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Updated: Jan 01, 2024

Pacific Western Bank Money Market Deposit Account 2024 Review

We review the Pacific Western Bank Money Market Deposit account (via Raisin) to see if the interest rates, fees, and account features are worth your time.
4.0
Editor's Rating
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Pacific Western Bank offers one of the best money market account rates around, with a $1 minimum opening deposit. There are no fees and you can manage your savings 24/7 online. 

Our Verdict

The Pacific Western Bank Money Market Account is suited to savers who are comfortable with online banking and want to earn a great rate. The APY is one of the highest you'll find at online banks and the fees are among the lowest. 

This account could be an excellent pick for people who:

  • Prefer money market savings to traditional savings accounts
  • Don't need ATM or debit card access to their money market account
  • Need a low opening deposit requirement
  • Are comfortable with online-only banking

To qualify for the highest APY, you'll need to open your Pacific Western Bank Money Market Account through Raisin. Pacific Western partners with Raisin to offer savers the best rates with the lowest fees and opening deposit requirements.

Pacific Western Money Market Deposit Account Pros & Cons

Pros
  • Exception APY on all balances
  • No monthly service fee or any other fees
  • No minimum balance requirements
  • FDIC-insured up to the applicable limits
Cons
  • No debit card, ATM, or check-writing
  • Must be opened via Raisin

Compare Savings Options

Be sure to check out these savings accounts worth considering:

Savings
Checking
CDs

Compared to Other Online Savings Accounts

Quontic Bank Money Market Account

The Quontic Bank Money Market features an impressive APY that's on par with other top money market accounts. You'll get check-writing privileges and a debit card with this account, with the option to withdraw cash fee-free at more than 90,000 ATMs. The minimum opening deposit is $100 and there are no hidden fees. 

Read our review

Sallie Make Money Market Account

Sallie Mae offers a money market account with a solid APY and no monthly maintenance fees. There are no minimum balance requirements and you have the option to write checks from your account. Transfers to and from other banks are free and deposits are FDIC-insured. 

Read our review

Discover Bank Money Market Account

The Discover Bank Money Market Account has tiered rates, one for balances under $100,000 and another for balances over $100,000. Both are above-average for money market accounts and there are no monthly fees. You can also access your money at ATMs without a fee. 

Read our review

CIT Bank Money Market Account

CIT Bank offers online money market accounts, savings accounts and CD accounts. While this account does earn interest, the APY isn't as high as what you could get with some of the other banks on our list. You'll need $100 to open an account and there are no monthly maintenance fees. 

Read our review

Interest Rates

Pacific Western Bank's money market account offers a great APY if you open your account through Raisin. If you were to open your account directly through Pacific Western, you'd earn a lower rate. 

If you're hoping to find the best high-yield money market accounts, here are a few tips for comparing banks. 

  • You'll typically earn a better rate with an online bank than a traditional bank or credit union. 
  • Money market rates can sometimes beat high-yield savings account rates or CD rates, but they don't always. 
  • Rates might be tiered, so that you'll earn a different APY depending on your balance. 
  • Money market account rates can fluctuate over time. 

You might check with your current bank to see what kind of rates are available for money market accounts. But if the rates are low, it's a good idea to search online for the best money market options. 

Fees

Fees can take away from any interest you earn with a money market account or savings account. 

When you open a Pacific WesternBank money market account with Raisin, you'll pay no fees at all.

That's another great reason to consider opening this money market account versus one from a different bank. Fewer fees mean you get to keep more of your interest earnings. 

ATM Access

Getting an ATM card or debit card with a money market account is a nice plus if you'd like to be able to withdraw cash.

Unfortunately, you won't get either one with the Pacific Western Bank Money Market Account when you open it through Raisin. 

That could be a good thing, however, since it can keep you from dipping into your savings unnecessarily. 

Account Management

If you want to manage your account, you can log in through the Raisin website. Once logged in, you can:

  • Check balances
  • Review transaction history
  • View statements
  • Schedule transfers to and from external bank accounts

Raisin also offers a mobile banking app that's available in the App Store. The app only had a two-star rating at the time of this writing, so you might be better off logging in from your laptop or tablet instead. 

FDIC Insurance

Pacific Western Bank is an FDIC-member bank. That means your deposits are covered by FDIC insurance.

FDIC insurance helps to preserve deposits if a bank should fail. Credit unions have something similar through the National Credit Union Administration (NCUA).

Deposits at FDIC-member banks are insured to certain limits. The current FDIC insurance limit is $250,000 per depositor, per account ownership type, per financial institution. 

What to Look for in a Money Market Savings Account

Money market accounts aren't all the same and one bank might work better for you than another. If you're on the hunt for a money market account, here's a checklist for comparing individual banks. 

  • Accounts offered (i.e. money market, checking, savings, CDs, etc.)
  • Interest rates and APY
  • How rates apply (are they tiered or do all balances earn the same APY?)
  • Check-writing privileges
  • ATM or debit card access
  • Minimum deposit requirements
  • Minimum balance requirements 
  • Monthly fees, if any
  • Other fees, such as excess withdrawal fees or wire transfer fees
  • Online and mobile banking access
  • Branch banking access
  • Savings features and money management tools (like buckets or automatic round-ups)
  • Deposit and withdrawal limits
  • Overdraft protection
  • Customer service
  • Overall user experience

The more thoroughly you research different money market accounts, the easier it should be to find the right one for you. 

You can quickly compare savings accounts at online banks and traditional banks to see what options you have. 

Frequently Asked Questions

Is Raisin a bank?

No, Raisin is not a bank. Raisin is a financial marketplace that partners with banks and credit unions to offer high-yield savings accounts, money market accounts and CDs. 

Is my money safe in Pacific Western Bank?

Whether you open an account through Pacific Western Bank directly or with Raisin, your accounts are safe. Pacific Western Bank is an FDIC-member bank, so your deposits are insured up to $250,000. 

How do I withdraw money from Raisin?

When you open a bank account through Raisin, you'll need to link it to an existing bank account. Once your accounts are linked, you can move money between them using an ACH transfer.