OneWest Bank is a California-based bank that provides personal and business depository products and loans. On its personal banking side, OneWest offers checking, savings, and money market accounts, along with CDs and IRA CDs.
Its checking account offerings are limited in availability to Southern California residents and have minimum balance requirements in order to avoid monthly fees. One checking account offers more competitive rates to customers who want to maintain higher account balances. Each checking account option comes with a fee debit card and online banking access. One of OneWest Bank’s savings account offerings comes with a debit card and one does not. Both savings account options feature variable rates and free access to online banking. A money market account is available and comes with limited check writing privileges. Both savings and money market account options offer increasing rates of interest as account balances get higher. CDs are available with term lengths ranging from 3 months to 5 years, and generally offer interest rates above the national average.
OneWest Bank online banking gives users access to up to six months of account history, fund transfer capabilities, Bill Pay, and financial management tools like Quicken.
OneWest Bank was established in 2009 through an acquisition of the assets and liabilities of IndyMac Federal Bank from the FDIC. The bank is headquartered in Pasadena, California, just outside of Los Angeles and serves its customers through multiple branch locations in the Southern California area.
Related Posts
1/11 - $200 Checking Bonus At OneWest’s Pasadena And San Marino Branches
7/23/14 - CIT Acquisition Of Onewest Bank Makes Biggest Bank In Southern California
3/9/13 - OneWest Said To Hold Sale Talks With At Least Two Suitors
2/3/11 - Review of OneWest Bank CD Rates and Terms - Available Nationwide
6/14/10 - Competitive Long-Term CD Rates at OneWest Bank - Available Nationwide
2/21/10 - OneWest bank profit: $1.6 billion [LA Times]
1/8/10 - OneWest On Track but Faces Long Haul [TheStreet.com]
12/17/09 - OneWest Bank's Competitive 5-Year CD - Benefits and Issues of Long-Term CDs
11/14/09 - 2.15% 10-Month CD and Other Competitive Rates at OneWest Bank - Available Nationwide
11/8/09 - 2.32% Reward Checking Account at First Federal Bank of California
7/3/09 - Competitive Rates on CDs, IRAs and Liquid CDs at OneWest Bank - Nationally Available
6/1/09 - 2.65% 12-Month CD at OneWest Bank (IndyMac) - Nationally Available
3/20/09 - FDIC Finally Closes Sale of IndyMac, It's Now OneWest Bank (2.65% 9-Month CD)
8/30/08 - 4.30% 9-Month CD with Rate Bump Feature at FirstFedDirect - Nationally Available
8/20/08 - FirstFedDirect Savings Account Now 5.17%
8/5/08 - IndyMac Federal Bank Raises CD Rates
7/14/08 - High CD Rates Are Not Over at Indymac
7/11/08 - Indymac Bank's High Yield E-Money Market Account
7/11/08 - 4.15% 6-Month CD at Indymac Bank, Opening/Closing Indymac CDs and Indymac's Financial Health
7/11/08 - Update on Indymac Bank CDs, Savings Account and Latest Financial Health News
7/11/08 - Indymac Bank Raises CD Rates - 4.00% 6-Month, 4.25% 12-Month
7/11/08 - New Rates Again at Indymac Bank - 4.40% 13-Month CD
7/11/08 - Major Rate Changes at Indymac Bank
7/11/08 - Indymac Bank Raises 12-month CD Yield to 4.45%
3/22/08 - Indymac Bank CDs - Big Rate Changes and Best Way to Close a CD
2/21/08 - Indymac Bank CD Rate Update - 4.45% 4-Month CD, 4.00% 10-Month CD
1/30/08 - 5.15% 7-Month CD at Indymac Bank
1/7/08 - 5.50% 4-Month Internet CD Special at Indymac Bank
12/17/07 - Indymac Bank Raises 4-Month CD Yield to 5.40%
10/16/07 - Rate Changes at Indymac Bank - Money Market Rates Down, 3-Month CD Now 5.65%
9/24/07 - 5.75% 4-Month CD Special Returns at Indymac Bank
9/19/07 - Indymac Bank Continues to Offer 5.70% 6-Month CD
8/29/07 - 5.75% 4-Month Indymac Bank Internet CD Special
8/12/07 - 5.75% Money Market Account for $25K+ Tier at Indymac Bank
9/19/06 - 5.50% 3-Month CD at IndymacBank
8/23/06 - FirstFedDirect Savings Account Now 5.25%
8/5/06 - 5.70% 12-Month CD with Bump-Up at IndyMac Bank
7/6/06 - 5.15% Savings, 5.60% 7-Month CD at Indymac Bank
5/24/06 - 5.25% Money Market Account in Southern California
4/25/06 - 5.20% 7-Month CD at IndyMac Bank
4/5/06 - 5% Money Market Account in Southern California
12/27/05 - FirstFedDirect's Savings Account Now 4.25%
Holding Funds
OneWEst recently held funds for 21 days on a check deposited from the Auto Club of Souther CA. Three phone calls did not get the hold released or a satisfactory explanation. The original notice was by mail that arrived 5 days after the hold. The only conclusion I can arrive at is that the bank is in trouble and using customer funds to float.
OWB Charges Fee To Simply Close CD Account When It Matures!
OWB the worst scam!!!! They charge a minimum of $7 to simply get your money out of a CD when it matures. Crazy!!!! Avoid Avoid Avoid. I put money in a CD to earn interest, not pay fees!
OWB Customer Service Is Incompetent
I closed out one of my OWB accounts. Even after I spoke to three different customer service reps and left three emails to customer service, I got three $10 monthly maintenance fee charges. After the first call, the rep reversed the first monthly maintenance charge to zero out the account; but he didn't properly close out the account so two more months of improper maintenance fees were charged and OWB sent out two dunning letters threatening to send the matter to collection. The last time I emailed to complain, OWB reversed the improper $20 charges and said the account was closed; however, in checking another account I had at OWB, OWB charged their supposed write-off to my other account. I'm no deadbeat. I have over $250,000 deposited at OWB; but probably not for longer.
Worst Of The Worst
My husband and I both have IRA CD's at One West Bank that were opened when it was still Indy Mac Bank. There were no IRA maintenance fees or fees of any kind as I have always refused to pay fees to anyone to hold my money. We let these CD's roll over several times as we were given top interest rates. We left these CD's in Indy Mac through their failure, while they were being run by the gov't and through to the new owners of the bank. Two years ago they started charging us $35 a year maintenance charges and $10 to take a required yearly distribution. I called and spoke to one of the bank vice presidents and he agreed with me that our accounts should not be charged as they were opened well before there were any fees and they are "captive accounts", those that can't be closed or moved without penalty. He agreed to refund the fees but he also said that the fees would be automatic and that we would need to call each year and mention his name to have them refunded. Well, last year I dutifully called and they refused to refund the fees. They do not care that they broke a contract and when I protested they told me to close my accounts. Of course at that time I would have been lucky to get 2% interest and it would have cost me a lot of money. I'm sure they hate paying us the interest on our CD's and this is their way to take some of it back. Every year when we have taken our distribution they make numerous errors. It seems that they are incompetent as well as dishonest. Live and learn, but I would never again do any kind of business with this bank and I hope others can learn from my mistakes!
Data as of Q1 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58978 |
| Year Established | 2009 |
| Employees | 3155 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.96% |
| Return on Equity - YTD | 8.11% |
| Annual Interest Income | $491.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2019vs Q1 2018 | $44.32B$42.93B |
| Loans | Q1 2019vs Q1 2018 | $28.18B$27.59B |
| Deposits | Q1 2019vs Q1 2018 | $35.58B$32.21B |
| Equity Capital | Q1 2019vs Q1 2018 | $5.11B$5.04B |
| Loan Loss Allowance | Q1 2019vs Q1 2018 | $455.3MM$418.9MM |
| Unbacked Noncurrent Loans | Q1 2019vs Q1 2018 | $517.8MM$464.2MM |
| Real Estate Owned | Q1 2019vs Q1 2018 | $529.00K$17.3MM |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
$250 Bonus To Open Qualified Checking
https://www.onewestbank.com/250checking/#tooltip
1) Open a new Personal, Premium, or OneAccount Checking account with $1,000 minimum deposit in new money.
2) Maintain an average balance of at least $1,000 in your checking account during the first 90 days following account funding.
3) Set up and receive recurring direct deposits to the new Checking Account totaling $650 or more per month for at least two consecutive months, or maintain an average monthly combined balance of $10,000 in your OneWest Bank account(s) during the first 90 days following account funding.
OFFER DETAILS
Limited time offer. $250 bonus offer is for customers aged 18 years or older who successfully open a new OneWest Bank Checking Account at any branch of OneWest Bank, a division of CIT Bank, N.A. (“OneWest Bank”) between May 20, 2019 and December 31, 2019 and satisfy the following requirements:
1) Open with a minimum deposit of $1,000 in new money and maintain an average balance of at least $1,000 during the first 90 days following account funding. The average balance will be calculated by averaging the end of day balance for each of the first 90 days, beginning with the date on which the account is funded.
2) Do one of the following: (i) Set up and receive recurring direct deposits to the new Checking Account totaling $650 or more per month for at least two consecutive months (The direct deposit must be an electronic deposit of your paycheck, pension, or government benefits (such as Social Security) from your employer or the government), or (ii) maintain an average monthly combined balance of $10,000 in your OneWest Bank account(s) during the first 90 days following account funding (all accounts must have the same primary account owner).
Funds used to open the Checking Account may not include funds that were held in another account at OneWest Bank or at CIT Bank, N.A. through www.CITbank.com (“CIT”) at the time of account opening. Funds withdrawn from OneWest Bank or CIT within 90 days prior to account opening are also restricted.
Bonus will be paid as a statement credit to the Checking Account within 60 days after the requirements above are met within the specified time frames. Checking Account must be open to receive the bonus and in good standing for at least six months after account opening. If Checking Account is closed by the customer or OneWest Bank within six months after opening, the value of the bonus may be deducted from account at closing.
Annual Percentage Yield (APY) as of May 20, 2019 for Premium Checking: 0.01% APY on balances below $1,000; 0.05% APY on balances of $1,000–$4,999; 0.05% APY on balances of $5,000–$9,999; 0.05% APY on balances of $10,000–$24,999; 0.10% APY on balances of $25,000–$49,999; 0.20% APY on balances of $50,000-$99,999; 0.20% APY on balances of $100,000–$9,999,999; and 0.01% APY on balances of $10,000,000 or more.
Annual Percentage Yield (APY) as of May 20, 2019 for OneAccount checking: 0.05% APY on balances below $1,000; 0.05% APY on balances of $1,000–$4,999; 0.05% APY on balances of $5,000–$9,999; 0.10% APY on balances of $10,000–$24,999; 0.10% APY on balances of $25,000–$49,999; 0.40% APY on balances of $50,0000–$99,999; 0.60% APY on balances of $100,000–$9,999,999; and 0.60% APY on balances of $10,000,000 or more.
Interest rates and APYs are variable and may change at any time without prior notice. Fees could reduce earnings on the accounts. Contact a banking office for complete terms, fees and conditions.
Customers who enrolled in any other OneWest Bank checking reward or bonus offer in the past 12 months are not eligible for this offer. $250 checking bonus offer is limited to one per customer and five per household. Accounts cannot be opened in the name of a business. Employees of CIT Group Inc. or any of its affiliates, including CIT Bank, N.A. and its OneWest Bank division are not eligible for this offer. The value of this offer may be reported to the IRS and the customer is responsible for any federal, state or local taxes.
Rates for OneWest Bank are currently being reviewed.
