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WaFd Bank Review 2023

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Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

WaFd Bank: Overall RatingWaFd Bank: Pros and ConsWaFd Bank Personal Savings Account Rates

WaFd Bank Personal Savings Account

Insider’s Rating

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

3.5/5

Fees

$3 monthly service fee

Annual Percentage Yield (APY)

0.10%

Minimum Deposit Amount

$25 ($10 for minors)

Pros

Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

$25 minimum opening deposit

Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

Possible to waive the monthly service fee

Cons

con icon
Two crossed lines that form an ‘X’.

Low interest rate

con icon
Two crossed lines that form an ‘X’.

$3 monthly service fee

con icon
Two crossed lines that form an ‘X’.

Need to keep $100 in account to earn interest ($10 for minors)

Product Details

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

WaFd Bank Free Checking Account

Insider’s Rating

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

3.5/5

Annual Percentage Yield (APY)

0.15% to 4.85%

Minimum Deposit Amount

$1,000

Pros

Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

Standard CD terms

Check mark icon
A check mark. It indicates a confirmation of your intended interaction.

Standard early withdrawal penalties

Cons

con icon
Two crossed lines that form an ‘X’.

Low interest rate

con icon
Two crossed lines that form an ‘X’.

$1,000 minimum opening deposit

Product Details

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 more competitive interest rates. 

WaFd Bank Personal Money Market Account Rates

WaFd Bank Personal Money Market Account

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