Bank of the West CD Rates

Bank of the West 32-89-Day CD

0.02% APY

As of early 2023, the CDs listed on this page may no longer be available, as Bank of the West was acquired by BMO Bank. Check with the bank directly for more information.

Bank of the West offers three different CD account types. These allow you to find an account that works best for you and your financial situation. If you have only $1,000 to deposit, you’ll want to open a Flexible-Term CD. That way, you don’t have to overstretch your funds to meet the other accounts’ higher minimum deposits. 

You won’t find the best CD rates with Bank of the West. Only one account earns at a rate as high as 4.50%. Plus, to earn that rate, you’ll need a pretty high deposit ($2,500). 

It’s important to know that you’ll need to visit your local Bank of the West branch to open a CD. You can also only open a Bank of the West account if you live in one of the 19 states the bank serves. 

To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.

Flexible-Term CD

Instead of being beholden to specific set CD terms, Bank of the West allows you to choose your exact term length with a Flexible-Term CD. Your shortest option is 32 days which works best for a short-term savings goal. Just be careful of the low interest rates, since they may not yield as much savings as you’re hoping to get. 

Premium CD

For slightly higher rates, you can check out the bank’s Premium CDs. You will need to meet a higher minimum deposit of $2,500. If you can meet this minimum, you’ll have access to specific CD terms, each with better rates than their Flexible-Term CD counterparts. 

Relationship CD

Bank of the West’s Relationship CD only comes as a 12-month term. You’ll need a Bank of the West Premier Checking account to open this account, though. You’ll also need to deposit at least $2,500. 

32-89-Day CD Interest Rate Comparison

Overview of Bank of the West CDs 

With three CD accounts available, Bank of the West offers its customers the opportunity to find the account that fits best for them and their financial situation. With a Flexible-Term CD, you get to open an account at any term length that you’d like. Plus, you don’t need to meet the higher minimum deposit that the other two accounts require. But if you already have a qualifying Bank of the West checking account, you could benefit from opening a Relationship CD instead. 

Every Bank of the West CD will renew automatically when it matures. This is when it reaches the end of its original term. Once your account reaches maturity, you’ll have a grace period of 10 days to make any changes to that account if you’d like. This includes making withdrawals, additional deposits or even changing the term. 

If you really need to withdraw some of your principal before the account matures, you’ll face a penalty. Often, this penalty is so huge that you won’t really get much by making an early withdrawal. Withdrawals from an account of seven to 31 days assess a penalty of $25 + 31 days simple interest. Withdrawals from accounts of 32 days to 11 months charge a penalty of $25 + 1% of the amount withdrawn while withdrawals from accounts of 12 to 59 months charge a penalty of $25 + 3% of the amount withdrawn. Accounts of 60 months or longer charge a penalty of 730 days of simple interest. 

How Much You Earn With Bank of the West Certificate of Deposits Over Time 

Bank of the West offers generally low interest rates, especially on its short-term accounts. If you open a 90-day account, for example, you’ll see savings of a few cents by the time your CD matures. This won’t be quite enough to save toward significant expenses. 

You will see a bit more growth with longer-term accounts. However, this means you’ll have to wait much longer to benefit from that growth. For example, you’ll have to wait two years to earn a mere $3 on a $1,000 deposit. 

How Bank of the West CDs Rates Compare to Other Banks 

Since you have to set aside your CD deposit for the term’s entirety, you’re going to want to make sure your deposit is growing at a worthwhile rate. Bank of the West doesn’t really offer the best rates, so you’ll do better to open a CD (or two) elsewhere. We’ve given Bank of the West’s Flexible-Term CD rates below. Luckily, Bank of the West does offer higher rates than big banks like Chase CDs. 

To find the highest CD rates in the industry, you’ll want to turn to online banks like Ally Bank and Marcus by Goldman Sachs. Ally also offers three CD types, but with more variety. For one, you can open a No-Penalty CD to avoid an early withdrawal penalty. You don’t have to worry about meeting a minimum deposit to open an Ally CD, which can allow you to open multiple high-yield CDs. 

Marcus offers fewer options, but each option offers a great rate. You can see below that the bank’s rates outperform Bank of the West’s rates across the board. There is still a minimum deposit with Marcus, but at $500, it is still much lower than Bank of the West’s. 

Should You Get a Bank of the West CD Account?

Getting a Bank of the West CD account makes the most sense if you’re already a customer with the bank. If you already have a Premier Checking account, you’ll be able to open a Relationship CD. On the whole, Bank of the West’s CD rates aren’t great enough to seek out. But if you’re already a customer, you can more easily open an account at your local branch to add to your savings.