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The bottom line: 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
FeatureInsider rating (out of 5)Savings3.5Checking4CD3.5Money market account3.25Trustworthiness4Total3.75
WaFd Bank: Pros and Cons
ProsCons
Checking account with zero monthly service fees or out-of-network ATM fees
24/7 customer support by phone
Possible to waive monthly service fees
Access to over 37,000 ATMs
Only available to residents in WA, OR, ID, UT, AZ, NV, NM, and TXLow interest rates on savings accountsMonthly service fees on savings accountsMixed mobile app ratings
WaFd Bank Personal Savings Account Rates
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 WaFd Bank Personal Savings Account – Fees Display. 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
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 Certificate of Deposit Rates
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 more competitive interest rates.
WaFd Bank Personal Money Market Account Rates
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 WaFd Bank Personal Money Market Account – Fees Display. 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 4.7 out of 5 stars in the App Store and 3.1 out of 5 stars on the Google Play Store.
WaFd Bank is federally insured, so you may safely keep up to $250,000 in an individual bank account.
Is WaFd Bank Trustworthy?
WaFd Bank has been involved in a recent public controversy.
In 2020, WaFd Bank was required to pay a $200,000 penalty in a settlement with the Consumer Financial Protection Bureau when the bank was accused of reporting inaccurate data regarding mortgage transactions.
We also include 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. Read online customer reviews or talk to current customers to determine whether WaFd Bank might be a solid match for you.
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 Total Checking® – Brand Name 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 Standard CD – Brand Name’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.
WaFd Bank FAQs
What states have WaFd Bank?
WaFd Bank is available to residents in Washington, Oregon, Idaho, Utah, Arizona, Nevada, New Mexico, and Texas.
What do I need to open a WaFd Bank account?
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.
Is WaFd a good bank?
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.