Best Banks in Washington State

If you’re looking for the best banks in Washington, you’re in luck. You’ll find many quality national, regional, and smaller community banks in the Evergreen State.

So whether you’re looking for a new checking account, a credit card offering perks and rewards, or other financial services, we’ll review the best banks in Washington state. Contiune readint to find the right bank for your financial needs.

9 Best Banks In Washington State

1. Wells Fargo

Wells Fargo is a large national bank with a wide-reaching presence and a range of financial products and services. It offers banking services to personal and business customers. There are over 150+ Wells Fargo locations in Washington state, with 17 bank branches in Seattle.

Product-wise, Wells Fargo offers a wide range of products — from checking accounts to mortgages. The bank’s Everyday Checking account is an entry-level bank account you can open with a minimum deposit of $25. The account has a $10 monthly fee, but you can avoid it if you meet set criteria.

Wells Fargo also has some excellent Special CD rates right now. The 5-month CD could earn you 3.75% APY, while the 11-month CD could earn you 3.92% APY.

Pros:
  • Large, secure national bank
  • Top-rated banking app
  • Global presence
  • A wide range of products
Cons:
  • APY could be higher on standard CDs

2. U.S. Bank

U.S. Bank is another big national bank available in 26 states. The bank has 80+ branches in Washington state, according to the branch locator on U.S. Bank’s website.

U.S. Bank offers every financial service you can think of — from personal to commercial.

U.S. Bank’s Smartly Checking bank account offers everything a standard checking account would, and you can open it online in minutes with an opening deposit of $25. The account has a monthly fee of $6.95 that you can waive if you meet certain criteria (like monthly direct deposit totals or minimum balance requirements).

U.S. Bank has several savings account options, with the Standard Savings account offering 0.01% APY on any balance. The account has a low minimum opening deposit ($25), but you could find a much higher APY elsewhere.

You’ll also find financial education resources on the bank’s website, helping you learn about saving and investing. U.S. Bank’s mobile app gets good reviews, too.

Pros:
  • Extensive free ATM network
  • Good range of products and services
  • Highly-rated mobile app
Cons:
  • No free checking account
  • Quite a few different types of fees

3. KeyBank

KeyBank is a major regional bank with 1,000+ branches in 15 states, including Washington. The bank’s headquarters are in Cleveland, Ohio. You’ll find KeyBank locations in many cities and towns in Washington state, from Aberdeen to Zillah.

KeyBank offers a range of personal banking and small business banking services.

It has recently changed its overdraft terms, and now you won’t need to pay overdraft fees on accounts overdrawn by $20 or less (at the end of the day).

The Key Smart Checking account is the simplest of their checking accounts and has no monthly maintenance fee. There are no minimum balance requirements either — and you get paper checks and many digital features. The account doesn’t pay interest.

The automatic EasyUp savings feature automates your savings and helps with debt management.

KeyBank also offers some savings and money market accounts. The savings account rates are low (starting from 0.01% APY).

The bank’s Key Select Money Market Savings account offers a promotional APY of 2.00%, but only on $50k or higher.

Pros:
  • Free checking account available
  • No minimum balance requirements
  • 40,000 fee-free ATMs nationwide
  • Overdraft protection
Cons:
  • High amounts required to earn APY

4. Umpqua Bank

According to the bank’s location finder, Umpqua Bank has 64 locations in Washington state. The bank’s headquarters are in Portland, Oregon — and Umpqua Bank is the largest bank with headquarters in the Pacific Northwest (with nearly $30 billion in assets).

Umpqua Bank offers personal, business, private, and commercial banking services. Personal banking customers will find the usual account options, from checking and savings accounts to home equity lines of credit (HELOC loans).

The Umpqua Embark Checking account is the simplest checking account the bank offers. The minimum balance to open this account is $25, and there’s no monthly fee (if you enroll for paperless statements).

You also get up to $10 in non-Umpqua ATM reimbursements per month (with a $2,500+ average balance).

Umpqua Bank also has many savings account options, from certificates of deposit to money market accounts. The bank has some special CD rates, with 3.75% APY on the 13-month CD. The minimum deposit for this CD is $1,000.

Pros:
  • Many branches in Washington state
  • Good range of products available
  • Free checking account available
Cons:
  • Only available in 5 states

5. Chase Bank

Chase is a large national bank with branches in 48 states, including ten in Washington.

If you’d rather be a big bank customer, Chase is a great option to consider. As a national bank, it has a wide range of financial products and services, from checking accounts and credit cards to mortgages and auto loans.

Chase Bank often has bonuses and promotions available to new customers. For example, those opening a Chase Total Checking account and setting up a direct deposit could get a $200 bonus right now just for becoming a Chase customer.

Chase Total Checking is the bank’s most popular checking account. It doesn’t come with bells and whistles (like interest), but it offers everything a standard checking account would. The account has a $12 monthly maintenance fee which you can avoid if you meet set criteria.

Chase Bank also has some excellent certificates of deposit right now, offering up to 4.00% APY (3-month term). However, to earn the higher APY, you will need to deposit at least $100,000.

Pros:
  • Bonuses and promotions
  • A wide range of products
  • National and international presence
Cons:
  • Higher APY rates on CDs require large sums

Banner Bank is a regional full-service bank that has been operating in the West for over 100 years. It offers a more tailored customer service and is focused on the communities it serves. The bank has 74 bank locations in Washington.

Banner Bank’s standard checking account (Banner’s Best Checking) has a monthly service fee of $12, which the bank will waive if you meet set criteria (like keeping $5,000 in your account at all times). You can open an account online with a minimum balance of $50.

Banner Bank also offers business banking services, including accounts, loans, and financing. If you choose Banner Bank for your small business, you will get a relationship manager who will work with you face-to-face and handy digital tools for managing your loan online.

Banner Bank is a great option if you want your bank to give back to the community.

The bank has a formal environmental, social, and governance program (ESG) and gives back to the community through various initiatives (e.g., 2022 Fall Fund Drive, offering zero-fee flood loans).

Pros:
  • Gives back to the community
  • Good range of services
Cons:
  • High minimums are required to avoid the monthly fee

7. Bank of America

Bank of America is one of the largest banks in the U.S., with a large ATM network and an excellent range of financial products and services. Bank of America has 71 branches and ATMs in the state.

It is a reliable, member-FDIC financial institution with approximately 67 million consumer and small business clients.

Bank of America has 3 checking account options: SafeBalance, Advantage Plus, and Advantage Relationship. SafeBalance is the entry-level option, and it’s great for students who won’t have to pay the $4.95 monthly fee. If you’re not a student, you can waive the fee if you’re enrolled in Preferred Rewards.

Bank of America also has many credit cards available. The Customized Cash Rewards credit card is currently offering a $200 online cash bonus after you make at least $1,000 in purchases in the first 90 days of your account opening.

Like most modern banks, Bank of America offers customers user-friendly online banking. The bank also has a highly-rated mobile app for completing banking transactions on the go or from the comfort of your home.

Pros:
  • User-friendly online banking
  • Highly-rated mobile app
  • Large national bank
Cons:
  • No completely free checking account
  • Low interest fees

8. HomeStreet Bank

HomeStreet Bank is a community bank serving four states: Washington, Oregon, California, and Hawaii.

The bank has been around for over 100 years and offers consumer and commercial banking, mortgages, commercial real estate financing, and other financial products.

HomeStreet Bank has over 25 bank branches in Washington state. You’ll find your usual account types available at the bank, from checking to CDs.

HomeStreet Bank has a free checking account without a minimum daily balance or monthly service charge. You can get paper statements for $5 per month or view them online for free.

The bank currently has some great Featured CDs with rates going up to 4.125% APY (18-month featured CD). There’s a $500 minimum opening deposit, and you can open the CD online.

HomeStreet Bank was ranked #8 in the nation by Bank Director’s 2022 RankingBanking Study and has been named by Newsweek as one of America’s Best Banks in 2022.

HomeStreet Bank also gives back to the communities it serves. In 2021, the bank donated $1.1 million to local non-profit organizations, with the bank’s employees reaching 8,000 hours of volunteer time.

Pros:
  • Gives back to the communities it serves
  • Great featured CD rates
  • Award-winning bank
Cons:
  • The mobile app rating is a little low for Android devices

9. CIT Bank

CIT bank is an online-only bank that offers excellent APY and a range of account options. It became a division of First Citizens Bank in 2022 — a much larger bank available across 22 states. There are 11 First Citizens Bank locations in Washington.

CIT Bank is well known for its no-penalty CD rates offering a great APY (4.10%). The minimum deposit for this account is $1,000.

The bank also has an eChecking account that you can open with a minimum opening deposit of $100. The account will earn you 0.10% APY on balances under $25,000 and 0.25% on balances of $25,000 or more.

However, due to the merger, it is unclear whether the same products and services will stay as part of CIT bank. The website indicates that some products have moved to First Citizens Bank.

Pros:
  • Great APY rates on CDs
  • Wide range of products
Cons:
  • Unclear whether APY and products will stay the same (due to the merger)

Frequently Asked Questions

What is the most popular bank in Washington State?

Bank of America is the most popular bank in Washington state based on assets, according to Seattle Business Magazine. Wells Fargo is in second place.

What is the best credit union in Washington State?

The most popular credit union in Washington state is O Bee. Forbes recognized O Bee as the number 1 credit union in America’s Best-in-State Credit Union list.

What is the best bank to use in Washington State?

The best bank in Washington state will depend on your needs and preferences. All banks we listed above are excellent options — but your needs may differ from someone else’s.

While some people prefer to bank with a large, national bank in Washington state, others want to become a customer of a smaller, community-focused financial institution.

Review the list above and each bank’s pros and cons to find the best bank for you in Washington state.

What bank is popular in Seattle?

Many banks are popular in Seattle, including national banks and community banks. Out of big banks, Chase bank is popular in Seattle. Smaller popular bank choices include HomeStreet Bank, Seattle Bank, and Coastal Community Bank.

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