HomeStreet Bank Review: A Variety of Savings Products With High APYs

4.5

GBR RATING

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GOBankingRates Score

Quick Take: HomeStreet offers reasonably competitive APYs on savings products such as high-yield money market, savings and CD accounts. Most of the checking and savings accounts also come with no monthly maintenance fees or service charges. It also has a user-friendly website and mobile app to make direct deposit and autopay for your bills a bit more convenient.

HomeStreet Bank Overview 

Founded in Seattle in 1921, HomeStreet is a regional bank predominantly serving the West Coast and more specifically with branch locations in Washington, Oregon, Idaho, California, Arizona and Hawaii. HomeStreet is quickly growing and offers a variety of banking products including deposit accounts, mortgages, motor vehicle loans, residential construction loans, real estate financing, IRAs and insurance options. 

HomeStreet Bank: Key Features

There’s no shortage of bank account options when it comes to where you can deposit your paycheck at HomeStreet. This bank has earned a 4.5 star rating from GOBankingRates based on key features, including the following: 

• Checking accounts
• Savings account
• CD account
• Money market account

Checking Accounts 

Your checking account is the foundation of your daily banking, so making transactions should be both easy to operate and track. HomeStreet offers two options.

• Free Checking: This free account requires a $100 minimum opening deposit, but has no minimum daily balance on top of that. There are no monthly service charges if you go paper-free. However, if you opt for paper statements, there is a $5 monthly fee unless you are under 18 or over 62.
• Interest Checking: To make your money really work for you, try the HomeStreet Interest Checking account. A $2,500 minimum opening deposit is required to open the account, and the interest rate tiers start with an account balance equal to or greater than the minimum daily balance of $2,500. The $10 monthly service charge can be waived when you keep at least $2,500 or more in your account.

2. Savings Accounts 

HomeStreet Bank offers the Personal Savings account, a straightforward option for simple, low-fee savings. Here are some features to consider: 

• $200 opening minimum deposit requirement
• $200 minimum daily balance requirement 
• You can earn interest on your entire account balance.
• Linking your savings to your HomeStreet checking account offers overdraft protection.

3. CD Accounts 

HomeStreet offers a variety of certificates of deposit, or CDs, with several term lengths and competitively high APY options. Before investing in a CD make sure you are OK with not accessing these funds until the account reaches maturity otherwise you could incur an early withdrawal penalty.

4. Money Market Account

If you are looking for a savings product where you can earn more interest than a basic account then HomeStreet’s Personal Money Market account might be right for you. Here are some key takeaways: 

• $1,000 minimum opening deposit requirement.
• $1,000 minimum daily balance requirement.
• $5 monthly service charge if you don’t maintain a minimum daily balance of $1,000.
• You can have up to 10 withdrawals per statement cycle for free.
• There are tiered interest rates for higher balances.

How HomeStreet Bank Stands Out 

Simply put, HomeStreet Bank may only be moderately competitive when it comes to the APY or interest rates it tacks on to your savings products, but the accounts keep your daily banking simple and typically fee-free. Some bigger national chains or online banks may have more enticing offers but may lack the customer service or personal banking experience HomeStreet can give you.

HomeStreet Bank vs. Competitors 

If you are looking to open a new account or are just in search of a bank or credit union with great customer service and products that better fit your financial needs, it’s never a bad idea to do some comparative analysis. 

HomeStreet vs. Valley Bank

Valley National Bank is better for customers who want a wide range of products and multiple checking account options. HomeStreet also offers a slew of products and services and, in many cases, offers higher APYs than the national average for both its savings accounts.

HomeStreet vs. Farmers Insurance Federal Credit Union

Though both financial institutions offer competitively high APYs on a variety of products, Farmers Insurance Federal Credit Union does edge out HomeStreet Bank in the area it covers and the availability. 

Final Take To GO: Is HomeStreet Bank Right For You?

HomeStreet is a great option, especially if you live on the West Coast or Hawaii, and want simple and straightforward banking options. It doesn’t hurt that many of the savings accounts offer you a chance to earn some pretty decent interest rates. 

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 12, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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