14 Best Banks in Washington in 2023

Our guide to the best banks in Washington includes everything you need to know. Learn which accounts you can open and what perks you can use to bank in this state.

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Did you know that you can fold a dollar 4,000 times before it will tear? You can still cash a torn dollar if most of it is intact. 

Most of us no longer use cash, but having a bank account is still a staple of managing your finances. After all, our currency hasn’t gone virtual yet. 

We’ve compiled a list below of the best banks in Washington for you. These banks offer several products and services that make banking simple. 

The best banks also offer superior financial education tools, including budgeting programs and online resources. You may even have access to a financial planner if you’re an account holder. 

Are you ready to learn more about the best banks in Washington? Let’s get started! 

14 Best Banks in Washington

The best banks offer everything from checking and savings accounts to personal loans. Keep reading to see if your favorite bank made the list.

1. CIT Bank

CIT Bank is an online-only bank that stands out for its excellent APY and diverse account offerings. As part of First Citizens Bank since 2022, CIT Bank provides top-notch financial solutions. 

Contrary to many banks on this list, CIT Bank is completely digital. The bank’s no-penalty CD rates are highly competitive and require a $1,000 minimum deposit. 

For those seeking a flexible checking option, the eChecking account with a $100 minimum opening deposit is an attractive choice. This account earns an impressive APY.

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Online and mobile banking is easy and convenient with an eChecking account. CIT customers can access checking accounts 24 hours a day online or through the mobile app. Checking accounts can be opened with a $100 minimum opening deposit.

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CIT Bank remains one of the largest banks in the U.S., offering its clients a wide range of accounts. It’s a great choice if you’re looking for a new bank account in Washington.

2. U.S. Bank 

U.S. Bank has a broad presence across 26 states, with over 80 branches in Washington. Catering to individuals, businesses, and everything in between, this bank offers a comprehensive range of personal and business banking services.

One of their popular offerings is the Smartly Checking account, featuring standard checking account features. With a minimum opening deposit of $25, customers can conveniently open this account online

However, there is a $6.95 monthly fee. You can waive this fee by meeting monthly direct deposit totals or minimum balance requirements.

U.S. Bank provides various savings account options, including the Standard Savings account. Although it requires a $25 opening deposit, the offered APY is considered relatively low compared to online-only banks.

U.S. Bank also has three business checking accounts, Gold and Platinum — including a free option with its Silver Business Checking. You can apply for an account online, over the phone or in person at a branch (U.S. Bank has branches in 26 states).

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U.S. Bank has three business checking accounts, Gold and Platinum — including a free option with its Silver Business Checking. You can apply for an account online, over the phone or in person at a branch (U.S. Bank has branches in 26 states).

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The bank is committed to financial education, offering valuable resources to empower its customers. U.S. Bank also boasts an extensive free ATM network.

It's worth noting that U.S. Bank does not offer free checking accounts. However, the bank does provide wide-ranging banking solutions and plenty of physical branches.

3. American Lake Credit Union 

American Lake Credit Union offers the best checking accounts to those living in Washington state, but a membership application is a prerequisite for opening an account. Washington residents can easily open a shared savings account with a $5 minimum deposit. 

This credit union offers several checking account options, including:

  • Compass Checking
  • Regular Checking
  • Budget Checking
  • Money Plus Checking 

Compass Checking stands out as it is free with no minimum balance requirements when opting for eStatements. Customers enjoy convenient 24/7 access to online and mobile banking. 

These accounts also come with a complimentary Visa debit card and various overdraft protection choices. With access to over 30,000 ATMs and 5,600 co-op shared branches, American Lake Credit Union ensures convenient access to its services. 

American Lake Credit Union has locations in Tacoma and Lakewood. It’s a stand-out credit union in Washington state.  

4. Banner Bank 

Banner Bank offers the Connected Checking account, which requires a $50 minimum deposit. The account has no monthly fees, even for those who prefer paper statements. 

A unique feature of this account is the ATM fee reimbursement policy. Under this policy, Banner Bank covers up to four charges each month. 

There's no minimum balance requirement to unlock these benefits. Banner Bank provides overdraft protection, peer-to-peer payments, and online bill pay services for added convenience. 

With 74 branches across Washington, the bank is well-regarded for its exceptional customer service. Clients can also rely on their 24/7 automated phone system for support. 

Banner Bank offers CDs for those looking to grow their savings. Many Washington residents continue to rely on Banner Bank for their banking needs.

5. Great Northwest Federal Credit Union 

While Great Northwest Federal Credit Union may not have the best money market accounts, it does offer low membership fees for those who live, work, or worship in Gray’s Harbor or Pacific County. Families can also invite immediate members to join. 

Once you make a $5 initial deposit into a savings account, you can take advantage of several financial benefits. These include the following checking accounts:

  • Regular Share Account
  • Money Market Account
  • Great Value Checking
  • Regular Draft Account
  • Platinum Plus Checking

Make a $25 minimum deposit with the Great Value Checking account, and you’ll pay no monthly fees. Great Northwest Federal Credit Union also offers interest-bearing checking accounts, free online banking, bill pay, and a free Visa debit card. 

You can find Great Northwest Federal Credit Union locations in Aberdeen, Raymond, Long Beach, and Ocean Park. 

6. HomeStreet Bank 

HomeStreet Bank is a longstanding community bank that has proudly served customers in Washington, Oregon, California, and Hawaii for over a century. You can find over 30 HomeStreet branches in Washington. 

This bank offers many financial services catering to consumers and businesses. These services include mortgages and commercial real estate financing. 

HomeStreet Bank offers a variety of account options, including checking accounts, savings accounts, and CDs. A free HomeStreet Bank checking account has no minimum daily balance requirements or monthly fees.

While paper statements incur a $5 fee, customers can access their statements for free through the online banking platform. Dedicated to giving back to the community, HomeStreet Bank actively supports local causes and initiatives. 

7. KeyBank 

KeyBank is a prominent regional bank boasting an extensive network of 1,000 branches across 15 states, including Washington. Headquartered in Cleveland, Ohio, the bank has a significant presence, with locations spread between Aberdeen and Zillah. 

KeyBank offers personal and small business banking services like the best national banks. The Smart Checking option stands out as it is fee-free with no minimum balance requirements. 

Although the account does not accrue interest, customers benefit from paper checks and digital features. KeyBank offers the EasyUp savings feature alongside traditional savings and money market accounts. 

However, the super-low APYs offered may not be as rewarding as other options. KeyBank also provides overdraft protection and access to a vast network of over 40,000 free ATMs.

8. MountainCrest Credit Union 

MountainCrest Credit Union offers a FreeFresh Start Checking option, designed as a second-chance checking account. With a $25 minimum opening deposit and a $10 monthly fee, this account caters to individuals looking for a fresh financial beginning. 

There are also no minimum balance requirements for this second-chance checking account. The credit union includes free online and mobile banking with bill pay, eStatements, and telephone banking. 

In addition, customers receive a Visa debit card. MountainCrest Credit Union has branches in Arlington and Everett. 

You must deposit $5 into a savings account to become a member. Membership eligibility extends to those living, working, or worshiping in Washington state. 

9. Mountain West Bank 

Mountain West Bank offers four checking accounts, including:

  • Totally Free Checking
  • Easy Interest Checking
  • 50+ Interest Checking
  • Premier Interest Checking

Each account requires a $50 minimum deposit to open. Accounts also come with free online and mobile banking, bill pay, remote deposit, eStatements, and a Visa debit card. 

10. Salal Credit Union 

Salal Credit Union offers four different types of checking accounts. Three out of the four of them do not have monthly fees. Preferred Interest Checking is the one that doesn’t, and the monthly fee can be waived if a balance of at least $2,500 is maintained.

The free checking account offered by Salal does not earn interest, but the other three checking accounts do on an account that has a balance greater than $0. You must deposit $25 to open this account. 

Pathway Checking also comes with a $10 monthly fee. However, you can waive this fee if you: 

  • Complete at least 15 debit card transactions each month
  • Deposit $250 into your account each month

Each action will decrease the monthly fee by $5. Salal Credit Union has convenient locations in Tukwila, Seattle, and Bellevue. 

11. Umpqua Bank 

Umpqua Bank offers a straightforward checking account called Embark Checking. This account requires a $25 minimum deposit. If you opt for eStatements, you can avoid the $3 monthly fee. 

If you want paper statements, they come with a $3 monthly fee. Customers can also sign up for the fee-free Grow Savings Account and enjoy monthly $10 in ATM fee rebates. 

An average balance of $2,500 or more is required to qualify for this benefit. Umpqua Bank has an extensive presence, boasting 64 branches in Washington.

The bank's product lineup includes two money market accounts, three checking accounts, and a simple savings account. While the CD rates offered may be lower than expected, Umpqua Bank's strengths lie in its regional presence. 

12. Washington Federal

A Free Checking Account from Washington Federal comes with basic features. This no-frills account has no monthly fee if you sign up for direct deposit and eStatements. 

There are no minimum balance requirements associated with this free checking account. Account holders can access online bill pay, peer-to-peer payments, and over 32,000 ATMs. 

13. Wells Fargo 

Wells Fargo is a prominent national bank with a strong presence in the state. You can visit over 150 locations throughout the region. 

Seattle alone is home to 17 branches. Customers can choose from various offerings, including checking accounts, savings accounts, mortgages, investment opportunities, and retirement solutions. 

To open the Everyday Checking account, Wells Fargo requires a minimum deposit of $25. While there is a $10 monthly fee, customers can waive it by fulfilling certain criteria.

Wells Fargo also provides competitive CD options. As a full-service national bank, it offers comprehensive banking solutions to meet the diverse needs of its customers.

14. Wheatland Bank 

Wheatland Bank offers two distinct checking account options: Gold Checking and Free-Range Checking. With Free-Range Checking, customers enjoy a fee-free account. 

This account also has complimentary online banking featuring bill pay functionality and a free Visa debit card. You can also get up to $10 in non-Wheatland ATM fee reimbursements. 

You can use the debit card associated with this account an unlimited number of times each month. In addition, the first box of checks is provided free of charge.

Wheatland Bank extends its services to various locations, including:  

  • Chelan
  • Davenport
  • Ellensburg
  • Moses Lake
  • Odessa
  • Pasco
  • Quincy
  • Ritzville
  • Spokane
  • Wenatchee
  • Wilbur
  • Yakima 

You must make a $100 minimum deposit to open an account. 

FAQs

What are some of the best banks and credit unions in Washington?

Some of Washington's best banks and credit unions include Washington Federal, Mountain West Bank, and Umpqua Bank. Many offer some of the best bank account bonuses that aren’t necessarily monetary sign-up bonuses. 

What do you need to open a bank account in Washington? 

Opening a bank account in Washington requires identification, a Social Security number, proof of your mailing address, and an initial deposit. Most credit unions require a $5 deposit to open a share account, but some banks waive the initial deposit requirement. 

Which of the best banks in Washington offer free checking accounts? 

Mountain West Bank, Wheatland Bank, Salal Credit Union, MountainCrest Credit Union, Keybank, and HomeStreet Bank offer free checking accounts. You can also find free accounts at American Lake Credit Union and Great Northwestern Federal Credit Union. 

Saving Green in the Evergreen State 

Whether you visit Washington for the coffee, wine, or scenery, this northern state has much to offer. It’s also home to Boeing and a thriving aerospace industry. 

You might not know that Washington offers residents access to some of the best banks available. These banks provide several financial products and services that support our daily lives. 

We hope this article helps you find a bank in Washington that you can trust. With the best banks, you can set your financial worries aside to focus on the more beautiful aspects of nature. 

Which of the best banks in Washington will you pick? 

About the author

Brian Meiggs
Brian Meiggs is a personal finance expert, and the founder of My Millennial Guide, a personal finance site helping you unlock the wealth of freedom. He helps millennials follow the smart money in order to increase their earning potential and start building wealth for the future. He regularly writes about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. He has been quoted as a top personal finance blogger in major publications including Business Insider, Yahoo! Finance, NASDAQ, Discover, Fox News, MSN Money and more.

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