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Bank of Southern California Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Bank of Southern California Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 2001, Bank of Southern California has $480 million in assets and $407 million in deposits, making the institution a medium-size bank. Bank of Southern California, whose headquarters are in San Diego, California, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a commendable 4 stars out of 5, Bank of Southern California proves it is a good bank that deserves your consideration. Bank of Southern California provides customers with a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs and credit cards. It has a fair savings rate; other popular banks have higher rates. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best option for gaining the most income from your deposits while having convenient 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

With a savings rate of 0.05%, Bank of Southern California ranks poorly in comparison to the average U.S. bank. Bank of Southern California's one-year CD has a rate of 0.25% and the five-year CD has a rate of 0.45%, while its highest-yielding money market account has an APY of 0.10%. Given Bank of Southern California's poor savings rate, you should consider 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 straightforward access and banking on the go. Bank of Southern California's online and mobile banking services receive reasonably positive ratings from customers. The Bank of Southern California mobile app scored a 4.4 out of 5 (out of 29 ratings on iOS and Android) compared to the national average of 3.8. Bank of Southern California's mobile app lets you control your finances by looking at current statements, transferring funds as well as reaching customer service. Bank of Southern California gets an exceptional consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 ranks as a medium-size bank owning $480 million in assets as well as deposits totaling $407 million. It has an excellent Texas Ratio of 2.43%, signifying that the bank is in excellent financial condition and unlikely to fail. 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 Accounts 0.05% APY 0.1% APY $10000 $15000

Bank of Southern California has several deposit products like 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 think about taking a look elsewhere 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 as compared against the national average.

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Find a Bank of Southern California Near Me

Bank of Southern California has seven locations across the U.S.

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