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Sunwest Bank Review

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

Overview

Founded in 1970, Sunwest Bank has assets totaling $1 billion as well as $861 million in deposits, classifying it as a medium-size bank. Sunwest Bank, whose headquarters are in Irvine, 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 offerings. With a poor 3.3 out of 5 stars, Sunwest Bank is a fair bank that you should look closer at to see if it fits your needs. Sunwest Bank offers a complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a monthly fee of $4.00, although banks sometimes have requirements that allow you to waive the fee. Finding a bank with no-fee checking and a high interest rate savings account is the best bet for accruing the highest income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.3/5
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%, Sunwest Bank ranks poorly in comparison to the national average. Sunwest Bank's one-year and five-year term lengths CDs earn at a rate of 0.10% and 1.00%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given Sunwest Bank's below average savings rate, you should consider looking at the competition to open savings accounts.

How Sunwest Bank's Savings Rates Compare

Sunwest Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

Sunwest Bank has typically high fees in comparison to the average U.S. bank. At $4.00/month, Sunwest Bank is not the best option for those who want a basic banking experience. Sunwest Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you'll need to search for a Sunwest Bank ATM or eat the fee.

Monthly Fee $4.00 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

2.5
SmartAsset Average: 3.7

Sunwest Bank is a brick-and-mortar bank, with 12 total bank locations in Arizona, California, Idaho, Utah and Washington. It also offers access to a web app, for a straightforward online-banking experience. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. PT. Sunwest Bank gets a superb consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating NR
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

Sunwest Bank ranks as a medium-size bank and handles $1 billion in assets as well as deposits totaling $861 million. Sunwest Bank's Texas Ratio is 3.33%, signifying a low chance of failure. Additionally, Sunwest Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.33%
High Risk 75% 50% 20% 10% Low Risk

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 Sunwest Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.15% APY
  • 36 Month: 0.45% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.00% APY
$5000 for all terms
Money Market Account 0.05% APY $5000

Sunwest Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Sunwest Bank does not have the best savings rate, which means you should consider 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. Sunwest Bank's CD rates are fair compared to the average U.S. bank.

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Find a Sunwest Bank Near Me

Sunwest Bank has 12 branches in the U.S.

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