Savings and Money Market Questions

Banking Frequently Asked Questions

expand +What is a OneWest Premium Money Market Account?
Our OneWest Premium Money Market Account is a liquid savings account that pays a variable rate of interest and allows deposits, transfers and withdrawals with limited check writing. It does require a higher minimum opening deposit than our Personal or Green Savings Account ($1,000 minimum opening deposit versus $100 for a savings account).
expand +How do I open a OneWest Premium Money Market Account?
Accounts can be opened by visiting one of our branches, online, or by calling the Client Care Center at 877.741.9378.
expand +How do I open a Personal Savings Account?
Accounts can be opened by visiting one of our branches, online, or by calling the Client Care Center at 877.741.9378.
expand +How do I open an online Green Savings Account?
Accounts can be opened at www.OneWestBank.com.
expand +How much do I need to open a Personal or online Green Savings Account?
Both accounts can be opened with a minimum of $100.
expand +How can I make deposits into my OneWest Bank Premium Money Market Account?
We accept deposits via mail, wire transfer, ACH, or at any OneWest Bank Branch, ATM machine, or night depository. To mail your deposit, please send it to: OneWest Bank Fulfillment – 3rd Floor (LK03-03) P.O. 7056 Pasadena, CA 91109-9699
expand +Can I arrange for a specific dollar amount to be deposited automatically into my OneWest Premium Money Market Account?
Yes. You can arrange for interest from other accounts to be transferred into your OneWest Premium Money Market Account, or you can arrange for direct deposits from outside sources into your account. (Direct deposits are set up by the institution or business sending the funds.)
expand +How can I make deposits into my Personal Savings Account?
We accept deposits via mail, wire transfer, ACH, or at any OneWest Bank Branch, ATM machine, or night depository. To mail your deposit, please send it to: OneWest Bank Fulfillment – 3rd Floor (LK03-03) P.O. 7056 Pasadena, CA 91109-9699
expand +How can I make deposits into my online Green Savings Account?
We accept deposits via mail, wire transfer, ACH, or at any OneWest Bank Branch, ATM machine, or night depository. To mail your deposit, please send it to: OneWest Bank Fulfillment – 3rd Floor (LK03-03) P.O. 7056 Pasadena, CA 91109-9699
expand +How do I wire transfer funds into my Personal or online Green Savings Account?
Wire transfers are originated at the institution from which the funds are withdrawn. Provide the institution with your name and account number, and OneWest Bank’s name and routing number (routing # 322270288).
expand +How do I withdraw funds from my OneWest Premium Money Market Account?
You may make unlimited transfers and withdrawals in person at a OneWest Bank Branch or at an ATM, or by mail. You may make up to six preauthorized or automatic transfers or withdrawals from the account to other accounts (including other OneWest accounts), withdrawals by check, draft or similar device, point-of-sale debits, and debit card transactions per statement cycle. An excess activity fee will be charged for each of these transactions exceeding the limit during the statement cycle period.
expand +Do I have to keep a minimum balance in my OneWest Premium Money Market Account?
Our OneWest Premium Money Market Account requires a minimum opening deposit of $1,000. There is a monthly service charge of $10 if the average balance for the month falls below $10,000.
expand +How is interest paid on a OneWest Bank Premium Money Market Account?
Interest is compounded daily and deposited into your account monthly.
expand +What is the difference between a Certificate of Deposit and a Money Market Account?
A Certificate of Deposit (CD) is a time deposit requiring you to deposit an amount of money for a specified length of time in order to benefit from the interest rate offered. Any withdrawals from the account prior to maturity (other than any interest already credited) are subject to an early withdrawal penalty, and additional deposits are generally permitted during the CD's 7-day grace period, after maturity. A Money Market account on the other hand is a liquid account. This means you can make deposits, limited withdrawals and transfers, or close the account at any time without penalty.

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