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WaFd Bank might be ideal if you'd like to bank with a brick-and-mortar institution with 24/7 customer support. The bank's strongest product is its WaFd Bank Free Checking Account, which has zero monthly fees. Its savings accounts pay low interest rates and may involve monthly service fees, though.
WaFd Bank: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 4.25 |
| CD | 4 |
| Money market account | 4 |
| Trustworthiness | 4.5 |
| Total | 4 |
WaFd Bank: Pros and Cons
| Pros | Cons |
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WaFd Bank Personal Savings Account Rates
$3 monthly service fee
0.10%
$25 ($10 for minors)
- $25 minimum opening deposit
- Possible to waive the monthly service fee
- Low interest rate
- $3 monthly service fee
- Need to keep $100 in account to earn interest ($10 for minors)
- Over 200 branches in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico, and Texas
- Access to over 37,000 fee-free ATMs through the MoneyPass ATM network
- You may open a Personal Savings Account for a minor and there's a $0 monthly service fee until they reach the age of 18
- Keep at least $100 in your account daily to earn interest ($10 for minors)
- To waive the $3 monthly service fee, maintain at least $100 in your account daily
- Interest compounded daily, deposited monthly
- Member FDIC
The WaFd Bank Personal Savings Account might be worth exploring if you'd like to open a traditional savings account for your child — monthly service fees are automatically waived for minors, and you'll only need an initial deposit of $10.
If you're over the age of 18, you'll need to maintain at least $100 in your account to earn interest and avoid a $3 monthly service fee. Our best high-yield savings accounts guide will also feature more suitable choices for earning a high interest rate.
WaFd Bank Free Checking Account Overview
no monthly service fee
None
$25
- $25 minimum opening deposit
- No monthly service fees
- Overdraft protection available
- No out-of-network ATM fees
- $30 overdraft fee
- $5 overdraft protection transfer fee
- No reimbursements if you're charged by an out-of-network ATM
- Over 200 branches in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico, and Texas
- Access to over 37,000 fee-free ATMs through the MoneyPass ATM network
- You may link your checking account to a WaFd Bank savings account as overdraft protection
- Member FDIC
The WaFd Bank Free Checking Account is a solid checking account. It has a low minimum opening deposit and zero monthly service fees.
Customers also have access to over 37,000 free ATMs through the MoneyPass ATM network and won't be charged by WaFD Bank for using an out-of-network ATM. (However, the provider may still impose a fee.)
WaFd Bank CD Rates
up to 4.35%
$1,000
- Standard CD terms
- Standard early withdrawal penalties
- Low interest rate
- $1,000 minimum opening deposit
- Over 200 branches in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico, and Texas
- Access to over 37,000 fee-free ATMs through the MoneyPass ATM network
- Terms range from 3 months to 5 years
- Earn a higher interest rate on CDs with a minimum of $90,000
- CD early withdrawal penalties: 90 days interest for terms CDs of 1 year or less; 180 days of interest for terms between 1 year and 4 years; 365 days of interest for terms of 4 years or more
- Interest compounded daily, deposited monthly
- Member FDIC
WaFd Bank has a special 13-month CD that pays a good interest rate for a brick-and-mortar institution — you'll also earn a higher rate if you have a WaFd checking account.
If you're considering other term lengths, though, online banks or credit unions pay the best CD rates.
WaFd Bank Personal Money Market Account Rates
$10 monthly service fee
0.15% to 0.20%
$25
- $25 minimum opening deposit
- Possible to waive monthly service fee
- Debit card option
- Must request checks
- Low interest rate
- $10 monthly service fee
- Need to keep $1,000 in account to earn interest
- Over 200 branches in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico, and Texas
- Access to over 37,000 fee-free ATMs through the MoneyPass ATM network
- Keep at least $1,000 in your account daily to earn interest
- To waive the $10 monthly service fee, maintain at least $1,000 in your account daily
- Earn 0.15% APY on account balances between $1,000 and $89,999
- Earn 0.20% APY on account balances over $90,000
- Interest compounded daily, deposited monthly
- Member FDIC
While the WaFd Bank Personal Money Market Account has a low minimum opening deposit, the money market account isn't as appealing as the bank's other products.
You'll need to maintain at least $1,000 in your account to earn interest and waive the $10 monthly service fee. Our best money market accounts guide also includes options with higher interest rates.
About WaFd Bank
Washington Federal, Inc. (WaFd Bank) is a brick-and-mortar financial institution with over 200 branches. WaFd Bank serves residents in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico, and Texas and has over 37,000 fee-free ATMs through the MoneyPass ATM network.
Customer service is available 24/7 by phone.
The bank's mobile app has 4.8 out of 5 stars in the App Store and 2.9 out of 5 stars on the Google Play Store.
WaFd Bank is a Member FDIC bank, so you may safely keep up to $250,000 in an individual bank account.
Is WaFd Bank Trustworthy?
WaFd Bank doesn't have any recent public controversies.
We also consider ratings from Better Business Bureau, which looks at how a business responds to customer dilemmas. WaFd Bank received a B rating from the BBB due to a few customer complaints that are still unanswered or unresolved.
How WaFd Bank Compares
WaFd Bank vs. Chase Bank
Chase Bank has branches in 48 US states, so it's the better choice if you want a larger branch network.
Both WaFd and Chase have several checking accounts to choose from, so the best choice could come down to what you're looking for. But Chase checking accounts all charge a monthly fee (unless you qualify to waive it), whereas WaFd has a free checking account.
WaFd Bank vs. U.S. Bank
U.S. Bank is available in most of the same states as WaFd Bank.
If your priority is to avoid monthly service fees, WaFd Bank will likely be your first choice. In addition to having a free checking account, WaFd Bank has lower minimum balance requirements on savings accounts and money market accounts.
U.S. Bank's minimum deposit for CDs is lower than WaFd's, so it could be a better option if you don't have much money to get started.
Why You Should Trust Us: How We Reviewed WaFd Bank
We rate bank accounts on a scale from one to five stars. For WaFd's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For WaFd's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
WaFd Bank FAQs
WaFd Bank is available to residents in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico, and Texas.
WaFd Bank lets you open an account online or at a branch. To open an account, you must be a US Citizen or permanent US resident. If you're opening a joint account, at least one person must be over the age of 18.
You'll need a minimum of $25 to open a savings account, checking account, or money market account. If you're opening up an account for a minor, the bank allows you to open a savings account with $10. CDs require an initial deposit of $1,000.
WaFd Bank might be a good option if you're looking to open a checking account at a brick-and-mortar bank. The WaFd Bank Free Checking Account has zero monthly service fees and out-of-network ATM fees.
If you're looking to open a savings account, other financial institutions may offer a higher interest rate.
