Pacific Western Bank Review

Overview

Pacific Western Bank was founded in 1982 with headquarters located in Beverly Hills, California. Pacific Western Bank owns $38.17 billion in assets as well as deposits totaling $28.10 billion, making it a very large bank. Pacific Western Bank 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 access to service representatives at a physical location, in addition to its online and mobile apps. With a score of 3.8 out of 5 stars, Pacific Western Bank should be near the middle of the pack in your search for a bank. Pacific Western Bank has a varied choice of banking products, which include savings accounts, checking accounts, money market accounts and CDs. It has a fair savings rate; you can find higher rates with other banks. Locating a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best option for returning the most income on your deposits alongside convenient access to your money.

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

With a savings rate of 5.15%, Pacific Western Bank ranks highly compared to other U.S. banks. Pacific Western Bank's five-month CD has a rate of 4.90% and the seven-month CD earns at a rate of 5.00%, while its highest-yielding money market account earns at a rate of 0.20%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

How Pacific Western Bank's Savings Rates Compare

There is insufficient data on Pacific Western Bank's fees to provide a full SmartAsset rating.

Pacific Western Bank is a brick-and-mortar bank, with 67 total bank locations in California and North Carolina. With mobile and web apps, Pacific Western Bank makes account access convenient, even on the go. Pacific Western Bank's online and mobile banking services receive fair feedback from customers. The Pacific Western Bank mobile app rates a 3.8 out of 5 (with 4 ratings on iOS and Android) compared to the national average of 3.8. You can utilize Pacific Western Bank's mobile app to control your funds by monitoring current statements, sending and receiving funds and reaching support representatives. Pacific Western Bank receives a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Pacific Western Bank ranks as a very large bank and owns $38.17 billion in assets as well as $28.10 billion in deposits. Its Texas Ratio is 5.42%, denoting a negligible probability of failure. Additionally, Pacific Western Bank 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.

Products Offered

Pacific Western Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Pacific Western Bank 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. Pacific Western Bank's CD rates are fair compared to the national average.

Find a Pacific Western Bank Near Me

Pacific Western Bank has 67 branches in the U.S.