OneWest Bank's 28-month CD Special Available Nationwide

POSTED ON BY

Deal Summary: 28-month CD Special, 2.75% APY, $10k minimum deposit, new money.

Availability: Nationwide

California-based OneWest Bank is currently offering three CD Specials: 28-month (2.75% APY), 17-month (2.40% APY), and 8-month (2.00% APY). Of the three, the 28-month is the most competitive. The minimum deposit for any of the CD Specials is $10k of new money, with no stated balance cap.

The CD Special promotion page defines new money as,

funds not already on deposit or held at OneWest Bank or BankOnCIT.com at the time of account opening.

Funds withdrawn from OneWest Bank or CIT within 90 days prior to account opening are also restricted.

As stated in the Banking Terms and Conditions document, the Early Withdrawal Penalty reads as follows:

Greater than 2 years The GREATER of: (1) 2% of the amount withdrawn; or (2) a Market Adjustment

The Market Adjustment estimates the interest cost that we would incur if we were to replace your early withdrawal or closed CD with another “replacement CD” at a higher cost.

The calculation can be expressed as follows:

    (Amount Being Withdrawn) x
    (Remaining Term in Days/365) x
    (Replacement CD Interest Rate Minus Existing CD Interest Rate)

Initial Funding and Accessing Maturing CDs

OneWest Bank’s CD FAQs page provides answers about funding and accessing your funds.

How can I make my initial deposit into my OneWest Bank CD account?

    We accept deposits via mail, wire transfer, ACH or at any OneWest Bank Branch.

What options are available to fund my new account?

    You can fund your new account by cash, check, wire transfer, electronic funds transfer (EFT), or transfer from an existing OneWest Bank account.

When my CD account matures, do you charge a fee to mail the funds to me?

    Yes, there is a $7.00 Official Check fee.

What doesn’t appear in the FAQs are the options available to retrieve your matured funds. I found this in a pop-up CD Disclosure window:

Withdrawal of funds (whether early or upon maturity) by official
bank check or wire is subject to the current official check or wire fee.

CSR confirmed there is no ACH option for withdrawing funds.

Availability

Headquartered in Pasadena, California, OneWest Bank’s physical market area covers southern California, but the CD Specials are available nationwide through the Bank’s online application.

Opening a CD Special at OneWest Bank can be done online, over the phone (855.503.9976), or at any of 70 full-service branches, located in the southern California counties of Los Angeles, Orange, Riverside, San Bernardino, San Diego, and Ventura.

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 "A" at DepositAccounts.com, with a Texas Ratio of 8.81% (excellent), based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $1.31 billion, an excellent annual growth rate of 4.79%. 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 44th largest bank in the country, with assets in excess of $42.9 billion and nearly 430,000 customer accounts.

How the CD Special Compares

When compared to the 210 similar length-of-term CDs tracked by DepositAccounts.com, which are available nationwide and require a minimum deposit of $10k or less, OneWest Bank’s 28-month CD Special APY currently ranks sixth.

The above rates are accurate as of 7/23/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Los Angeles CD rates, Palm Springs CD rates, San Diego CD rates, 5-year CD rates, nationwide deals

Comments
OneWest Bank Offers $200 Checking Bonus
Deal Summary: $200 checking bonus when opening a new Premium Checking or OneAccount, available through May 31, 2017.

Availability: Market area is southern California.

Now through May 31, 2017, OneWest Bank is offering a $200 bonus when opening a new Premium Checking or new OneAccount Checking account. The bonus is available as eight different Reward Options, one of which is a $200 VISA prepaid card.

$200 Bonus Requirements

  • Open a new Premium Checking ($1k minimum deposit) or OneWest Checking ($50k minimum deposit) account.
  • Within 30 days of account opening, sign up...

Continue Reading
Review of OneWest Bank CD Rates and Terms - Available Nationwide

OneWest Bank continues to offer several competitive CD rates. However, there has been an important change in early withdrawal penalties. First, OneWest just increased its 18-month CD rate to 1.40% APY. The most competitive CD continues to be the 3-year CD which has a 2.00% APY. Minimum deposit is $1,000. These CDs are available nationwide and they can be opened online. They can also opened at the bank's Southern California branches for both CDs and IRA CDs. These rates are listed in the bank's CD rates page as of 2/3/2011.

OneWest's...

Continue Reading
Competitive Long-Term CD Rates at OneWest Bank - Available Nationwide

OneWest Bank continues to offer some competitive long-term CD rates. These include a 3.00% APY 60-month CD and a 2.90% APY 48-month CD. The shorter terms are not quite as competitive. Minimum deposit is $1,000. The CDs are also available in an IRA. These rates are listed at OneWest Banks rates page as of the morning of 6/14/2010.

OneWest Bank used to be IndyMac Bank. The FDIC completed the sale of IndyMac in March 2009 to new owners who renamed it OneWest.

One nice new feature at OneWest's website is the online...



Continue Reading
OneWest Bank's Competitive 5-Year CD - Benefits and Issues of Long-Term CDs
Most of OneWest Bank CD rates are no longer that competitive, but it still has one of the best rates for a 5-year CD of 3.30% APY. This is listed in the bank's CD rates page as of 12/17/09.

One nice feature about OneWest Bank's CDs is that its early withdrawal penalty is only 6 months of interest. Many of the banks that offer top rates on 5-year CDs have penalties of one year interest or more. In addition, I can't find any small print in the terms and conditions that...

Continue Reading
2.15% 10-Month CD and Other Competitive Rates at OneWest Bank - Available Nationwide
Update 11/14/09: Rates have fallen. 10-mo CD: 1.25% APY, E-Money Market: 1.25% APY $10K+

OneWest Bank has a new online CD special with a very competitive rate of 2.15% APY for terms of 10 to 18 months. Minimum deposit is $5,000. This rate is listed at OneWest Bank's CD rates page as of 8/22/09. Details about the online CD including terms and conditions are available here.

OneWest Bank also increased the low tier rates of its E-Money Market Account. The rate for the $10K tier is now 1.85% APY. This used to...



Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.