Locating an outstanding bank in Seattle becomes more herculean a task as the days go by, especially when there are over 500 branches of banks scattered all over the metropolis.
In this article, we have listed the best banks that meet your financial needs bearing these in mind.
Kindly follow through. In this list of best banks in Seattle, most of the banks that made a list are smaller banks as they have thrived in recent times.
Table Of Contents
About Seattle?
Seattle is a seaport city on the United States West Coast. It is the county seat of Washington’s King County.
It is the largest city in both the state of Washington and the Pacific Northwest region of North America, with a population of 737,015.
The population of the Seattle metropolitan area is 4.02 million, making it the 15th most populous in the United States. It is one of the nation’s fastest-growing big cities, with a growth rate of 21.1 percent between 2010 and 2020.
Between Puget Sound and Lake Washington, Seattle is located on an isthmus. It is the United States northernmost largest city, located about 100 miles south of the Canadian border.
Seattle is the fourth-largest port in North America in terms of container handling as of 2015. It is an important gateway for trade with northern Asia.
What are the Best Banks in Seattle?
Here are the best banks in Seattle:
- Ally Bank
- Chase Bank
- Columbia Bank
- CIT Bank
- HomeStreet Bank
- Banner Bank
- KeyBank National Association
- Bank of America
- Wells Fargo
#1 Ally Bank
This is one of the top banks you can find in Seattle, as it has solid on the web and versatile encounters and extraordinary financing costs.
If you hope to save, Ally’s Online Savings Account offers a 0.50% APY, but for a checking account, the Interest Checking Account from Ally comes up to a 0.25% APY. Besides this, Ally has no charges or essentials to stress over.
Because Ally Bank has no physical branches, there are no Ally ATMs, although it partners with Allpoint. Visit the bank’s official website to learn more.
Pros
- High Annual Percentage Yield
- Outstanding client service
- There are no fees or minimums.
Cons
- There are no branches.
Read Also: Best Banks in New York in 2023 | Rates, Account Types, Min. Deposit
#2 Chase Bank
In a place like Seattle, there’s no how you can avoid seeing either a branch or ATM belonging to Chase Bank.
Majorly, there are two types of account options it provides its customers. They are: savings accounts and checking accounts.
These accounts carry a minimum APY of 0.01%. Visit the bank’s official website to learn more.
Pros
- There are 129 locations in the Seattle region.
- Several types of accounts are available, including student checking accounts.
- Online and mobile features that are simple to use
Cons
- Other banks may provide higher interest rates.
- There are ways to get these costs waived on a monthly basis.
- Minimum account balances are necessary.
#3 Columbia Bank
If you don’t intend to go for the big banks in the Seattle metropolis, you can easily swerve your business acumen to the savings and checking accounts in Columbia bank.
However, if all you’re out for is the high-interest rate, this may not be an ideal fit for you as this bank’s rates start with a low APY of 0.01%. Visit the bank’s official website to learn more.
Pros
- Account minimums are lower than those of similar-sized competitors.
- Account possibilities are numerous.
Cons
- It only has 140 locations in Washington, Oregon, and Idaho.
- Other financial institutions provide higher-earning accounts.
#4 CIT Bank
One of the top rates you can find in the money market is the one CIT offers and since it does not have branches, you can only access its services through mobile banking.
These are the variety of accounts you can open with CIT. Premium High Yield Savings account, money market account, and the Savings Builder account.
With a minimum deposit as low as $100, you can maintain your account. Visit the bank’s official website to learn more.
Pros
- One of the finest APYs available.
- There are no monthly costs.
Cons
- Low $100 minimum
- To receive the highest APY, you must make $100 in monthly deposits or keep a balance of at least $25,000 in your account.
Read Also; CIT Savings Builder Review 2023: How it Works | is it Legit or Scam
#5 HomeStreet Bank
In the list of the best savings account in Seattle, HomeStreet makes it a second time. This is because it offers a higher interest rate on its savings account, far above its competitors.
Irrespective of what is left in your account, this bank offers a 0.05% APY, although the minimum balance needed to open an account with HomeStreet is $100.
There are about 25 branches in the whole of Seattle. Visit the bank’s official website to learn more.
Pros and Cons of Homestreet Bank
Pros
- Network of Money Pass ATMs
- Interest is paid on all balance tiers.
- Minimum account balances are high.
Cons
- There are only 25 locations in Seattle.
Tell me, what use is a bank when its customer service relationship is nothing to write home about? This is the core reason why this bank made it tops of the list of best banks in Seattle.
The wide options it has in bank accounts range from checking accounts, savings accounts, money market accounts, CDs, and IRAs. Whether or not you decide to keep all accounts at the same financial institution is solely your choice.
Moreso, the fees and minimum balances vary and depend on the account you open with Banner bank. Visit the bank’s official website to learn more.
Pros and Cons of Banner Bank
Pros
- Pros of Banners
- A large number of account options are available.
- Fees are low and can be waived.
- Cons:
Cons
- Online and mobile banking is available.
- There are just 24 branches in Seattle.
- Some of the account minimums are quite hefty.
#7 KeyBank National Association
This Seattle bank offers its customers a smooth and free checking account option where you don’t have to be perturbed about whatever maintenance fee is attached to the account you have with KeyBank.
Over 100 branches of KeyBank can be found in Seattle. Visit the bank’s official website to learn more.
Pros and Cons of KeyBank National Association
Pros
- There are no monthly service fees or minimum balance requirements.
- In the Seattle region, there are over 100 branches.
- There are no overdraft costs.
Cons
- This account does not accept paper checks.
- Only Washington and 14 other states have branches.
#8. Bank of America
This bank provides two checking account options for its customers where their monthly costs vary and with over 80 branches across Seattle, Bank of America provides you with a more comfortable banking experience with them. Visit the bank’s official website to learn more.
Read Also: Bank of America Student Loans: Refinancing and Alternatives
Read Also: Bank of America Student Loans: Refinancing and Alternatives
Conclusion
Even though we have provided you with the best banks in Seattle, it is reasonable that you also do your own research and find out the bank that best suits your financial needs.
Summarily, here’s a tabular representation of the account types these banks run, the minimum deposits needed, and the interest rates.
| Bank | Account Type | Minimum Deposit | Rates |
|---|---|---|---|
| 1. Ally Bank | Checking & Savings | N/A | 0.25% |
| 2. Chase Bank | Checking & Savings | $25 | 0.01% |
| 3. Columbia Bank | Checking & Savings | $25 | 0.01% |
| 4. CIT Bank | Savings & Money market | $100 | 0.45% |
| 5. HomeStreet Bank | Savings | $100 | 0.05% |
| 6. Banner Bank | Checking, Savings & Money market | $25 | 0.05% |
| 7. KeyBank National Association | Checking | $10 | 0.00% |
| 8. Bank of America | Checking | $25 | N/A |
References
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