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Bank of Southern California Review

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Bank of Southern California Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Bank of Southern California started in 2001 and its headquarters are located in San Diego, California. Bank of Southern California owns $480 million in assets as well as $407 million in deposits, classifying it as a medium-size bank. Bank of Southern California lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset has rated the bank 4 stars out of 5, suggesting Bank of Southern California is a good bank that you should consider. Bank of Southern California provides customers with a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs and credit cards. It has a fair savings rate; you can find higher rates with other banks. Banks that offer no-fee checking, in addition to a high interest rate savings account are the best bet for returning the highest income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.8
SmartAsset Average: 3.5

Bank of Southern California has a savings rate of 0.05%, which is fair as compared against the national average. Bank of Southern California's one-year CD earns at a rate of 0.25% and the five-year CD earns at a rate of 0.45%, while its highest-yielding money market account has an APY of 0.10%. Given Bank of Southern California's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How Bank of Southern California's Savings Rates Compare

Bank of Southern California Savings 0.05 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Bank of Southern California's fees to provide a full SmartAsset rating.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

Bank of Southern California is a brick-and-mortar bank, with seven total bank locations in California. It also offers access to mobile and web apps for easy access and banking on the go. Bank of Southern California receives moderately high marks from customers for its mobile app. The Bank of Southern California mobile app has an overall rating of 4.4 out of 5 (with 29 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize Bank of Southern California's mobile app to manage your accounts by reviewing current statements, transferring money and accessing customer service. Bank of Southern California gets a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Bank of Southern California is a medium-size bank and manages assets totaling $480 million and $407 million in deposits. Bank of Southern California's Texas Ratio is 2.43%, signifying a negligible likelihood of failure. Additionally, Bank of Southern California is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Bank of Southern California to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $500
Checking Account 0.03% APY $1000
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.35% APY
  • 36 Month: 0.45% APY
  • 48 Month: 0.45% APY
  • 60 Month: 0.45% APY
$5000 for all terms
Money Market Account 0.05% APY $1000

Bank of Southern California has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Bank of Southern California does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank of Southern California's CD rates are fair in comparison to the average U.S. bank.

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Find a Bank of Southern California Near Me

Bank of Southern California has seven physical branches in the U.S.

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