
Cons- Relatively low-earning interest rates
- High minimum deposit amounts
- Customers living in Bank of the West’s service area who want access to physical locations
Bank of the West offers three different CD account types. These allow you to find an account that works best for you and your financial situation. If you have only $1,000 to deposit, you’ll want to open a Flexible-Term CD. That way, you don’t have to overstretch your funds to meet the other accounts’ higher minimum deposits.
You won’t find the best CD rates with Bank of the West. Only one account earns at a rate above 1%. Plus, to earn that rate, you’ll need a pretty high deposit (over $25,000).
It’s important to know that you’ll need to visit your local Bank of the West branch to open a CD. You can also only open a Bank of the West account if you live in one of the 19 states the bank serves.
Flexible-Term CD
Instead of being beholden to specific set CD terms, Bank of the West allows you to choose your exact term length with a Flexible-Term CD. Your shortest option is 32 days which works best for a short-term savings goal. Just be careful of the low interest rates, since they may not yield as much savings as you’re hoping to get.
| Flexible-Term CD | Minimum Deposit | APY |
| 32 - 89 Day | $1,000 | 0.03% |
| 90 - 179 Day | $1,000 | 0.03% |
| 180 - 364 Day | $1,000 | 0.05% |
| 12 - 23 Month | $1,000 | 0.10% |
| 24 - 35 Month | $1,000 | 0.20% |
| 36 - 47 Month | $1,000 | 0.30% |
| 48 - 60 Month | $1,000 | 0.40% |
Premium Money Market CD
For slightly higher rates, you can check out the bank’s Premium Money Market CDs. You will need to meet a higher minimum deposit of $2,500. If you can meet this minimum, you’ll have access to 12 specific CD terms, each with better rates than their Flexible-Term CD counterparts.
| Premium Money Market CD | Minimum Deposit | APY |
| 91 Day | $2,500 | 0.03% |
| 182 Day | $2,500 | 0.05% |
| 8 Month | $2,500 | 0.05% |
| 10 Month | $2,500 | 0.06% |
| 12 Month | $2,500 | 0.10% |
| 13 Month | $2,500 | 0.40% |
| 14 Month | $2,500 | 0.15% |
| 15 Month | $2,500 | 0.15% |
| 16 Month | $2,500 | 0.15% |
| 18 Month | $2,500 | 0.20% |
| 24 Month | $2,500 | 0.25% |
| 60 Month | $2,500 | 0.40% |
Relationship CD
Bank of the West’s Relationship CD only comes as a 12-month term. You’ll need a Bank of the West Signature Checking or Premier Checking account to open this account, though. You’ll also need to deposit at least $2,500.
| Relationship CD | Minimum Deposit | APY |
| 12 Month | $2,500 | 0.10% |
32-89-Day CD Interest Rate Comparison
Compare Bank of the West to Other Competitive Offers
Overview of Bank of the West CDs
With three CD accounts available, Bank of the West offers its customers the opportunity to find the account that fits best for them and their financial situation. With a Flexible-Term CD, you get to open an account at any term length that you’d like. Plus, you don’t need to meet the higher minimum deposit that the other two accounts require. But if you already have a qualifying Bank of the West checking account, you could benefit from opening a Relationship CD instead.
Every Bank of the West CD will renew automatically when it matures. This is when it reaches the end of its original term. Once your account reaches maturity, you’ll have a grace period of 10 days to make any changes to that account if you’d like. This includes making withdrawals, additional deposits or even changing the term.
If you really need to withdraw some of your principal before the account matures, you’ll face a penalty. Often, this penalty is so huge that you won’t really get much by making an early withdrawal. Withdrawals from an account of seven to 31 days assess a penalty of $25 + 31 days simple interest. Withdrawals from accounts of 32 days to 11 months charge a penalty of $25 + 1% of the amount withdrawn while withdrawals from accounts of 12 to 59 months charge a penalty of $25 + 3% of the amount withdrawn. Accounts of 60 months or longer charge a penalty of 730 days of simple interest.
How Much You Earn With Bank of the West Certificate of Deposits Over Time
Bank of the West offers generally low interest rates, especially on its short-term accounts. If you open a 90-day account, for example, you’ll see savings of a few cents by the time your CD matures. This won’t be quite enough to save toward significant expenses.
You will see a bit more growth with longer-term accounts. However, this means you’ll have to wait much longer to benefit from that growth. For example, you’ll have to wait two years to earn a mere $9 on a $1,000 deposit.
| Initial Deposit | 90-Day Flexible-Term CD | 24-Month Flexible-Term CD | 60-Month Promotional CD | 12-Month Relationship CD |
| $1,000 | $1,000.08 | $1,009 | - | - |
| $2,500 | $2,500.19 | $2,523 | $2,602 | $2,505 |
| $5,000 | $5,000.38 | $5,045 | $5,204 | $5,010 |
| $10,000 | $10,001 | $10,090 | $10,408 | $10,020 |
How Bank of the West CDs Rates Compare to Other Banks
Since you have to set aside your CD deposit for the term’s entirety, you’re going to want to make sure your deposit is growing at a worthwhile rate. Bank of the West doesn’t really offer the best rates, so you’ll do better to open a CD (or two) elsewhere. We’ve given Bank of the West’s Flexible-Term CD rates below. Luckily, Bank of the West does offer higher rates than big banks like with Chase CDs.
To find the highest CD rates in the industry, you’ll want to turn to online banks like Ally Bank and Marcus by Goldman Sachs. Ally also offers three CD types, but with more variety. For one, you can open a No-Penalty CD to avoid an early withdrawal penalty. You don’t have to worry about meeting a minimum deposit to open an Ally CD, which can allow you to open multiple high-yield CDs.
Marcus offers fewer options, but each option offers a great rate. You can see below that the bank’s rates outperform Bank of the West’s rates across the board. There is still a minimum deposit with Marcus, but at $500, it is still much lower than Bank of the West’s.
| CD Account | Bank of the West | Ally | Marcus by Goldman Sachs |
| 6 Month | 0.05% | 0.75% | 0.60% |
| 1 Year | 0.10% | 1.50% | 1.85% |
| 3 Year | 0.30% | 1.55% | 1.85% |
| 5 Year | 0.40% | 1.60% | 1.90% |
Should You Get a Bank of the West CD Account?
Getting a Bank of the West CD account makes the most sense if you’re already a customer with the bank. If you already have a Signature Checking or Premier Checking account, you’ll be able to open a Relationship CD. On the whole, Bank of the West’s CD rates aren’t great enough to seek out. But if you’re already a customer, you can more easily open an account at your local branch to add to your savings.