OneWest Bank (CA) Adds $300 Checking Bonus

Now through December 31, 2021, OneWest Bank is offering a $300 bonus when opening a new OneAccount checking account.

The minimum opening deposit is $10k of new money and an average balance of $10k must be maintained for the first 90 days following account funding. “New money” is defined as funds not “held in another account at OneWest Bank or at CIT Bank, N.A. (“CIT”) at the time of account opening.” Funds withdrawn from OneWest Bank or CIT within 90 days prior to account opening are also not eligible.

The Requirements

Do any three of the following activities within the first 90 days following account funding.

• Set up and receive recurring ACH or direct deposits to the new Checking Account totaling $650 or more per calendar month for at least two consecutive months.
• Register and receive eStatements only no later than 15 days following account funding and maintain at least until all other requirements are met.
• Make eight or more OneWest debit card purchases with $10 minimum per transaction.
• Deposit or withdraw six or more times using a OneWest Bank ATM.
• Complete two or more bill payment transactions (using OneWest Bank’s online Bill Pay service) from your OneWest Checking Account.
• Make two or more mobile check deposits with $100 minimum per deposit.

The Rules

• Bonus will be paid as a statement credit to the Checking Account within 60 days after the above requirements are met.
• Checking account must remain open and in the same product type to receive the bonus.
• Promotion may end at any time without notice.
• Customers who received any OneWest Bank personal checking bonus payment in the 12 months prior to account opening are not eligible.
• Checking bonus offer is limited to one per customer and up to five per household.
• Accounts cannot be opened in the name of a business.

Things To Be Aware Of

• A recurring direct deposit is optional.
• Up to five bonuses per household, which could be an easy $600 for a married couple or domestic partners.
• If the account is closed within the first 90 days, the early closure fee is only $10.
• Although the fine print states the bonus is available through December 31, 2021, it also warns that “Promotion may end at any time without notice.”
• The monthly $25 service fee is waived if a $10k average monthly balance is maintained.
• Unlimited check writing is available and all check orders are free.
• Smaller bonuses are available with other OneWest checking accounts that have smaller minimum deposit requirements.

Availability

Headquartered in Pasadena, California, OneWest Bank has a brick-and-mortar presence that covers coastal Southern California. The bonus is available to California residents (18 years or older) who open a new OneAccount checking account in-branch. Employees of CIT Group Inc. or any of its affiliates (including CIT Bank and OneWest Bank) are not eligible for the bonus.

There is no online application. Applying for a bonus must be done at any of 64 Southern California branches, located from Ventura County to San Diego County. As stated on OneWest Bank’s COVID-19 page,

If you need to come in to one of our branch locations, we are open and operating with modified hours. We are also taking enhanced cleaning measures in line with official guidance and implementing social distancing protocols.

• Branches will be open 10 a.m. – 2 p.m., Monday through Friday, and closed Saturday.
• We are limiting branch lobby traffic to five customers at a time, in support of social distancing recommendations.

Bank Overview

As a division of CIT Bank, OneWest Bank operates under CIT Bank’s FDIC Certificate and shares its financial history. Deposits at CIT Bank and OneWest will be counted together for purposes of determining FDIC insurance coverage limits.

OneWest Bank/CIT Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 13.25% (above average), based on December 31, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $8.62 billion, an excellent annual growth rate of 26%. Please refer to our financial overview of OneWest Bank/CIT Bank (FDIC Certificate #58978) for more details.

In 2009, OneWest Bank assumed the deposits of IndyMac Bank, which had failed in 2008. The FDIC became the conservator of IndyMac in July 2008 and managed the Bank until its sale to OneWest, which was specifically formed by investors for the purpose of acquiring IndyMac. OneWest expanded its footprint when it acquired two southern California banks in 2009 (First Federal Bank of California) and 2010 (La Jolla Bank). In 2015, CIT Bank merged with OneWest Bank, re-branding as CIT Bank, N.A. The OneWest Bank brand remains intact, but now operates as a division of CIT Bank, N.A.

Don’t confuse CIT Bank with Citigroup Inc., which is the bank holding company of Citibank. CIT Bank is one of the businesses that makes up CIT Group Inc., a bank holding company best known for providing commercial financing and other services to small and middle market businesses. CIT Bank is currently the 45^th largest bank in the country, with assets in excess of $52.3 billion and more than 616,000 customer accounts.

Bottom Line

Having to complete only three of six transactional requirements, makes earning the $300 checking bonus fairly easy. Earning $300 on a $10k deposit in three months (must remain on deposit for 90 days) is the approximate equivalent of a 12% APY.

When interest rates are low, savings and checking bonuses have more of an impact. To earn $300 in a typical online savings account (with a 0.50% APY) would require a $60k balance for a year.

If you don’t qualify for the OneWest Bank bonus, check out our full list of the best savings and checking account bonus offers.

The above information and rates are accurate as of 3/10/2021.