Bank of the West Classic Savings review June 2019 |

Bank of the West Classic Savings account review

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Bank of the West Classic Savings
  • $25 to open
  • Interest compounded daily and paid monthly
  • No fees for deposits and withdrawals in-branch or ATM

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

Use Bank of the West’s auto-safe 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.

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
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$15

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:

  • Auto-save. 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.

Compare with other savings accounts

Name Product Fee Minimum deposit to open Minimum balance to earn interest Interest rate (APY)
A first step in helping you build a free financial plan for the life you want and automate your investments at a low cost.
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
Get one of the highest interest rates available without high balance requirements or fees.
UFB Direct High Yield Savings
UFB Direct High Yield Savings
With an APY of up to 2.45%, it's UFB Direct's highest-yielding savings account.
$25,000 or set up a direct deposit of $100+ each month
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.

Compare up to 4 providers

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:

  1. Visit the Bank of the West website and click Banking.
  2. Click Savings Accounts.
  3. Scroll down to “Classic Savings” and click Apply Online.
  4. Enter your ZIP code, then click Get Started.
  5. Enter your personal information and click Continue.
  6. Enter your employment information and any other details, then click Continue.
  7. 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.

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

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.

Bottom line

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 saving for the future. However, its limited availability and low APY might not meet your needs.

Consider comparing your savings options to see what else is out there.

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