Best Banks in Washington State in 2022 | Rates, Account Types, Minimum Deposit

Banking experience can be an enjoyable journey for you as a resident of Washington; you just have to settle down and find out the best banks in Washington state that has what it takes to offer you such values.

Many of the factors that differentiate one Washington state bank from another are subtle, but they can have a significant impact on your finances and the convenience you enjoy as a customer.

If you are interested in finding the best banks in Washington state that will give you the first-class treat at the most minimum price, then read on this writing and be equipped with the necessary information you need.

How good are Banks in Washington?

Washington residents have access to a wide variety of banks, large and small. Big banks have the largest number of branches, while more regional banks can offer more account options and more community.

Saving money can be difficult at times as the banking industry often offers second-rate APYs that offer little long-term growth.

The best banks are often those institutions that have a local history and community-driven decision-making process, as well as stability and a credible reputation in the region.

These most respected banks in Washington provide the tools, products, and services that enable bank customers to take control of their finances now and plan appropriately for the future.

The criteria used to compile the list of top Washington banks include not only their locally-focused services and solutions, but also the cost of doing business, the specifics of the products they offer, and whether or not they are having surpassed or not over many years in meeting the financial needs of the communities in which they are located.

Best Banks in Washington state

All of the Washington banks featured on this list of the best banks in Washington carries these characteristics.

#1. Ally Bank: The Top Savings Account

Ally’s Interest Checking Account attempts to combine savings rates with readily available check deposits and cash withdrawals.

While it may not match the APY of 0.50% of the online savings account, checking account holders will receive an APY of 0.10% if their daily minimum balance is below $15,000 or an APY of 0.25% if they exceed the $15,000 mark.

Just like its saving counterpart, the Interest Checking Account has no monthly fees or minimum fees. When it comes to access to ATMs, Ally customers can visit any of the 55,000 toll-free ATMs on the Allpoint ATM network in the US and around the world.

If you can’t get to an Allpoint computer, Ally will reimburse up to $ 10 in off-network ATM fees per statement cycle.

Finding a toll-free ATM shouldn’t be too difficult though, as Ally’s Apple and Android apps have an ATM. Other benefits customers can take advantage of include online bank statements and transaction histories, mobile check deposits, s, and a peer-to-peer money transfer program called Zelle®.

Account Type: Online savings account
Rate: 0.60% APY
Minimum deposit: $ 0

#2. Chase Bank

Chase Bank gives Washington residents access to a whopping 202 branches across the state. This is the best of any bank in Washington.

You can also find Chase branches in 25 other states, which makes traveling very convenient. You also have online and mobile access to your accounts wherever you are.

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You can open different accounts with Chase. You can check out some savings accounts, various certificates of deposit (CDs), and some different checking accounts.

Just pay attention to the monthly fees, ATM fees, and more of each account. Chase doesn’t have the best interest rates either, with most accounts earning at the lowest possible interest rates.

Account Type: saving account
Rate: 0.01% APY
Minimum deposit: $25

CIT Bank Savings Builder Account

If your main goal is to save money, the CIT Savings Builder account is a great choice. Those who manage to deposit at least $100 per month or maintain a balance of $25,000 will receive a substantial APY of 0.45%.

Should you miss these two requirements? CIT will lower your rate to a lower 0.29% if you miss these two requirements. The Savings Builder account only requires an initial deposit of $100, making it an extremely accessible choice for just about anyone.

CIT is a savings bank that is managed from its savings bank account. However, the bank also offers many other savings options, including:

  • Money Market Account
  • Premier High Yield Savings Account
  • CDs with a term of 6 months to 5 years
  • 2- to 5-year-old jumbo CDs
  • 1- to 4-year-old “RampUp” CDs
  • No penalty / 11-month CD

When you open a CIT bank account, you will be asked to create a login for the online and mobile banking services. Apple and Android users can download the bank’s app, which is currently rated 3.85 out of 5 stars in the two app stores.

These platforms allow you to view your bank statements and transaction histories, remotely deposit checks, and make transfers between accounts without going to a branch.

Account Type: Savings Builder Account
Rate: 0.45% APY
Minimum deposit: $100

Umpqua Bank

Umpqua Bank, headquartered in Oregon, has 83 branches in neighbouring Washington state. You can visit the bank at one of these branches or online to open one of their accounts.

The bank offers a simple savings account, two money market accounts (MMAs) and three checking accounts. A monthly fee is charged for each account. However, you can waive these fees by meeting the transaction or balance requirements.

Unfortunately, Umpqua Bank offers some of the lowest interest rates in the industry. If you’re looking for the best CD instalments or high earning savings accounts, you won’t find them here.

Account Type: Savings Account
Rate: 0.01% APY
Minimum deposit: $25

WaFd Bank Passbook & Statement Savings Account

The WaFd Bank Passbook & Statement savings account earns 0.10% APY. You need at least $ 25 to open the account or $ 10 to open for minors.

However, to earn interest you need at least $ 100. There is a $ 4 monthly fee that can be waived with a balance of $ 200 or more.

Account Type: Savings Account
Rate: 0.10% APY
Minimum deposit: $25

For the best banking customer service in the North West, contact Banner Bank. You can find the bank in any of its 82 Washington branches. The bank has additional branches in California, Idaho and Oregon.

You can also contact customer service by mail, by phone during business hours, or through the 24/7 automated telephone system. The website also has a number of links that you can use to report fraudulent activity, report lost or stolen cards, add travel settings, and much more.

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The Banner Bank offers a variety of bank accounts, from savings accounts to long-term CDs to interest-bearing checking accounts.

Most Banner Bank accounts charge a monthly fee. However, if there is a fee, you can forego it with certain transaction or balance qualifications.

Account Type: Connected Account
Rate: 0.05% APY
Minimum deposit: $25

Umpqua Bank Embark Checking Account

The best regional bank in Washington offers their customers the best free checking account. The Embark Checking account does not charge a monthly service fee. You could expect a $3 fee if you opt for paper statements.

You can simply sign up for paperless statements or be 62 or older to avoid this paper statement fee.

Umpqua will refund you up to $10 in ATM fees as long as you have an account balance of at least $2,500. However, be careful when using ATMs outside of the network as Umpqua Bank charges a fee of $2.50 per transaction.

You can also open an Umpqua Grow Savings account with no monthly service fee by connecting the two accounts and making a monthly transfer from exam to savings.

Account Type: Checking Account
Rate: 0.00% APY
Minimum deposit: $25

HomeStreet Bank Premium Select Checking Account

The HomeStreet Bank Premium Select current account earns interest according to the balance levels, with higher credit being earned at a slightly higher interest rate. You need at least $100 to open an account, but at least $2,500 to earn 0.05% APY interest.

Credit of $10,000 brings a higher rate of 0.10% APY. The account charges a monthly fee of $10 which you can avoid by maintaining a minimum daily balance of $2,500.

Two free transactions at ATMs of non-HomeStreet banks are permitted per account statement cycle.

Account Type: Premium Select Checking Account
Rate: 0.05% APY
Minimum deposit: $2500

U.S. Bank

The US Bank’s Student Checking Account is a great account option for Washington students. There is no monthly service fee to worry about, which is definitely helpful on the student budget.

If you go old school and still receive paper statements, there is a $2 fee for each, while there is no additional charge for eStatements.

The account also includes a helpful ATM function. If you’re in need and need cash, the US bank allows four free ATM transactions per billing cycle at ATMs outside the US.

The ATM itself may charge a small fee, but the US bank does not charge any fees.

Account Type: Savings Account
Rate: 0.01% APY
Minimum deposit: $25


KeyBank was our pick as the best free check option in Washington State thanks to their standard checking account, which has consistently low fees. The hassle-free KeyBank account has a low opening requirement of $10.00, no monthly fees and no overdraft fees.

This is a much better checking account than big banks like Chase, where monthly fees start at $12.00 and overdrafts go up to $34.00.

A disadvantage of this account is that you cannot write checks, which can be a problem for people who prefer checks to direct bank transfers or online bill payments.

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With a strong combination of inexpensive checks and over 150 branches in Washington State, KeyBank is the best option for those who want a convenient free checking account.

Account Type: Checking Account
Rate: 0.01% APY
Minimum deposit: $10

Anchor Bank

Anchor Bank is a leading financial institution in the Northwest region with more than 100 years of history. In addition to serving the direct needs of clients through innovative banking solutions, Anchor Bank also serves the local communities, including partnerships with more than 50 local charities.

This bank has ten convenient branches in Washington State, including Olympia and Puyallup.

In addition to these personal locations, customers can access more than 55,000 toll-free ATMs worldwide as part of the Allpoint network. Services include private and commercial banking and credit options.

Account Type: Savings Account
Rate: 0.01% APY
Minimum deposit: NA

Cashmere Valley Bank

Cashmere Valley Bank was founded in 1932 and was a top choice among Washington banks. From the 1970s to the early 1990s, five new branches were opened to serve the local community.

Today the Cashmere Valley Bank is represented in Ellensburg, Cle Elum, Chelan and Yakima. This is also one of the best banks in Bellevue, WA, which is where the Cashmere Valley municipal banking office is located.

In addition to traditional banking services, this Washington state bank provides investment, insurance, mortgage, and equipment leasing services through subsidiaries and partnerships.

Account Type: Coverdell Education Savings Account
Rate: 0.00% APY
Minimum deposit: $100

Kitsap Bank

With more than 20 locations in six counties of west Washington, Kitsap is one of the top banks in Tacoma, WA, as well as one of the best banks in Seattle.

This community bank was founded in Port Orchard, Washington, in 1908 and has grown and grown since then, but the values ​​remain the same.

Today Kitsap has offices across West Washington and offers a wide range of financial services and products. Kitsap is also stable with net worth more than $ 1 billion.

Kitsap even offers a “green” banking option called Eco Checking. A minimum deposit of USD 100 is required for Eco Checking. However, if you sign up for eco-friendly electronic statements, there is no monthly maintenance fee.

This account also includes free online banking and billing so account holders do not need to receive paper documents.

Account Type: Eco-Checking Account
Rate: 0.00% APY
Minimum deposit: $100


Depending on your banking preferences, these accounts may not be suitable for you. There are plenty of banks to look through and even more bank account options. So, we encourage you to do some research to determine which options best suit your banking habits.

This list can be used as a basis for comparing other competitive accounts you may find.

BankAccount TypeRateMinimum Deposit
Ally BankOnline savings account0.60% APY$0
Chase BankSavings account0.01% APY$25
CIT Bank Savings Builder AccountSavings Builder Account0.45% APY$100
Umpqua BankSavings Account0.01% APY$25
WaFd Bank Passbook & Statement Savings AccountSavings Account0.10% APY$25
Banner BankConnecting Account0.05% APY$25
Umpqua Bank Embark Checking AccountChecking Account0.00% APY$25
HomeStreet Bank Premium Select Checking AccountPremium Select Checking Account0.05% APY$250
U.S. BankSavings Account0.01% APY$25
KeyBankChecking Account0.01% APY$10
Anchor BankSavings Account0.01% APYNA
Cashmere Valley BankCoverdell Education Savings Account0.00% APY$100
Kitsap BankEco-Checking Account0.00% APY$100


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