Mission Valley Bank Review: High APY Online Account

When it comes to finding the right bank, most savers prioritize a mix of high interest rates and low fees. Surprisingly, the right combination can be difficult to find. But Mission Valley Bank is one option for savers seeking this elusive combination. And if you’re primarily interested in high-yield savings accounts and CDs, Mission Valley might be just what you need to move your finances in a positive direction.

That said, Mission Valley Bank’s checking accounts require relatively high minimum balances to waive their monthly fees. And its website does prospective customers a disservice by not providing them with transparent details about its products.

What Is Mission Valley Bank?

Mission Valley Bank opened its doors in 2001. The California-based bank serves both businesses and individuals, with a focus on the Los Angeles area’s Sun Valley community. It offers two physical branch locations. But even if you don’t live in the area, you can work with the bank and access its services through an online platform.

What Does It Offer?

Mission Valley Bank offers both personal and business banking products. On the business side, you’ll find checking accounts, savings accounts, accounts receivable financing, lending solutions, and more. But, for the purposes of this review, I will focus on the personal deposit products available through the bank. 

High-Yield Savings Account

Through a partnership with Raisin, Mission Valley Bank offers a high-yield savings account. You can earn a 5.12% annual percentage yield (APY) on the savings you stash in this account. That’s a competitive interest rate when compared with other high-yield savings account options.

The financial institution also offers its own savings account that’s not affiliated with Raisin. It has an APY of 0.4%, and accountholders must maintain a $500 minimum balance to avoid a $3 monthly fee.

Check out the Mission Valley High Yield Savings Account here >>

Certificates Of Deposit

Mission Valley Bank offers two different certificates of deposit (CDs) through Raisin. The first is a one-month CD with a 5.32% APY. The second is a three-month, no-penalty CD with a 5.35% APY. Both are relatively competitive CD rates.

Mission Valley Bank also offers Elite CDs. These are jumbo CDs that require a minimum deposit of at least $100,000. Their available terms range from 30 days to five years, and they have an APY of 1.26%.

Savers looking for a short-term place to stash their savings might enjoy the locked-in rate offered by a CD. If you might need the funds, sticking with a high-yield savings account could be a better solution. 

Check out the Mission Valley No Penalty CD Here >>

Interest-Bearing Checking Account

Mission Valley Bank offers an interest-bearing checking account with tiered APYs for the following balances:

• Balances between $2,500 and $9,999.99 earn 0.05% APY.
• Balances between $10,000 and $49,999 earn 0.1% APY.
• Balances of $50,000 or more earn 0.2% APY.

Balances below $2,500 do not earn interest and will be subject to a $15 monthly fee.

While an interest-bearing checking account is an intriguing option, the APY offered by Mission Valley Bank isn’t very competitive with the top interest-bearing checking accounts out there. 

Are There Any Fees?

The high-yield savings account and CDs available through Mission Valley Bank’s partnership with Raisin don’t charge any monthly fees. Each of these options only requires a $1 minimum deposit.

Some of the products offered directly through Mission Valley Bank, however, have relatively high fees. All three of the bank’s personal checking accounts charge monthly fees ranging from $8 to $15 if you don’t meet their minimum balance requirements, which range from $1,500 to $2,500.

How Does Greenlight Compare?

Mission Valley Bank isn’t the only banking option out there. Here’s how the bank stacks up.

If getting the maximum APYs you can is the most important factor for you when selecting a bank, other banks edge out Mission Valley Bank. For example, Western Alliance Bank, which also partners with Raisin, is currently offering a 5.51% APY on a 12-month CD term, and its high-yield savings account APY is also slightly higher than the APY offered by Mission Valley Bank.

Alternatively, if you’re looking for a balance of competitive rates and accessible branches, you might consider Pacific Western Bank. Its branch network extends throughout Central and Southern California, and it also has one branch each in Colorado and North Carolina. Its high-yield savings account and CD APYs are comparable to the APYs offered by Mission Valley Bank.

How Do I Open An Account?

If you want to open one of Mission Valley Bank’s high-yield savings accounts or CD options, you’ll need to sign up through Raisin. Be prepared to provide an email address, name, password, Social Security number, and funding account information. This will be completed online.

If you want to work with another account option through Mission Valley Bank, you must call the bank at 818-394-2300 to get started. Another option is to sign up for the account in person at one of its two branches. 

Is It Safe And Secure?

Mission Valley Bank safeguards your deposits through the Federal Deposit Insurance Corporation (FDIC). With this insurance, your funds are protected for up to $250,000 per depositor, per bank. This protection extends to Mission Valley Bank accounts you open through Raisin.

How Do I Contact Mission Valley Bank?

You can connect with Mission Valley Bank by calling 818-394-2300 or 661-753-5693. You also have the option to stop by one of the two physical branch locations in Sun Valley and Valencia, California. 

Is It Worth It?

Mission Valley Bank offers an opportunity for savers to put their funds to work. The high-yield savings account and CD options available through the bank’s partnership with Raisin are both worthwhile, and it might be an appealing local bank option for those who live in Sun Valley or Valencia, California. But the reality is that you can find higher rates, lower minimum balances, and lower fees elsewhere.

As you consider opening an account, explore all of your options. A careful look at a bank’s available rates, range of products, and branch locations will help you find the best opportunity for your unique situation.

Mission Valley Bank Features