OneWest Bank is an offshoot of CIT Bank that was founded in 2009 in Southern California.

One-year CDs are usually the most popular term and offer a decent yield without having to lock-up money for an extended period of time. One year CD Rates are generally comparable to or a little higher than their savings and money market counterparts. CA - February 26, 2021 1 Year CD National Average: 0.41%? (down from 0.30%) Email this rate ». Get Rate Alerts ». (3 days ago) Please Note: We are not a bank or credit union and are not affiliated with any.

A hodgepodge of private equity investors led by Steve Mnuchin established OneWest Bank through a holding company they bought into called IMB Holdco.

Today, OneWest Bank has headquarters in Pasadena, California and has 70+ locations throughout the southern portion of the state.

They offer a full range of deposit accounts, IRAs and loan products, but many of their products are limited to residents in Southern California.

The following FDIC-insured deposit accounts can be opened online by consumers anywhere in the country:

• CDs (certificates of deposit)
• Personal Savings account
• Green Savings account (a high yield online savings account)
• Premium Money Market account

For the purpose of this review, we will focus on OneWest Bank’s fixed and variable rate savings products listed above that are available online and nationwide.

OneWest Bank currently offers ten CDs with terms ranging from 3 month to 5 years. All CDs are federally insured by the FDIC up to the applicable limits and come with a minimum deposit requirement of $1,000.

OneWest Bank CD Rates

To give the yields above some context, the current national average on a 12 month CD and a 60 month CD sit at just 0.16% APY and 0.33% APY, respectively according to FDIC data.

We should note that CD rates at OneWest Bank may differ than those at CIT Bank.

Also, the $250,000 in FDIC coverage spans deposits in both banks. Therefore if you hold a CD at CIT Bank with $100,000 in the account, you would only be provided $150,000 in FDIC coverage for deposits at OneWest Bank.

Interest compounds daily on all OneWest Bank CDs and is credited either monthly, quarterly or at maturity depending on the term of your CD.

Early Withdrawal Fees and Grace Period

OneWest Bank allows for a grace period of 7 days upon the maturity of your CD in which you may add or withdraw funds penalty free. This is a slightly tighter deadline than most banks and credit unions offer which is a 10 day grace period.

OneWest Bank will send out grace period notifications prior to your CD maturing, however, we would recommend setting up your own notifications as well if you plan on moving funds about. If nothing is done during the 7 day grace period the CD will renew with the same terms and the going APY.

If you need access to funds prior to the maturity of your CD, OneWest Bank will impose an early withdrawal fee.

OneWest Bank Early Withdrawal Fees

These early withdrawal fees are less stringent than some we’ve seen lately that have the potential to eat into your principal.

OneWest offers a personal savings account that can be opened by anyone in the country either online or over the phone (or in a SoCal branch).

It comes with a minimum deposit requirement of just $100, but imposes a $3 monthly service fee if you average daily balance dips below $1,000. Anyone over the age of 55 or minors under the age of 18 are exempt from this fee. You must also elect to receive e-statements.

Rates are paid in tiers based on your average daily balance during the month. Currently all tiers other than the $100k + tier pay the same rate and APY. Rates on the personal savings account are variable and subject to change at any time.

OneWest Bank Personal Savings Account Rates

To put the yields above in perspective the average APY on a savings account sits at just 0.05% according to the FDIC.

Features of OneWest Bank Personal Savings Account:

The personal savings account comes with some OK perks but nothing really out of the ordinary for a modern day online savings account.

The main perks are:

• 24/7 access to online banking and an automated telephone system. They also have apps available for download on IOS phones and Android devices.
• Check writing capabilities
• ATM card and free access to OneWest ATMs
• Online funds transfers

The OneWest Bank Green Savings account is similar to the Personal Savings account in many ways but with a few key differences.

The big ones being that this account comes with ZERO monthly fees but also ZERO check writing capabilities and no ATM card.

It can also be opened online or in a local branch whereas the Personal Savings account can also be opened over the phone.

The rates are nearly identical at the moment except at the $50k and $100k marks and also pay interest on tiers.

OneWest Bank Green Savings Account Rates

This account also requires a minimum deposit of $100 to open.

We should also note that all variable rate online savings accounts and money market accounts offered by OneWest Bank come with the limitation of just 6 transfers per month per federal regulation D.

The last of the variable rate products offered by OneWest Bank which can also be opened online throughout the country is their “Premium Money Market” account.

This account’s features are identical to the Personal Savings account but it comes with a steeper minimum daily balance requirement (of $10,000) to avoid a steeper fee of $10.

It comes with the same ATM card, online transfer and check writing capabilities.

The rates are also paid on tiers.

OneWest Bank Premium Money Market Account Rates

This account also requires a minimum deposit of just $100 to open, but remember you will be on the hook for a $10/month fee if you do not maintain an average daily balance of $10,000 or more.

While OneWest Bank has offered more lucrative savings rates on both variable rate accounts and fixed rate certificates of deposit in the past, their current yields barely keep up with the national average(s) for each respective term.

On top of that, you’re on the hook for monthly fees with most of their variable rate savings accounts unless you can meet certain requirements.

We would suggest considering a credit union with nationwide acceptance or even an online bank if you’re after high rates and no fees.

Please visit One West Bank for their updated CD rates.

One West Bank, formerly IndyMac, is offering a 1 year CD with a 2.25% APY. They’re also offering the following CD rates: 3.65% APY 5 year, 3.05% 4 year, 2.80% 3 year, 2.45% 2 year, 1.75% 9 month, 1.90% 6 month, and 1.15% 3 month certificate of deposit.

One West Bank Cd Rates Highest

The minimum deposit on these CDs is $5,000 and the early withdrawal penalty is 1 months’ interest for terms under 180 days, 3 months’ interest for terms of 180 days to under 1 year, and 6 months’ interest for terms 1 year or more. There’s a 7 day grace period at the CD’s maturity.

OneWest Bank is also offering a liquid 1 year CD with an APY of 2%. This account allows you to make deposits at any time during the term for a minimum of $1,000 with a balance cap of $100,000. You’re also allowed to make 2 penalty-free withdrawals during the term.

Cd Rates For Local Banks

One West also offers an online 2 year flexible CD that has a fixed 2 year rate, but allows you to increase your rate after one year if their 1 year CDs are offering better rates than you’re currently getting. Their flexible CD is currently offering the same 2.45% APY their regular 2 year CDs are getting. So there’s really no reason to get a regular 2 year CD over their flexible CD.

The rates above are available nationally, but if you live in California near a OneWest branch you can get even higher CD rates including a 2% APY 6 month CD, a 2.5% APY 2 year CD and a 3.75% APY 5 year certificate of deposit.

Onewest Cd Rates Today

One West Bank’s IRA CD rates are also pretty good with a 2.5% APY 2 year IRA CD and a 3.25% APY 4 year IRA certificate of deposit. If you’re looking for the best jumbo CD rates, check our page on jumbo CDs.

For savings products, One WestBank is offering a 0.75% APY E-Money Market Account for balances $1,000 to $10,000, 1.25% on balances of $10,000 to $25,000, and 2% APY on balances over $50,000. There’s a monthly maintenance fee of $7 if your balance falls below $1,000, so you should make sure you have enough money in this account so that doesn’t happen. One West Bank is federally insured by the FDIC.