Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Update: Pacific Western is not currently available on Raisin. Learn more about the best savings accounts and the best CDs.
Pacific Western Bank is a brick-and-mortar financial institution with 67 locations throughout California, as well as one branch in Denver, Colorado, and another in Durham, North Carolina.
Pacific Western Bank primarily offers business banking services, but it has personal banking, too. You must open a Pacific Western Bank personal savings account at a branch. If you don't live near a location, Pacific Western Bank also lets you open an account online from anywhere in the US through the platform Raisin.
Pacific Western Bank Savings Rates
The Pacific Western Bank Money Market Account is essentially a type of savings account. You'll earn 5.27% APY, which is one of the best money market account account rates on Raisin.
You also might consider exploring the Pacific Western Bank Money Market Account if you'd like to open an account with a low initial deposit. This account only requires a $1 on Raisin.
Related stories
Through Raisin, you can use one platform to find, fund, and manage multiple types of savings accounts from different financial institutions. Keep in mind Raisin doesn't have any checking accounts, so it may not be the best choice if you prefer keeping all your banking with one institution.
Pacific Western Savings Rates Pros and Cons
Pacific Western Bank FAQs
Pacific Western Bank is a legitimate financial institution. Its bank accounts are FDIC-insured for up to $250,000 per depositor, per category. Federal insurance protects your insured deposits if a bank fails.
In July 2023, Pacific Western Bank announced it's merging with Banc of California. Pacific Western Bank and Banc of California will operate under the Banc of California name and brand once the transaction is complete.
The Pacific Western Bank Money Market Account pays 5.27% APY on Raisin.
How Pacific Western Bank Savings Rates Compare
Pacific Western Bank Money Market Account vs. Discover Savings
The Pacific Western Bank Money Market Account pays 5.27% APY, which is currently higher than Discover savings rates. The Discover® Online Savings Account pays 4.35% (as of 11/08/23) APY.
You still might consider Discover if you'd like to open a checking account at the same bank. Discover has a checking account that offers cash-back rewards. This account also has no monthly service fee.
Pacific Western Bank Money Market Account vs. Ally Savings
Ally savings rates are lower than the interest rate of the Pacific Western Bank Money Market Account. The Ally Savings Account pays 4.35% APY, and the Ally Money Market Account pays 4.40% APY.
If you're interested in opening a checking account or exploring more specialty CD options, then Ally might be a better option. The Ally Spending Account stands out because it has no monthly service fees or overdraft fees. This account also has a unique tool that lets you categorize your spending into customizable buckets like "rent" or "gas."
Ally also has a Raise Your Rate CD, which might be appealing if you want a CD that allows you to request a one-time rate increase if CD rates rise. Raisin only has traditional and no-penalty CDs right now.
Why You Should Trust Us: How We Reviewed the Pacific Western Bank Money Market Account
At Personal Finance Insider, we rate products on a scale from zero to five stars. We use a bank account methodology that compares and contrasts the features and fine print of various products to help determine if the account may be right for you.
For a money market account, we'll look at features such as the interest rate and minimum opening deposit.
Sophia Acevedo, CEPF
Banking Reporter
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Read more Read less Top Offers From Our Partners
ncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufonyxsdGspqeZnGKzqrrAp5qeZ6CWsKqyyJxksJ2jqbKzuoybmKejXaiut7XNoKpmqpGpsrQ%3D