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Bank of the West Classic Savings account review

A low $25 minimum opening deposit makes it easier to start saving.’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.






Minimum deposit to open


Annual percentage yield (APY)0.01%
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
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$15

Review by

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.

Expert review

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.

How do I open a Bank of the West Classic Savings account?

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:

  1. Go to the provider’s site and follow the steps to apply.
  2. From Bank of the West’s website, click Banking.
  3. Click Savings Accounts.
  4. Scroll down to “Classic Savings” and click Apply Online.
  5. Enter your ZIP code, then click Get Started.
  6. Enter your personal information and click Continue.
  7. Enter your employment information and any other details, then click Continue.
  8. Verify your information, fund your account and submit your application.

Bank of the West Classic Savings account application process


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.

Required information

Here’s what information you’ll need to provide to open an account:

  • Name
  • Date of birth
  • Address
  • Government-issued ID number
  • Social Security or tax ID number
  • Employment information

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

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
Interest is compounded daily. No monthly service fees. Competitive rates
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
Ponce Bank Money Market Deposit
Finder Rating: 4 / 5: ★★★★★
 Ponce Bank Money Market Deposit
Ponce Bank Money Market Deposit account, offered through SaveBetter, has a $1 opening deposit and earns 0.41% APY.

Compare up to 4 providers

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

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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