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Washington State Employees Credit Union is a great option if you live in Washington and would like to open accounts with low or no minimum opening deposits. It also might be worthwhile if you're searching for a rewards checking account or high CD rates. If you don't live in Washington, you can still find the best CD rates at online banks.
Washington State Employees Credit Union Review: Overall Rating
| Feature | Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 4 |
| Money market account | 3.75 |
| CD | 3.75 |
| Trustworthiness | 4.5 |
| Total | 4 |
Washington State Employees Credit Union Pros and Cons
| Pros | Cons |
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Washington State Employees Credit Union Bank Account Reviews
WSECU Personal Savings Account
no monthly service fee
0.20%
$5
- Low minimum opening deposit
- No monthly service fees
- Create a sub-account for a personal savings goal
- Low interest rate
- 24 locations in the state of Washington
- Part of the CO-OP Shared Branch and ATM networks, so you'll have access to 5,000 shared branches and 30,000 surcharge-free ATMs nationwide
- To become a member of Washington State Employees Credit Union, you must live or work in the state of Washington
- Must maintain at least $5 in your account to maintain membership
- Interest compounded and deposited monthly
- Federally insured by the NCUA
To become a member of Washington State Employees Credit Union, you must open the WSECU Personal Savings Account with at least $5.
One unique perk of this savings account is that you can create sub-accounts to help you save for individual personal finance goals. To create a sub-savings account, you'll log into online banking, click on the "Apply" tab, and choose "savings account."
WSECU Cash Back Checking Account
no monthly service fee
None
$0
- No minimum balance requirement
- No monthly service fees
- Earn cash back on debit card purchases (greater perks if you have direct deposits of $1,000 or more per month)
- Early direct deposit
- Overdraft protection available
- No out-of-network ATM fees
- $27 overdraft fee
- $2 overdraft protection transfer fee
- $1 fee per paper check
- Won't reimburse you if you're charged by an out-of-network ATM provider
- 24 locations in the state of Washington
- Part of the CO-OP Shared Branch and ATM networks, so you'll have access to 5,000 shared branches and 30,000 surcharge-free ATMs nationwide
- To become a member of Washington State Employees Credit Union, you or a family member must live, work, worship, or go to school in the state of Washington
- If you receive direct deposits of $1,000 or more each month, earn 1% cash back on debit purchases involving gas, restaurant, and airlines, and $0.05 cash back on other debit card purchases
- If you don't meet these requirements, you'll earn $0.05 cash back on all debit card purchases
- Overdraft protection that links your checking account to a savings account
- Federally insured by the NCUA
If your priority is to open a rewards checking account, you may like the WSECU Cash Back Checking Account.
This account works best if you receive direct deposits of $1,000 or more each month. That way, you'll earn 1% cash back on debit purchases involving gas, restaurant, and airlines, and $0.05 cash back on other debit card purchases. Otherwise, you'll earn $0.05 cash back on all debit card purchases.
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WSECU Performance Money Market Account
no monthly service fee
0.75% to 1.20%
$0
- Higher interest rate than other brick-and-mortar financial institutions
- Low minimum opening deposit
- No monthly service fees
- Paper checks option
- Online banks may offer even higher interest rates
- Can't open an account online
- No debit card
- 24 locations in the state of Washington
- Part of the CO-OP Shared Branch and ATM networks, so you'll have access to 5,000 shared branches and 30,000 surcharge-free ATMs nationwide
- To become a member of Washington State Employees Credit Union, you or a family member must live, work, worship, or go to school in the state of Washington
- To open a money market account, you must call the Contact Center or visit a branch
- Earn 0.75% APY on account balances under $10,000
- Earn 0.80% APY on account balances between $10,000 and $25,000
- Earn 0.90% APY on account balances between $25,000 and $50,000
- Earn 0.95% APY on account balances between $50,000 and $100,000
- Earn 1.20% APY on account balances over $100,000
- Interest compounded and deposited monthly
- Federally insured by the NCUA
The WSECU Performance Money Market Account might be worthwhile if you maintain a high account balance. You'll earn 1.20% APY — the highest rate tier — on account balances over $100,000, which is much higher than the average money market account.
Keep in mind that you can't open a WSECU Performance Money Market Account online. You must call customer support by phone or visit a branch.
WSECU Certificate Accounts
2.50% to 3.85%
$250
- Low minimum opening deposit
- Variety of CDs
- Standard-to-low early withdrawal penalties
- Interest compounds monthly, not daily
- 24 locations in the state of Washington
- Part of the CO-OP Shared Branch and ATM networks, so you'll have access to 5,000 shared branches and 30,000 surcharge-free ATMs nationwide
- To become a member of Washington State Employees Credit Union, you or a family member must live, work, worship, or go to school in the state of Washington
- Terms range from 6 months to 7 years
- Early withdrawal penalties: For terms between 6 months and 5 years, the early withdrawal penalty is 90 days of interest; for a term of 7 years, the penalty is 1 year of interest
- Interest compounded and deposited monthly
- Federally insured by the NCUA
WSECU Certificate Accounts are one of the bank's strongest products. You'll only need $250 upfront to open an account. Many financial institutions require an initial deposit of at least $1,000.
The credit union's 7-month term, in particular, pays a competitive interest rate that's higher than what most brick-and-mortar and online banks pay.
About Washington State Employees Credit Union
Washington State Employees Credit Union is a community development financial institution (CDFI) with 24 branches throughout Washington. It's also part of the CO-OP Shared Branch and ATM networks, so customers have access to 5,000 shared branches and 30,000 surcharge-free ATMs nationwide.
To become a member of Washington State Employees Credit Union, you or a family member must live, work, worship, or go to school in the state of Washington. All members must open the WSECU Personal Savings Account with at least $5.
Customer support is available by phone from 7 a.m. to 7 p.m. PT Monday through Friday, and 9 a.m. to 2 p.m. PT on Saturday.
The credit union has mixed mobile app ratings. WSECU mobile banking is rated 4.3 out of 5 stars in the Google Play store and 3.8 out of 5 stars in the Apple store.
Washington State Employees Credit Union is federally insured by the NCUA. You can deposit up to $250,000 in an individual account and it will be safe.
The Role of Community Development Financial Institutions
Community development financial institutions, or CDFIs, serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury's Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.
Washington State Employees Credit Union awards about $100,000 in higher education scholarships annually. It is also partnered with numerous non-profit organizations, like Junior Achievement of Washington and Communities in Schools Washington, with the goal of supporting first-generation college students and students of color.
Is Washington State Employees Credit Union Trustworthy?
Washington State Employees Credit Union hasn't been involved in any recent public controversies.
We also include the Better Business Bureau rating to see how a company resolves customer issues. The BBB gave Washington State Employees Credit Union a B+ rating because nine complaints have been filed on the BBB website.
A good BBB rating doesn't necessarily guarantee your relationship with the credit union will be perfect, though. If you want to see if a bank will be the right fit, talk to friends and family about their experiences. You can also read online customer reviews.
How Washington State Employees Credit Union Compares
Washington State Employees Credit Union vs. Kitsap Credit Union
Kitsap Credit Union is another CDFI in Washington. To become a member of Kitsap Credit Union, you or a family member must live, work, go to school, or worship in the state of Washington.
Kitsap Credit Union has a high-yield checking account while Washington State Employees Credit Union has a cash-back checking account. Your decision may ultimately depend on which rewards checking accounts stands out more to you.
At Kitsap Credit Union, you'll be able to earn 3.30% APY on the first $15,000 of your checking account balance if you enroll in online bank statements, make 12 debit card transactions each month, and make at least one ACH transfer, direct deposit, or bill payment per month.
With the WSECU Cash Back Checking Account, you can earn 1% cash back on debit purchases involving gas, restaurant, and airlines, and $0.05 cash back on other debit card purchases when you have direct deposits of $1,000 or more each month.
Washington State Employees Credit Union vs. Gesa Credit Union
Gesa Credit Union has around 30 branches in Washington and is also certified as a CDFI. To become a member of Gesa Credit Union, you or a family member must live, work, worship, or attend school in the state of Washington. If you live in select counties in Idaho or Oregon, you may also be eligible for membership.
Both credit unions have a rewards checking account, so the best choice for you might depend on which account is more appealing.
If you want a high-yield checking account, you'll probably prefer Gesa Credit Union. The Gesa Credit Union Gesa Credit Union SmartPlus Checking Account allows you to earn 3.00% APY on the first $5,000 in your account if you meet certain requirements each month.
If you favor a cash-back checking account, Washington State Employees Credit Union may be a better choice. The WSECU Cash Back Checking Account allows you to earn 1% cash back on debit purchases involving gas, restaurant, and airlines, and $0.05 cash back on other debit card purchases when you meet specific requirements each month.
Why You Should Trust Us: How We Reviewed Washington State Employees Credit Union
For our Washington State Employees Credit Union review, we rated bank products and services using our editorial standards.
We rate products on a scale from one to five stars, and use a bank account methodology.
For example, using our CD methodology we'll review interest rates, minimum opening deposit requirements, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, security, and ethics of the overall company. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, overdraft protection options, customer support hours, mobile app ratings, ethics, security, miscellaneous features, minimum opening deposit requirements, and fees.
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.
Washington State Employees Credit Union FAQs
You might like Washington State Employees Credit Union if you live in Washington and want to open a cash-back checking account. The WSECU Cash Back Checking Account has a low initial deposit. The checking account also allows you to earn up to earn 1% cash back on debit purchases involving gas, restaurant, and airlines, and $0.05 cash back on other debit card purchases if you have direct deposits of $1,000 or more each month.
To become a member of Washington State Employees Credit Union, you or a family member must live, work, worship, or go to school in the state of Washington. All members must open the WSECU Personal Savings Account with at least $5.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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