Is BMW Bank Legit? Who Owns It, FDIC Insurance and Rates
BMW Bank of North America is an FDIC insured bank owned by BMW Financial Services. Who stands behind it, how your money is protected through Raisin and what its savings account pays.
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Yes. BMW Bank of North America is a real, FDIC insured bank (certificate 35141) based in Salt Lake City, Utah, and a wholly owned subsidiary of BMW Financial Services NA, LLC. It has been FDIC insured since 1999 and held about $13.8 billion in assets as of June 30, 2026. Its high yield savings account pays 4.15% APY (as of Nov 5, 2026, per Raisin) and is opened through Raisin, a savings marketplace. Deposits are eligible for FDIC insurance up to $250,000 per depositor, per ownership category.
BMW Bank is best known for financing BMW cars, so a savings account with its name on it can look like a marketing gimmick. It is not. Here is who stands behind it, how your money is protected and what to watch for. For the full account details, read our BMW Bank High Yield Savings review.
Who owns BMW Bank?
BMW Bank of North America is a wholly owned subsidiary of BMW Financial Services NA, LLC, the company that finances BMW vehicles in the US, according to BMW’s 2025 securities filings with the SEC. The bank also originates auto loans that BMW Financial Services packages and sells to investors.
| Fact | Details |
|---|---|
| Legal name | BMW Bank of North America |
| FDIC certificate | 35141 (active) |
| Headquarters | Salt Lake City, Utah |
| FDIC insured since | Nov 12, 1999 |
| Total assets | About $13.8 billion (June 30, 2026) |
| Total deposits | About $9.5 billion (June 30, 2026) |
| Parent | BMW Financial Services NA, LLC |
From the FDIC’s BankFind records and BMW FS Securities’ 2025 SEC filing, checked Nov 4, 2026.
Is money at BMW Bank FDIC insured?
Yes. BMW Bank is an FDIC member. Because you open its savings account through Raisin, your money sits in a custodial account for your benefit at BMW Bank and is eligible for pass through FDIC insurance up to $250,000 per depositor, per ownership category, as long as the FDIC’s record keeping rules are met. The insurance covers the failure of BMW Bank. Raisin itself is not a bank, so the protection depends on Raisin keeping accurate records of whose money is whose.
What does BMW Bank’s savings account pay?
| Feature | BMW Bank High Yield Savings |
|---|---|
| APY | 4.15% (variable), as of Nov 5, 2026 per Raisin |
| Minimum to open | $1 |
| Monthly fee | None |
| Where you open it | Raisin (Raisin says the account is available exclusively on its platform) |
| Interest on $10,000 for a year | $415 |
| Cash bonus | Up to $1,000 for new Raisin customers with code STACK, through Nov 30, 2026 |
Rate from Raisin’s BMW Bank product page, checked Nov 4, 2026. Rates are variable and can change after you deposit.
4.15% APY is well above the savings rates at most big banks, though a few accounts we track pay more. See where it ranks in our best high yield savings accounts.
The STACK bonus, if you open now
| Total new deposits on Raisin | Welcome bonus |
|---|---|
| $10,000 to $24,999 | $40 |
| $25,000 to $49,999 | $100 |
| $50,000 to $99,999 | $200 |
| $100,000 to $199,999 | $425 |
| $200,000 or more | $900 |
Raisin’s STACK terms, checked Nov 4, 2026: new Raisin customers only, code STACK at sign up, first deposit started by Nov 30, 2026, 11:59pm ET, money deposited within 14 days and kept on Raisin for 90 days. An extra $10 to $100 is paid if you also put $1,000 or more in a second product type. Paid to your Raisin Cash Account within 30 days of meeting the terms. Raisin can change or end the offer at any time. Full details in our Raisin STACK bonus guide.
What are the downsides?
- You bank through Raisin, not BMW. Sign up, deposits, withdrawals and support all run through Raisin’s website and app.
- Raisin’s app is weakly rated: 2.9 on the App Store and 2.5 on Google Play when we checked on Nov 3, 2026.
- No debit card or ATM access. Money moves by transfer between your linked bank account and Raisin.
- The rate is variable and can drop at any time.
Is BMW Bank a good place for your savings?
For money you want to park and leave alone, it is a legitimate, insured option with a competitive rate, no fees and a $1 minimum. If you want a full service bank with checking, a debit card and a strong app, a bank like Ally fits better, but it pays less; compare them in BMW Bank vs Ally. If you are weighing Raisin itself, read is Raisin legit?
Frequently asked questions
Is BMW Bank a real bank?
Yes. BMW Bank of North America is an FDIC insured bank (certificate 35141) based in Salt Lake City, Utah, insured since 1999 and owned by BMW Financial Services NA, LLC.
Is BMW Bank FDIC insured?
Yes. Deposits are eligible for FDIC insurance up to $250,000 per depositor, per ownership category. Through Raisin, coverage is pass through insurance on a custodial account held for your benefit at BMW Bank.
Can I open a BMW Bank savings account directly?
Raisin says the BMW Bank High Yield Savings account is available exclusively on its platform, so you open and manage it through Raisin.
What is BMW Bank’s savings rate?
4.15% APY as of Nov 5, 2026, per Raisin. The rate is variable.
Does BMW Bank savings have fees?
Raisin says there are no account fees, and the minimum deposit is $1.
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