OneWest Bank Rates & Reviews

OneWest Bank

OneWest Bank, based in Pasadena, Calif., is a regional bank whose stated aim is to work with organizations that strengthen communities. The bank was established in 2009 and has grown rapidly by acquiring other Southern California banks through government-assisted transactions.

With 82 retail branches in Southern California, the bank has approximately $27 billion in total assets as of 2010. Through its OneWest Foundation, the institution has supported various community initiatives, including financial literacy and home buyer education programs for low- to moderate-income families. It also has provided funding to health care initiatives and programs for affordable housing.

Deposit accounts

The bank offers a Value Checking Account and Premium Checking Account for personal banking customers. There are three money market accounts and two savings accounts to choose from. CD accounts are available for terms ranging from one month to five years.

Lending products

OneWest offers a variety of lending options. The bank operates Financial Freedom, a reverse mortgage lender. Mortgage loans are available through its IndyMac Mortgage Services division. In addition to mortgage loans to purchase or refinance a home, the bank offers assistance to borrowers who are having trouble making mortgage payments.

Deposit insurance

OneWest Bank, FSB, is a member bank of the Federal Deposit Insurance Corporation. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.