Mission Valley Bank Review
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Discover a wide range of savings opportunities with Mission Valley Bank, including high-yield accounts available through Raisin.
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Overall Score | 4.3 | ||
Savings | 5.0 | ||
CD | 5.0 | ||
Money Market | 3.0 | ||
Customer Service | 4.0 | ||
Pros and Cons
- Various savings options
- Monthly fees can be waived
- Limited physical branches
Bottom Line
California-based bank with various savings options, including high-yield accounts via Raisin
Want to grow your funds? Mission Valley Bank has your banking needs covered. It has a variety of savings options to help you steadily grow your wealth.
Plus, they also offer an exclusive high-yield savings account and CDs through Raisin.
With that, let's see what else Mission Valley Bank has in store.
What is Mission Valley Bank?
Founded in 2001, Mission Valley Bank is a community bank headquartered in Sun Valley, California. They put their clients first by providing a wide range of banking and borrowing services. [1]
Whether you're an individual or a business, they've got various checking, savings, and lending solutions for you. Plus, they offer exclusive high-rate savings options through Raisin.
High Yield Savings Account - 5.15% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Pros and Cons
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Pros
- High-yield savings and CDs through Raisin
- Various savings options
- Monthly fees can be waived
- Extensive ATM network via STAR and PLUS
- FDIC-insured
Cons
- Limited physical branches
- Some accounts have low rates
Savings Accounts
Mission Valley Bank has a High Yield Savings Account offered through Raisin. It comes with an impressive interest rate, no monthly fees, and only needs $1 to start.
Raisin is an online platform that partners with different banks to provide savings products that feature good rates and low account minimums. This means you can open and handle multiple savings accounts, money market accounts, and CDs all in one place.
You can also directly open a Personal Savings Account with Mission Valley Bank. However, it has a monthly service charge which can be waived by maintaining a certain minimum daily balance.
How to open a Mission Valley Bank savings account via Raisin:
- Go to Mission Valley Bank on Raisin and click on Savings.
- Open an account with your name, SSN, date of birth, and address.
- Link a bank account so you can fund your savings product ($1 minimum deposit).
Certificates of Deposit
You can also get Mission Valley Bank CDs through Raisin. They've got a 1-month High-yield CD and a 3-month No-penalty CD.
Both come with competitive rates that can pump up your savings. And, you can get started with just $1.
Mission Valley Bank also directly offers CDs with rates based on your deposit amount and the term length. They have standard CDs for deposits less than $100,000 and Elite CDs for deposits of $100,000 or more.
1-Month High-Yield CD - 5.15% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
3-Month No-Penalty CD - 5.15% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
How to open a Mission Valley Bank CD via Raisin:
- Go to Mission Valley Bank on Raisin and click on High-yield CDs or No penalty CDs.
- Open an account with your name, SSN, date of birth, and address.
- Link a bank account so you can fund your savings product ($1 minimum deposit).
Money Market Account
If you need to transfer and withdraw money more conveniently, consider Mission Valley Bank's Personal Money Market Account. It offers variable tiered interest rates depending on your account balance.
It does have a monthly fee, but you can skip it if you meet the minimum average daily balance requirement. [2]
How Much Can You Earn?
Use this savings calculator to see how much your money can grow with Mission Valley Bank:
Depositing and Withdrawing Funds
When you open an account through Raisin, you can move money between your external bank account and your Raisin account. These transfers usually take 1-3 business days.
Meanwhile, for accounts directly from Mission Valley Bank, you can access your funds through the following:
- Withdrawing or depositing at a physical branch
- Using your Mastercard debit card at an ATM
- Send and receive funds through wire transfer
- Set up direct deposit
- Get a cashier's check
Who is It Best For?
Mission Valley Bank is an excellent option for those looking to increase their savings, especially with their offerings through Raisin. You'll find various high-yield savings options perfect for growing your funds. With Raisin, you can easily manage multiple accounts all in one place.
It is also a solid choice for a full-service bank in California. They offer everything from checking and savings accounts to loans and credit options.
How Mission Valley Bank Compares
High-Yield Savings Premier - 5.31% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
CIT Bank Platinum Savings - 4.85% APY
- 4.85% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
CIT Bank Term CDs - Up to 3.50% APY
- Up to 3.50% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
| Term | CD Rates |
|---|---|
| 6 Month | 3.00% APY |
| 1 Year | 0.30% APY |
| 13 Month | 3.50% APY |
| 18 Month | 3.00% APY |
| 2 Year | 0.40% APY |
| 3 Year | 0.40% APY |
| 4 Year | 0.50% APY |
| 5 Year | 0.50% APY |
Is Mission Valley Bank Legitimate?
Yes, Mission Valley Bank is a safe and legitimate institution. They are an FDIC member (Certificate #57101) which means deposits are federally insured up to $250,000 for individual accounts and $500,000 for joint accounts.
Rest assured you'll get your money back if the bank goes under.
Bottom Line
Mission Valley Bank offers several interest-bearing accounts for those looking to boost their funds. Plus, they provide exclusive high-yield savings opportunities through Raisin, perfect for anyone aiming to maximize their savings.
If you're still on the fence, try looking at more high yield savings!
References
- ^ Mission Valley Bank. Our Story, Retrieved 04/22/2024
- ^ Mission Valley Bank. Personal Savings Choices, Retrieved 04/22/2024
High Yield Savings Account - 5.15% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 9/30/2024.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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