Bank of the West Classic Savings account review
A low $25 minimum opening deposit makes it easier to start saving.
finder.com’s rating: 3.1 / 5.0
Use Bank of the West’s autosave feature to set up monthly transfers to make saving a habit. However, with only a 0.01% APY and service fees, you could save more with another account.
$5 per month
Minimum deposit to open
|Fee||$5 per month|
|To waive the fee||· Primary account holder is 18 years old or younger OR|
· Maintain an average monthly balance of $300 ($50 in Minnesota) OR
· Use Auto-Save to set up recurring monthly transfers of $25 or more
|Minimum deposit to open||$25|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$15|
Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
If you have a little bit of money to start a savings account and can avoid the monthly fee, this account can get you on the path to growing your hard-earned cash for the future. However, its limited availability and low APY make for a fairly basic account. You may find providers with similarly low required opening balances that provide higher rates and more features.
What are the benefits of the Bank of the West Classic Savings account?
The Classic Savings account is issued by the FDIC-insured Bank of the West and it comes with a suite of perks to help you save:
- Autosave. Set up monthly transfers to help your savings grow faster.
- Low opening deposit. Open an account with as little as $25.
- Avoidable monthly fee. Bank of the West offers three ways to avoid the monthly fee.
- Unlimited ATM withdrawals. While savings accounts are limited to six withdrawals a month, this account allows you to make as many ATM withdrawals as you need.
What should I look out for?
Be careful of the fees and limitations that could prevent you from saving more:
- Monthly service fee. If you don’t meet one the monthly fee waiver conditions, you’ll be charged $5 per month to keep this account open.
- High fees. There is a paper statement fee of $3, an incoming wire fee of $15 and a number of other charges that could eat into your balance.
- Low interest. You’ll only earn 0.01% APY on your balance.
- Autosave limitations. To use the autosave, you need to transfer at least $25 a month from a Bank of the West checking account.
- Limited availability. Accounts are only available to residents of Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming.
If you’re outside Bank of the West’s service footprint, or you’re just curious about what else is available, consider comparing your savings options to see what other providers have to offer.
Compare with other savings accounts
How do I apply?
Provided that you’re a resident of one of the 19 states Bank of the West operates in, you can open this account at a branch or online:
- Visit the Bank of the West website and click Banking.
- Click Savings Accounts.
- Scroll down to “Classic Savings” and click Apply Online.
- Enter your ZIP code, then click Get Started.
- Enter your personal information and click Continue.
- Enter your employment information and any other details, then click Continue.
- Verify your information, fund your account and submit your application.
Regardless of how you choose to open this account, you’ll need to meet a few eligibility requirements:
- Deposit at least $25.
- Be a minimum of 18 years old for online accounts.
- Reside in one of the 19 states where Bank of the West operates.
- Be a US citizen.
- Possess a Social Security number or tax ID.
- Have state-issued ID.
Here’s what information you’ll need to provide to open an account:
- Date of birth
- Government-issued ID number
- Social Security or tax ID number
- Employment information
How do I deposit or withdraw money?
Once you’ve opened your Classic Savings account, here’s how you can deposit and withdraw money:
- At a branch
- Online or wire transfer
- Via direct deposit
- Mobile check deposit
- By mail
- At an ATM
- At an ATM
- At a branch
- Online or wire transfer
- Bill pay
How can I get in touch with customer service?
Bank of the West offers easily accessible customer service in case you ever need help with your account:
- Online: Use the live chat option on the website to speak with a representative directly
- By phone: 800-488-2265 Monday to Friday 4 a.m. to 10 p.m., Saturday and Sunday 5 a.m. to 10 p.m. PT.
Frequently asked questions
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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