WaFd Bank - A Comprehensive Review

WaFd Bank has a long history dating back to 1890, making it one of the oldest banks in the United States.

WaFd Bank has over 300 branches across eight western states, offering a wide reach to its customers.

With a strong presence in the Pacific Northwest, the bank has a significant number of branches in Washington, Oregon, and Idaho.

WaFd Bank offers a range of personal and business banking services, including checking and savings accounts, loans, and credit cards.

WaFd Bank accounts come with free online and mobile banking, including features like mobile photo deposit and person-to-person payments. You can also access your accounts online, through mobile banking, at ATMs, and in physical branches.

To avoid monthly fees, most accounts require a minimum opening deposit of $100, although some accounts have additional deposit requirements. WaFd Bank customers have access to the MoneyPass ATM network, a national network of surcharge-free ATMs with over 30,000 ATMs included.

Here are the key features of WaFd Bank's deposit accounts:

WaFd Bank accounts also offer FDIC insurance up to the maximum amount allowed by law, providing security for your deposits.

The WaFd Bank Statement Savings Account is a solid choice for those looking to grow their savings over time. To open one, you'll need to make an initial deposit of at least $25.

You'll have access to your savings account online, through mobile banking, at ATMs, and in physical branches, making it easy to manage your funds. The account is also FDIC-insured up to the maximum amount allowed by law, giving you peace of mind.

There is a $3 monthly fee for accounts that fall below $100, which would be more than enough to wipe out the interest earned on this account. The interest rate is a fairly low 0.10% APY for account balances of $100 or over.

Here's a quick rundown of the key features of the WaFd Bank Statement Savings Account:

It's worth noting that while the interest rate may not be high, it does beat out the interest rates on comparable accounts at national banks like Wells Fargo and Chase.

The Stellar Plus Checking account from WaFd Bank is a decent option for earning a bit of interest on your checking deposits. It earns a small amount of interest at 0.10% APY.

To qualify for a fee-free account, you'll need to maintain a balance of at least $20,000. If your balance falls between $10,000 and $20,000, you'll be charged a monthly fee of $3. Below that deposit level, the fee increases to $8 per month.

You can also qualify for a fee-free account if you have total deposits among all WaFd Bank accounts of at least $100,000. This is a pretty high minimum, but if you're already a heavy depositor, it might be worth considering.

The Stellar Plus Checking account comes with some additional features that are worth noting. For example, it includes identity theft protection and monitoring. You'll also get a free safe deposit box, which can be a convenient perk.

You might enjoy: Bank of America Advantage plus

Our customers are at the heart of everything we do. Discover how nCino's Bank Operating System has helped banks like WaFd Bank undergo a digital transformation and improve their efficiency and revenue.

WaFd Bank has seen significant benefits from using nCino's system, and you can too.

Broaden your view: Problems with Td Bank Banking Payment System Complaints

To open an account with WaFd Bank, you'll need to visit one of their branch locations. You can set up an appointment ahead of time by emailing [email protected], or just drop in.

Make sure to bring a photo ID and the funds you'll use to open the account. The minimum deposit for most account types is $100.

WaFd Bank offers a "switch kit" to help you transfer from other accounts. This includes an automatic form to set up electronic bill payments, as well as a form to send to your old bank to close your account.

If you're looking to save, WaFd Bank offers Savings & MMAs, as well as CDs.

A different take: List of Banks That Have Merged to Form the State Bank of India

WaFd Bank's technology stack is built on a robust foundation, with AWS Route53 serving as its Cloud DNS service. This allows customers to route end user requests to the right servers, ensuring a smooth online experience.

The bank also leverages the F5 BIG-IP Platform, a leading application delivery networking product. This platform helps WaFd Bank manage and secure its network infrastructure.

WaFd Bank's reliance on these technologies demonstrates its commitment to providing a reliable and secure online experience for its customers.

Updates are essential to keep your technology running smoothly. I've seen people get frustrated when they don't receive updates, but it's actually a sign that the system is still supporting them.

Regular software updates can fix bugs and improve performance. According to the article, many operating systems now offer automatic updates, which can be set to run in the background.

You should also check for updates on your devices' settings or control panels. I recommend setting reminders to check for updates every few weeks.

Some devices may require manual updates, so be sure to follow the manufacturer's instructions. This ensures you're running the latest version of the software.

By staying on top of updates, you can enjoy the latest features and security patches. It's a simple habit to get into and can save you a lot of trouble in the long run.

WaFd Bank's technology stack is a robust combination of tools that enable efficient customer routing and application delivery.

AWS Route53 is a Cloud DNS service that helps customers route end-user requests to internal resources. This service is a critical component of WaFd Bank's technology infrastructure.

F5 BIG-IP Platform is a leading application delivery networking product that develops, markets, and sells advanced networking solutions.

WaFd Bank offers a range of investment services to help you grow your wealth.

Their investment products include IRAs, 401(k) plans, and other retirement accounts, which can help you save for the future.

If this caught your attention, see: How Do Investment Banks Differ from Commercial Banks

WaFd Bank's experienced financial advisors can provide personalized guidance to help you make informed investment decisions.

They can also help you navigate the complexities of investing and create a customized plan tailored to your needs and goals.

WaFd Bank's investment services are designed to be flexible and adaptable to your changing financial situation.

Take a look at this: Commercial Banks vs Investment Banks

WaFd Bank's rates on most accounts aren't especially high, but they usually beat out larger national options like Wells Fargo.

You won't be able to open an account with WaFd Bank unless you live in one of the eight western states where they do business.

Certificates of Deposit are a great option for earning a higher interest rate than a standard savings account. If you can set aside your money for a longer period of time, you can earn a higher rate.

The highest possible rate on a WaFd Bank CD account with a minimum deposit is 0.30% APY on the 60-month CD. This means that if you leave your money untouched for five years, you can earn that return.

Intriguing read: In a Fractional Reserve Banking System Banks Create Money Because

Even on shorter terms, the rates are pretty good, especially as compared with comparable accounts at national banks. The rate on a 12-month CD at WaFd Bank ranges from 0.20% to 0.25% APY.

Depositing more money can also earn you higher rates. WaFd Bank offers slightly higher rates on deposits of more than $90,000.

Here are some key features of WaFd Bank Certificates of Deposit:

If you need to access your money before the end of your term, you will likely be assessed a penalty that could wipe out any interest earnings.

Saving money with WaFd Bank requires some strategy, but it's definitely possible. To start, you'll need to make an initial deposit of at least $25, but it's a good idea to put down more than that to avoid a $3 monthly fee for accounts with balances below $100.

The interest rate on WaFd Bank's savings account is fairly low, but it does beat out the interest rates on comparable accounts at national banks like Wells Fargo and Chase. The rate is 0.10% APY for account balances of $100 and over.

If you can put down a deposit of more than $1,000, WaFd Bank has some higher-interest deposit account options, including the money market account or a certificate of deposit. For example, a 60-month CD currently has an interest rate of up to 0.35% APY.

However, if you have less than $1,000, or want the flexibility to allow your savings to fall below that threshold, the standard savings account might be the right choice. Note that your transactions with this type of account are limited, with up to six free withdrawals or transfers before a $15 fee kicks in.

Here are some savings account options at WaFd Bank with their associated interest rates:

As you can see, the interest rates are relatively low, but WaFd Bank does offer some higher-interest options for longer-term deposits.

Investing is crucial for building a long-term franchise, as seen in WaFd's experience with implementing the cloud-based nCino platform in March 2020.

By investing, WaFd was able to further consolidate its transformation into a full-fledged commercial bank.

Investing in the right technology can help a bank manage large volumes of commercial loans, such as those triggered by the Paycheck Protection Program (PPP) during the COVID-19 pandemic.

WaFd's investment in nCino helped it better manage the onslaught of commercial loans resulting from the PPP.