Best Banks in Washington

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Contributor, Benzinga
August 12, 2020

Based in Washington and planning to switch to a new bank? You’ve come to the right place. Benzinga has compiled a list of the best banks in the state. Choose from online banks that offer cutting edge mobile capabilities or banks with physical branches for convenient banking. Use our list of great banks in Washington to start your transition now.

Best Checking Account: Axos Bank

  • securely through Axos Bank Savings's website
    securely through Axos Bank Savings's website
    Best For:
    No Maintenance Fees

An online bank, Axos Bank offers competitive personal banking products like high-yield savings and checking accounts.

  • High Yield Savings and High Yield Money Market: These are the 2 savings accounts you can open with Axos. Both will earn you money on your balance. You won’t pay any maintenance fees and there’s also no monthly minimum balance requirements. 
  • 5 different checking accounts: Looking for a free, simple checking account? Essential Checking offers unlimited ATM reimbursements. The CashBack Checking account earns you 1% cashback on purchases.

Each of the remaining checking accounts are interest-bearing accounts:

  • Rewards Checking: This is a tiered high-yield checking account. You can earn stacking interest on your balance by performing any or all of the following actions:
  • At least $1,000 in qualifying direct deposits monthly to earn ⅓ of the total rate
  • Make at least 10 monthly transactions with your Axos Visa Debit Card to earn ⅓ of the total rate
  • Make 5 more transactions for a total of 15 monthly with your Axos Visa Debit Card to earn ⅓ of the total rate

Rewards Checking is a free account. You won’t pay maintenance fees and you don’t need to maintain a minimum monthly balance. There aren’t any overdraft or insufficient funds fees and you’ll get unlimited domestic ATM fee reimbursements. 

Golden Checking provides seniors with unique perks like free personal checks. First Checking provides younger people aged 13 to 17 with their first banking experience. Each of these accounts offer an APY rate and other incentives.

All Axos checking accounts come with mobile deposits, bill pay, and peer-to-peer payments.

Best for Branch Access: Chase Bank

  • securely through Chase Bank's website
    securely through Chase Bank's website
    Best For:
    Best for Checking Account Variety

    *With Chase Overdraft AssistSM, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.

Chase features 42 branch and ATM access points in Seattle alone, as well as other locations throughout Washington. Chase Bank is a convenient option if you want to do in-person banking. Chase also offers full-service digital banking through its app or online.

Chase offers 3 checking accounts, 2 of which earn interest. Chase Total Checking is a basic checking account. It’s $12 monthly, but you can waive this by maintaining a certain minimum balance or having direct deposits that total a minimum amount per month. 

Chase Sapphire Checking and Chase Premier Checking earn you interest on your balance. Other account perks include fee-less ATM transactions and eligibility for a higher relationship interest rate if you link eligible Chase accounts.

Other personal banking accounts include Chase College Checking and Chase High School Checking. Other accounts like Chase College Checking offer personalized benefits to students. The program comes with $100 for new customers when you complete 10 qualifying transactions in the first 60 days after enrollment and no minimum balance requirements. There’s no service fees for up to 5 years for students 18-24, you can send and receive money via Zelle, use ATMs as normal, and take advantage of Chase Overdraft Assist.

Best for Mobile Banking: BBVA

BBVA’s accolade-winning mobile banking app is designed for easy use and customer convenience. Navigation is intuitive and your current financial status is easy to view. Your balances and transaction history posted at the top of every account.

BBVA’s banking services are divided into personal, small business, commercial, corporate and wealth. Some personal banking products are available regionally while the rest are available nationwide. You can choose between 2 checking accounts, Premium Checking and Online Checking, and a handful of savings accounts.

Each of these accounts include free online and mobile banking. You can open one with a deposit of $25. Each account comes with a debit card and fee-free transaction at more than 64,000 BBVA and co-op ATMs. The main difference is that Premium Checking is an interest-bearing account and Online Checking offers cashback rewards.

If you’re looking for a savings account, BBVA’s roster includes BBVA Savings Account, the BBVA Online Savings Account, the BBVA Money Market Account and Certificate of Deposits (CDs). Rates and fees for these accounts vary by type and your location.

Need a loan? You can apply for personal loans, mortgages, auto loans and home equity lines of credit with BBVA. Credit cards are also available.

BBVA has ATMs but no branches in Washington, but their technology-focused banking model means full-service banking online and through the app. 

Best for Account Relationship Perks: U.S. Bank

  • securely through U.S. Bank's website
    securely through U.S. Bank's website
    Best For:
    Simplified Personal Banking

U.S. Bank has branches in many states, including Washington. As a U.S. Bank customer, you’ll have access to the span of personal banking products, including checking and savings accounts, mobile and online banking, credit cards, mortgages and refinancing, personal loans and personal lines of credit and investment products.

Select from 5 checking accounts with different relationship perks. Easy Checking is a basic checking account. Enjoy fee-free overdraft protection by linking your checking account with an eligible U.S. Bank savings product. 

Waive the monthly maintenance fee for Gold Checking by opening up a loan, credit card or line of credit with the bank. Platinum Checking lets you qualify for top-tier interest rates by keeping at least $25,000 in eligible accounts or investments. You’ll also get other perks with these accounts, like qualifying for better interest rates on a linked money market account and discounts on origination fees.

U.S. Bank also offers a fee-free Student Checking account with no minimum monthly balance. Safe Balance Checking is a check-free account that offers overdraft protection.

Best for Savings Accounts: CIT Bank

  • securely through CIT Bank Savings's website
    securely through CIT Bank Savings's website
    Best For:
    Savings and Money Market Accounts

If your primary banking concern is saving, CIT Bank is a great choice. CIT is a digital bank with a stacked roster of interest-earning savings accounts. Opening up a Savings Builder account, a Premier High Yield Savings account or Money Market account is an easy 3-step process. 

The minimum opening deposit for each is only $100 and there’s no monthly service charges.

If you want to keep things simple but still earn on your balance, Premium High Yield Savings is a solid choice. If you want to aim for higher interest rates, the Savings Builder account is a tiered account. Earn different rates by meeting qualifying standards — you can earn ⅓ of the total potential rate by performing each action.

The CIT Money Market packs a 1-2 punch — you can use it for checking and savings. Earn interest while retaining easy access to your funds. You can link your account to Bill Pay, Zelle and PayPal to make digital funds transfers, make purchases and pay monthly expenses. You won’t pay many fees with this account. Excessive transactions face a $10 charge but its capped at $50 per month.

CIT’s mobile banking tools are available 24/7 for all their personal banking accounts. 

To further maximize your money, CIT eChecking is a spending account that earns interest. This account is especially useful if you keep a higher amount of funds in the bank — balances average at $25,000 and over monthly earn a high-tier interest rate. Balances under this amount still benefit from the lower tier rate. 

eChecking doesn’t charge at in-network ATMs and reimburses up to $30 in fees for out-of-network ATMs.

Frequently Asked Questions

Q: What is a direct deposit?

A: A direct deposit is an electronic transfer where funds are deposited directly into your bank account, rather than in the form of a check or cash. Your paycheck or a personal loan are examples of funds that are processed via direct deposit.

Q: Is my money safe in a bank account?

A: Yes, banks insure individual deposit account balances up $250,000. Funds are insured by the Federal Deposit Insurance Corporation (FDIC). 

Make the Switch Today

Whether you want to make the move to online banking or need a branch closer to your house, you have nearly endless options. No matter your priorities, narrow down your search with Benzinga’s carefully selected list of the best banks in Washington. 


To determine the best banks in Washington, Benzinga analyzed over 100 banks and financial institutions. We gave weight to banks in Washington with co-op ATMs and cash-back options. We also gave greater rankings to banks that offer the following: checking and savings accounts, online banking, personal loans, mortgages, educational resources and a mobile app.

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