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Pacific Western Bank Review: Great for West Coast Banking, Even Better for High APY

Review Updated
Steven Porrello
Steven Porrello
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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Disclaimer: Pacific Western Bank merged with Banc of California in early 2024.

Information on this page may not be up-to-date as of writing. Some products may be unavailable. For questions about the merger, you can call Banc of California Client Support at (877) 770-2262.

Pacific Western Bank is a regional bank that boasts some of the highest APYs for savings and money market accounts. Though the bank is geared heavily toward those living near one of its 69 branches, it offers an online money market account to nationwide clients through the financial company Raisin. With that in mind, let's take a look at what Pacific Western Bank has to offer.

Offer image for
Member FDIC.

Pacific Western Bank

Bottom Line

If you're looking for high APYs, Pacific Western Bank is a strong contender. It is rare for a bank to provide competitive rates across the board for CDs, savings accounts, and money market accounts. Throw in the option to waive fees and you got yourself a solid risk-free way to earn high interest.

Pros
  • High APYs
  • Option to waive fees
  • Variety of bank accounts
  • Digital money market account for nationwide clients
Cons
  • Must reside near a local branch
  • Some APYs and fees are undisclosed
  • Few brick-and-mortar banks outside California

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Is Pacific Western Bank right for you?

The most important consideration is whether you live near a Pacific Western Bank branch. Many of its accounts require you to open them in person, such as its CDs, savings, and checking accounts. Aside from that, you'll also want to consider the monthly fees and whether you can maintain the appropriate balance to waive them.

Money market accounts

Pacific Western Bank's money market account (MMA) has an incredibly high APY of 5.27%. The account has a low minimum deposit ($1) and no fees.

Better yet, this account is powered by the financial company, Raisin. Since the account is on Raisin's platform, it's open to all clients nationwide. Yes, even if you don't live near a Pacific Western Bank, you can still open one.

Ratings Methodology
Rates as of Apr 11, 2025

Pacific Western Bank Money Market Deposit Account

Read Review
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
Monthly Fee
$0
Min. Balance
$1
Limited-time offer
$250 bonus for new customers with a minimum deposit of $25,000 with promo code GET250.
APY
5.27%
Min. To Earn APY
$1
  • High APY
  • No account fees
  • An unlimited number of deposits and withdrawals
  • FDIC insured
  • Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked external account)
  • No checking accounts offered through Raisin
  • Limited customer service hours
  • Cannot link Raisin accounts to third-party apps (e.g. personal budgeting apps)
  • No branch access; online only

The Pacific Western Bank Money Market Deposit Account powered by Raisin is a high-yield money market account that deposits your money with PacWest Bank, but is managed through the Raisin platform. By opening this account through Raisin, you get the advantage of a higher APY than you'd receive by opening the account directly with PacWest. You get access to Raisin's simple online management interface and savings-product marketplace. However, you do give up the option to bank at PacWest branches and have less flexibility in how you transfer your money in and out of the account.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

CD accounts

Pacific Western Bank, now Banc of California, offers certificates of deposit (CDs) with a a $1,000 minimum deposit. Information on the bank's website is very limited, however. If you are interested in opening a CD with Banc of California, you'll need to seek further information and apply in a bank branch.

Checking accounts

If checking accounts are your jam, Pacific Western Bank has three flavors for you to choose from. Each account comes with a Mastercard debit card, requires a $50 opening deposit, and must be opened in person. Here's what's on the menu.

Value interest checking

This account earns some interest and has unlimited check-writing privileges. The account does have a fee, which is undisclosed on its website, but you can apparently waive it with a "moderate balance," according to Pacific Western Bank. To find out more details, visit your local Pacific Western Bank.

  • If you want a no-frills checking account, this could be right for you. According to the bank, you can waive the account's fee with a low minimum balance, which, like its value interest checking, isn't disclosed on its website. Depending how much you need in the account, this could be a great account to have with your savings or money market.

  • Finally, the bank has a high-yield account for those who can maintain higher balances. Like its other checking accounts, you'll need to contact your local branch directly to see how much balance you'd need to maintain and what APY you'd get in exchange.

Customer experience

PacWest provides customer service help for online banking from 8 a.m. to 5 p.m. (PT) Monday to Thursday, with an extended hour on Fridays (6 p.m.). You can also reach out online through its support portal.

The bank doesn't have enough reviews on third-party review sites to get a full picture of its customer service experience. It has several profiles on Better Business Bureau (each one for a different location), and most have A+ ratings (with the exception of one C+).

Pacific Western Bank relationship benefits

Though the bank describes itself as a "relationship bank," it doesn't advertise relationship benefits for its personal bank accounts.

To be fair, most banks don't provide relationship benefits, such as high APYs or waived fees for clients with multiple accounts or higher deposits. Instead of relationship benefits, PacWest gives you access to some of the market's highest rates, so long as you meet the minimum deposit requirements and live near one of its branches.

How does Pacific Western Bank compare?

Earning high interest on your deposits is a major benefit of Pacific Western Bank, but its lack of brick-and-mortar banks nationwide may not suit your needs. If you'd like to draw comparisons, here's two other banks you might consider.

Pacific Western Bank vs Western Alliance Bank

For super high APYs, look no further than Western Alliance Bank. This bank boasts a competitive APY for its savings account. It doesn't have physical locations, nor can you withdraw from ATMs. But if earning high interest is important to you, this bank could be a strong competitor to Pacific Western Bank.

Pacific Western Bank vs Capital One Bank

Capital One Bank could be the perfect middle ground between earning high interest and having access to your money. Its Capital One 360 Performance Savings account has no fees -- no matter what your balance is -- and it has several bank branches in big cities. It doesn't have ATM access, but you can easily transfer money into a Capital One 360 Checking account.

FAQs

  • Yes, Pacific Western Bank merged with Banc of California in early 2024.

  • Yes, your money is safe at Pacific Western Bank. The bank has FDIC insurance and can cover up to $250,000 per depositor.