9 Best Banks in Washington for 2024


Washington, a state known for its diverse landscapes and booming tech industry, also boasts a vibrant financial sector with a wide selection of banking institutions. Selecting the ideal bank is essential for anyone who wants to manage their finances efficiently, whether opening a new checking account, securing a mortgage, or seeking investment advice.

Welcome to Washington

In Washington, the banking scene is diverse, featuring large national banks offering a broad array of services and smaller local banks that excel in providing a more personalized banking experience.

9 Best Banks in Washington

For this list of best banks in Washington, we’ve paid close attention to what makes each institution stand out. Our selections are based on various criteria, including customer service quality, the range of financial products available, competitive interest rates, and innovative banking technology. These banks serve a wide array of financial needs, from those seeking robust digital banking platforms to customers prioritizing face-to-face service.

No matter if you are a lifelong resident of Washington or have recently moved to the state, in need of personal banking solutions or specialized business banking services, our compilation will guide you in choosing the right bank for your financial needs in Washington.

1. U.S. Bank

U.S. Bank shines as a prime selection for those searching for a full-service banking experience in Washington. It bridges the gap between the intimate, personalized care characteristic of local community banks and the extensive array of financial products and services typical of larger, national institutions.

U.S. Bank is currently welcoming new applicants with a special online offering:

  • Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account, and complete qualifying activities.
  • Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.
  • Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.

The account includes a free debit card that can be locked or unlocked if ever misplaced or stolen. There are no ATM transaction fees at U.S. Bank ATMs and no surcharge fees at over 40,000 MoneyPass® Network ATMs.

The checking account requires a $25 opening deposit and a $6.95 monthly fee. This fee can be waived for those 24 and under, 65 and over, or military members (must self-disclose).

Additionally, the fee can be waived with monthly deposits of $1,000+, an average balance of $1,500+, or holding an eligible U.S. Bank credit card. Qualifying for any Smart Rewards® tier (Primary, Plus, Premium, or Pinnacle) also waives the fee.

2. SoFi

SoFi distinguishes itself as an innovative online bank, attracting attention with its enticing interest rates. It boasts a notable 4.60% APY on savings accounts and 0.50% APY on checking accounts, all the while eliminating monthly fees.

One of its standout features is the early direct deposit option, providing the convenience of accessing your paycheck up to two days earlier than the conventional payday.

With SoFi, your deposits are FDIC-insured up to $2 million. Additionally, it offers overdraft protection up to $50, with specific eligibility requirements in place.

For newcomers, SoFi extends a warm welcome with a bonus ranging between $50 to $300, depending on the initial deposit made.

Accessibility is also a key benefit, with SoFi users having access to over 55,000 Allpoint® Network ATMs worldwide, enhancing the banking experience with unparalleled convenience.

In Washington, SoFi stands out as an appealing option for those prioritizing high-interest earnings and a suite of other banking advantages.

3. Umpqua Bank

Umpqua Bank has established a strong presence in Washington’s banking sector, boasting 64 locations across the state. With its headquarters in Portland, Oregon, Umpqua stands as the largest bank headquartered in the Pacific Northwest. This underlines its strong ties and commitment to the area.

The bank serves a wide range of banking needs, offering services in the personal, business, private, and commercial banking sectors.

For those looking for personal banking services, you will find various options, including checking and savings accounts, credit cards, mortgage loans, and home equity lines of credit (HELOCs).

Among its offerings, the Umpqua Embark Checking account represents the bank’s straightforward checking option. To open this account, a minimum balance of $25 is required, and customers can avoid a monthly fee by opting for paperless statements.

Additionally, Umpqua Bank provides up to $10 in reimbursements for non-Umpqua ATM fees monthly, given a $2,500+ average balance.

The bank also offers a diverse range of savings account choices, such as CDs and money market accounts, catering to different savings goals and preferences.

4. Banner Bank

Banner Bank, with its rich history of over a century in the banking industry, has established itself as a key player in Washington’s financial services scene.

Operating predominantly in the West, Banner Bank prides itself on delivering personalized customer service and maintaining a strong focus on the communities it serves. With 74 locations across Washington, the bank ensures accessible banking solutions tailored to local needs.

The bank’s primary checking option, Banner’s Best Checking, is designed for ease of use and convenience. This account comes with a monthly service fee of $12, which can be waived under certain conditions, such as maintaining a $5,000 minimum balance. Opening an account is straightforward, requiring just $50 to get started.

For business clients, Banner Bank goes the extra mile by offering a comprehensive suite of business banking services, including various accounts, loans, and financing options.

Opting for Banner Bank for small business needs means gaining a dedicated relationship manager for personalized, face-to-face service and access to efficient digital tools for loan management, underscoring the bank’s commitment to supporting business growth with both technology and a personal touch.

5. Chase

Chase Bank is renowned for its extensive array of financial services. They have a significant presence in Washington, as well as in 47 other states across the country.

The bank’s Chase Total Checking account features a manageable $12 monthly service fee, which can be waived under specific conditions, making it an accessible option for many.

Opening an account with Chase requires no initial deposit, nor is there a mandatory daily balance, offering flexibility and convenience to customers.

One of the most attractive incentives currently available is a $200 bonus for new customers who open a Total Checking account, making Chase an appealing choice for those looking to switch banks or open a new account.

Beyond checking accounts, Chase excels with its credit card offerings, which include attractive rewards programs and sign-up bonuses. For those interested in saving, Chase’s Certificates of Deposit (CDs) come with competitive interest rates, reaching up to 3.75% APY.

With free cash withdrawals available at over 16,000 ATMs nationwide, Chase Bank offers a robust banking experience for individuals seeking the resources and reliability of a traditional bank with a vast national network.

6. WaFd Bank

WaFd Bank is an established regional bank with branches across various states, including Washington. The bank strives to provide a banking experience that feels local and personal.

It offers the advantage of a widespread network, with more than 200 branches and access to MoneyPass ATMs throughout the nation, providing convenience for its customers.

Opening a checking account with WaFd Bank is straightforward and budget-friendly. A minimal initial deposit of $25 is required, and the bank does not impose monthly maintenance fees.

For those looking to save, WaFd Bank offers attractive interest rates, allowing customers the chance to earn up to 5.00% APY on CDs and 2.00% APY on money market accounts.

Furthermore, WaFd Bank’s mobile app provides essential budgeting and financial management tools, helping customers to manage their finances with ease and confidence.

7. HomeStreet Bank

HomeStreet Bank has been a trusted name in banking since its founding in 1921. The bank serves customers on the West Coast and in Hawaii.

At HomeStreet Bank, customers have access to a comprehensive array of banking products. The lineup includes checking and savings accounts, money market accounts, credit cards, IRAs, mortgages, personal loans, and even insurance.

For businesses, HomeStreet Bank steps up with its affinity programs. These programs are crafted to give employees or members special offers and discounts, adding value to organizations by treating their people to exclusive banking benefits.

Through this approach, HomeStreet Bank supports individuals in Washington and strengthens the financial health of the wider community.

8. Boeing Employees Credit Union

Boeing Employees Credit Union (BECU) is a shining example of how credit unions in Washington cater to their members with a personal touch and a strong community focus.

Founded by Boeing employees, BECU has grown significantly over the years and now serves a broad membership base beyond just Boeing employees.

It’s known for offering competitive rates on loans and savings accounts, emphasizing financial health and education for its members.

BECU makes banking accessible and rewarding, with a wide range of products including checking and savings accounts, credit cards, loans, and investment services.

Members benefit from lower fees and better rates compared to traditional banks because BECU is member-owned. Its commitment to the community is evident in its financial education programs and generous support of local charities and initiatives.

9. Gesa Credit Union

Gesa Credit Union is as another key player in Washington’s financial landscape, offering a full suite of financial products designed to meet the diverse needs of its members.

From humble beginnings, Gesa has evolved into a major financial institution serving members across the state with various checking and savings accounts, loans, and investment options.

What sets Gesa apart is its dedication to personalized service and community involvement. Members enjoy benefits like competitive interest rates, low fees, and a voice in credit union governance.

Gesa also invests heavily in community projects and education, demonstrating a commitment to not only serve its members but also to contribute to the well-being of the communities it operates in.

How to Choose the Best Bank in Washington

The process of choosing the right bank in Washington can seem overwhelming with so many great options available. Banks differ greatly in the range of products and services they provide, meaning what works best for one person may not suit another. To find the bank in Washington that best matches your financial goals and lifestyle, consider the following factors.

Interest rates: For those seeking to maximize their savings, a bank’s interest rates will be a major factor. Online banks often have the edge over traditional banks in this area, as they often offer more attractive rates. Additionally, some banks offer tiered interest rates, which increase with the size of your account balance.

Fees: Banking fees are a reality, but they vary widely from bank to bank. Common charges include monthly account maintenance fees, ATM usage fees, and overdraft fees. Identifying a bank with lower fees can significantly help in achieving your financial objectives.

Banking products: Banks in Washington offer a wide spectrum of products and services. While some provide a comprehensive range, others might specialize in just a few key offerings, such as checking and savings accounts. Consider what banking products are essential for you and seek out institutions that offer those services.

Physical branches and ATMs: For those who prefer banking in person, the availability of local branches and ATMs is crucial. If this is important to you, look for banks that have a strong physical presence in your area. However, if you’re comfortable with digital banking, the need for physical branches decreases.

Digital banking capabilities: Today, the convenience of managing your finances online or through a mobile app is a must-have for many. If you rely heavily on digital banking, ensure your bank offers a robust platform that meets your needs.

Customer service: Excellent customer service is invaluable, especially when you need assistance with your account. Look for banks that are known for their customer service quality, offering multiple channels for support, including phone, email, and live chat.

Additional benefits: Extra perks and benefits can be the deciding factor between two similar banks. These might include rate discounts for automatic payments, complimentary credit score monitoring, or access to financial advisors.

Reputation: The reputation of a bank is critical. Research potential banks on trusted review sites and the Better Business Bureau (BBB) to ensure they’re reputable and to guard against the possibility of fraudulent institutions.

Bottom Line

Finding the best bank in Washington involves more than just comparing interest rates or fee structures. It’s about identifying a financial partner that aligns with your personal and financial goals, whether you’re drawn to the personalized service of a local credit union or the broad offerings of a national bank. From the competitive rates and digital innovations of online banks to the community focus of credit unions like BECU and Gesa, Washington residents have a wealth of options at their fingertips.

Consider what matters most to you in a banking relationship—be it low fees, high savings rates, comprehensive services, or exceptional customer support—and use that as your guide. Remember, the best bank for someone else may not be the best bank for you. Take the time to assess your needs, research your options, and make an informed choice that will support your financial well-being now and in the future.

By choosing wisely, you’re not just selecting a bank; you’re starting a relationship that will play a key role in your financial journey. With the right bank by your side, you can confidently manage your finances and work towards achieving your financial goals in Washington.

Meet the author

Crediful is your go-to destination for all things related to personal finance. We're dedicated to helping you achieve financial freedom and make informed financial decisions. Our team of financial experts and enthusiasts brings you articles and resources on topics like budgeting, credit, saving, investing, and more.