WaFd Bank review: Bank with a free checking account and 24/7 customer support
WaFd Bank; Insider
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Overall bank rating
| Feature | Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 4 |
| CD | 3.5 |
| Money market account | 3.25 |
| Trustworthiness | 4 |
| Total | 3.75 |
Pros and cons
| Pros | Cons |
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WaFd Bank Personal Savings Account review
The
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 account guide will also feature more suitable choices for earning a high interest rate.
WaFd Bank Free Checking Account review
The
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 review
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 review
While the
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.
How WaFd Bank works
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.
WaFd Bank trustworthiness and BBB score
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 an A+ rating from the BBB. A great BBB rating won't guarantee a smooth relationship with the bank, though. Read online customer reviews or talk to current customers to determine whether WaFd Bank might be a solid match for you.
WaFd Bank vs. Bank of the West
We've compared WaFd Bank to Bank of the West, another brick-and-mortar financial institution with branches in the same states.
WaFD Bank Member FDIC | BNP Paribas |
Locations AZ, ID, NM, NV, OR, TX, UT, WA | Locations AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY |
Standout feature Checking account with no monthly service fees | Standout feature Checking account with no minimum opening deposit |
Deciding between these two banks may ultimately come down to how you manage your bank account.
Bank of the West has a $0 minimum opening deposit, but there's a $10 monthly service fee if you are over the age of 25 and don't make at least one direct deposit per month.
If you'd prefer to open a checking account that's easier to manage, WaFd Bank doesn't charge monthly service fees on its
WaFd Bank also pays higher interest on all of its saving accounts. However, keep in mind online banks and credit unions have some of the most competitive interest rates on savings accounts right now.
WaFd Bank vs. US Bank
US Bank is available in most of the same states as WaFd Bank. See how the two banks match up below.
WaFD Bank Member FDIC | US Bank |
Locations AZ, ID, NM, NV, OR, TX, UT, WA | Locations AK, CA, ID, IL, IN, IA, KS, KY, MN, MI, MT, NE, NV, NM, NC, ND, OH, OR, SC, SD, TN, TX, UT, WA, WI, WY |
Standout feature Checking account with no monthly service fees | Standout feature Low minimum opening deposits on CDs |
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.
US Bank may be worth considering if you don't have a lot of money to deposit for a CD. The minimum opening deposit is $500. At WaFd Bank, you'll need at least $1,000 to open a CD.
Frequently asked questions
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
If you're looking to open a savings account, other financial institutions may offer a higher interest rate.