Because it is now totally possible to handle all of one's financial transactions online, the physical location of a bank is less of a factor these days than it used to be. Many of us still prefer to have a local branch nearby to obtain personal customer service, and if you live near the West Coast, you'll be happy to know that there are many reputable banks based there with competitive rates and fees as well as good customer service. Many of us still prefer to have a local branch nearby to obtain personal customer service. There are also a vast number of banks headquartered in other places that provide customers with comparable advantages in addition to a substantial branch and ATM network in the states of California, Washington, and Oregon. Westerners who put money away frequently have a choice between two alternatives. When it comes to interest rates on savings and checking accounts, banks that have a large number of ATMs and branches typically provide the lowest rates, whereas banks that offer higher rates have a smaller number of physical branches. What is most essential to you is the deciding factor in everything. Let's take a look at several of the West Coast's most prominent and reputable financial institutions.
Best Overall: CIT Bank
CIT Bank is an online-only financial institution with its headquarters in Pasadena, California. The bank provides money market checking accounts, high return savings accounts, and a diverse selection of certificates of deposit (CD) products with maturities ranging from six months to five years. It offers a distinctive certificate of deposit products, such as an 11-month CD that does not impose a penalty for early withdrawals and Jumbo CDs that offer greater interest rates. In addition to that, one can make their own personalized CD laddering. CIT does not provide checking accounts; nonetheless, it is a decent choice for customers seeking interest rates on savings accounts that are greater than the national average. If you have a balance of $25,000 in your Savings Builder Account at CIT Bank or make monthly deposits of $100, you will earn an annual percentage yield of 0.40 percent. CIT also operates OneWest Bank in the state of California. This bank has eight locations in Pasadena and other cities in the area, but its interest rates are lower.Best Smaller Bank of the West, a California Financial Institution
Bank of the West, with its headquarters in San Francisco, operates more than 600 branches all along the West Coast and in the Midwest. The bank provides a variety of financial products, including checking and savings accounts, certificates of deposit, and investment options. It is a part of the BNP Paribas family of companies. Customers who use the AnyDeposit checking account are able to sidestep the payment of a monthly service fee for their account by just making one deposit of any amount each month. (If not, the charge is ten dollars.) Customers of Premier Checking can avoid the cost by maintaining a yearly balance of $25,000. The annual percentage yield (APY) on all balances in basic savings accounts is 0.02 percent. When it comes to certificates of deposit (CDs), the Bank of the West provides annual percentage yields (APYs) beginning at 1.60 percent (depending on the state in which you reside) on 13-month CDs with a minimum balance of $25,000.Wells Fargo is the Best of the Big California Banks
Since it is the fourth-largest bank in the United States, nobody thinks of Wells Fargo as a "West Coast" bank. This is because it is spread out across the country. However, since it has its headquarters in San Francisco, it is eligible. It is also important to note that the bank has more than 1,000 branches and 4,000 automated teller machines along the coast; in the state of California alone, there are 849 branches and 3,816 ATMs. It's true that Wells Fargo's widespread presence in western states is one of its primary selling points, but the bank also provides a comprehensive selection of financial products and services to meet any demand, such as checking and savings accounts, loans, and credit cards, and investment services. The annual percentage yield (APY) on the Wells Fargo Platinum Savings account is a meager 0.05 percent, but it rises to 1.50 percent on balances of $25,000 or more. In order to avoid the $12 monthly account maintenance fee, you will need to maintain an average monthly balance of $3,500. The Way2Save Savings account, which offers an annual percentage yield of 0.01 percent, is available to customers with modest balances. When you have a balance of $300 in your account, the $5 monthly account charge is eliminated.The Washington Federal Savings and Loan Association is the best bank in the state of Washington
This bank, with its headquarters in Seattle, operates branches not just in the state of Washington but also in the states of Texas, Utah, Idaho, Nevada, New Mexico, and Arizona. It provides banking services such as checking and savings accounts, as well as credit and debit cards and loans. Both a free basic checking account and a "Green" checking account, which costs $6 per month and provides protection against identity theft and cell phone theft, are available to customers of Washington Federal. The basic checking account is free. In addition, customers with bigger balances can take advantage of the "Stellar Plus" checking account, which offers interest on deposits. In addition to certificates of deposit, the financial institution provides customers with the option of opening either a $3 or $10 per month savings account. The annual percentage yield (APY) for passbook savings accounts is 0.10 percent, although certificates of deposit (CDs) can earn up to 1.95 percent, depending on the length of the term. MoneySync is a service offered by Washington Federal that can be accessed both online and through a smartphone app. This service gives users the ability to see an all-encompassing view of their financial situation on a single screen and provides the capability to create "Bubble Budgets" that illustrate how money is being spent.Best Oregon Bank: Umpqua Bank
Portland-based Although Umpqua can be found all over the West Coast, the state of Oregon and the state of Washington have the greatest number of occurrences. Additionally, we have locations in the states of California, Nevada, and Idaho. When Umpqua purchased Sterling Financial in 2013, it significantly increased its presence in western states. Traditional savings and checking accounts, in addition to lending options, are offered by Umpqua. Umpqua provides its customers with a total of three distinct checking account options, two of which are entirely free of charge, provided that direct deposit is established. With a balance of $25,000, you won't have to pay any fees for the third. There are three additional free savings account alternatives available, provided the required minimum balance is maintained in each of those accounts. (Also, the monthly costs might range anywhere from $3 to $15.) Although Umpqua's interest rates are lower than typical (savings accounts earn only 0.01 percent), the bank places a strong emphasis on providing personalized, one-on-one customer care and will waive most fees for older citizens. ATMs are widespread throughout the west, and Umpqua will reimburse its customers for any fees incurred when they use a machine that is not owned by the bank.Golden 1 Credit Union is the best credit union on the West Coast
A wide variety of banking services, such as savings and checking accounts, loans, credit cards, and insurance, are made available to members of the Golden 1 Credit Union, which operates on a not-for-profit basis and is open to residents of the state of California. The most fundamental checking account is free, but savers can unlock interest-bearing checking by keeping a $1,000 balance in the account at all times. In addition, there are checking accounts tailored specifically to the needs of students and other young people. Customers of Golden 1 have access to 240 automated teller machines (ATMs) throughout the state of California, in addition to another 30,000 ATMs that are part of a co-op. The interest rates are not quite as competitive as those offered by other financial institutions. Money Market accounts will generate an annual percentage yield (APY) of 0.25 percent, with the potential to reach 0.75 percent on balances of $250,000 or more. The Golden 1 Credit Union welcomes membership applications from all qualified California residents. It is also possible to become a member by working for one of the roughly one thousand select employers or by paying the annual membership fee of $8 to join the Financial Fitness Association. Both of these options are available.Best International Bank: East West Bank
In the 1970s, the Chinese community in California gave birth to East West Bank, which has since grown to become one of the most prominent financial institutions with its headquarters in Southern California. It has since expanded to 130 locations, with a significant number located in China. There are three primary checking account options available through the bank, and account holders can earn interest on two of those alternatives. There are additional checking accounts available that are tailored specifically for students and senior citizens. If you have $2,500 in your passbook savings account, you won't have to pay the monthly cost of $3. The annual percentage yield (APY) that East West is now offering on savings accounts with a balance of $25,000 is 0.1 percent. The annual percentage yield (APY) on the lower balances is 0.05 percent.Best Bank/Brokerage Combo: Charles Schwab
Chuck, which has its headquarters in San Francisco, is more recognized as a bargain investment broker than as a bank; nonetheless, the company does provide customers with interest-bearing checking accounts that offer competitive rates and prices. There are no account minimums or fees associated with a High Yield Investor Savings account, and you can earn 0.23 percent interest on your savings. Mobile banking, online bill pay, free checks, a debit card, and unlimited reimbursements on ATM costs globally are also available from Charles Schwab. The one and only stipulation being that the checking account needs to be linked to an online brokerage account held with Charles Schwab. More than 60 of Charles Schwab's branches are located in the state of California, while nine are in Washington and five are in Oregon.Chase Bank is the best bank for transplants on the West Coast
Although it is not a bank located on the West Coast, the company has a significant presence on that side of the country. The number of branches and automated teller machines (ATMs) in California is staggering, and the same can be said about Washington and Oregon. If you have a balance of $1,500 or more in your Chase Bank checking account, you won't be charged a monthly maintenance fee. Chase Bank is a division of the banking giant JP Morgan Chase and offers interest-bearing checking accounts. The annual percentage yield (APY) of the interest rates offered by savings accounts can range anywhere from 0.01 percent to 0.09 percent, depending on the account and the balance. The interest rates on certificates of deposit range anywhere from 0.02 percent to 1.75 percent, with the range dependent on both the duration and the quantity of the deposit. Customers of Chase can make use of the You Invest discount brokerage services offered by J.P. Morgan, as Chase is a division of the latter corporation.Questions That Are Typically Asked (FAQs)
Which financial institutions offer the highest yields on CDs?
When it comes to interest rates, online banks almost always have greater offerings than traditional brick-and-mortar institutions do, regardless of whether we're talking about certificates of deposit, savings accounts, or money markets. Since online banks do not have the same overhead expenses, they are able to save money in this area and may choose to pass some of those savings along to their customers in the form of higher interest rates. There is a possibility that credit unions will provide better interest rates than comparable banks. Since they do not earn profits, there may be more funds available, allowing for higher rates of interest to be paid to clients.What is the most efficient way to move money from one bank to another?
When moving money between financial institutions, the vast majority of banks and credit unions make use of the Automated Clearing House (ACH) network. Payments made by ACH are deposited into the payee's account swiftly, and the ACH network incorporates safeguards that prevent fraud and money laundering.