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Bank of the Pacific 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 the Pacific Savings
0.15% APY

Overview

Our Rating: 4.2/5 How we calculated this rating

Established in 1979, Bank of the Pacific has assets totaling $894 million and $780 million in deposits, classifying the institution as a medium-size bank. Bank of the Pacific, whose headquarters are in Aberdeen, Washington, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset has rated Bank of the Pacific 4.2 out of 5 stars, suggesting it is a solid contender in your bank search. 

Bank of the Pacific provides customers with a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking does not have a monthly fee. Opening both checking and savings accounts in one place can be ideal for getting the highest return on your money while maintaining access to your funds without getting penalized for taking out your money.

Service Quality

Bank of the Pacific is a brick-and-mortar bank, with 18 total branches in Oregon and Washington. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 9:00 a.m. to 5:00 p.m. PT. 

Bank of the Pacific gets inadequate marks from users for its online presence: the Bank of the Pacific mobile app has been given a 3.1 out of 5 (with 62 reviews on Apple and Android) compared to the national average of 3.8. You can access Bank of the Pacific's app to manage your finances by reviewing account balances, transferring funds as well as accessing support representatives. Bank of the Pacific receives a superb consumer satisfaction rating based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $5 Compare Offers
Certificates of Deposit
  • 12 Month: 1.55% APY
  • 24 Month: 1.76% APY
  • 36 Month: 1.96% APY
  • 48 Month: 2.01% APY
  • 60 Month: 2.26% APY
$200 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.40% APY $2,500 Compare Offers
Checking Accounts 0.03% APY $1,000 Compare Offers

Bank of the Pacific has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. Bank of the Pacific does not have the best savings rate, which means you should think about taking a look elsewhere for banks that offer 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 the Pacific's CD rates are great in comparison to the national average.

Rates

Bank of the Pacific features a savings rate of 0.15%, which is poor as compared against the national average.  CD rates are 1.55% and 2.26% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.40%. Given Bank of the Pacific's below average savings rate, you should consider choosing another bank to earn more on your deposits.

Compare Bank of the Pacific to Other Competitive Offers

Fees

Bank of the Pacific generally has low fees compared to the national average. Bank of the Pacific's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who visit the ATM often, Bank of the Pacific is fair because it charges an ATM fee of $2.00, which is fair compared to other U.S. banks. Also, at $32, it has a considerably lower overdraft fee compared to the national average overdraft fee. 

Financial Health

Bank of the Pacific is currently a medium-size bank and owns $894 million in assets and $780 million in deposits. Bank of the Pacific's Texas Ratio is 2.03%, signifying that the bank is in terrific financial condition and very improbable to fail. Additionally, Bank of the Pacific is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bank of the Pacific Near Me

Bank of the Pacific has 18 locations in the U.S.

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