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Washington Financial Bank Review

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Washington Financial Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1899, Washington Financial Bank has $1 billion in assets along with $945 million in deposits, which makes it a medium-size bank. Washington Financial Bank, whose headquarters are in Washington, Pennsylvania, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We gave the bank a 4.2 out of 5 stars, which means Washington Financial Bank is a great bank that you should seriously consider. Washington Financial Bank has the complete package of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Washington Financial Bank offers an option without a monthly fee. Locating an institution with free checking as well as a high interest rate savings account is your best option for returning the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.2
SmartAsset Average: 3.5

Washington Financial Bank has a savings rate of 0.20%, which is poor compared to the national average. Washington Financial Bank's one-year CD earns at a rate of 0.50% and the five-year CD has a rate of 1.86%, while its highest-yielding money market account has a rate of 0.30%. Given Washington Financial Bank's poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Washington Financial Bank's Savings Rates Compare

Washington Financial Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Washington Financial Bank typically has extremely low fees in comparison to the average U.S. bank. With no monthly fee, Washington Financial Bank is perfect for those who want a basic checking account. Washington Financial Bank refunds their out-of-network ATM fees, which gives convenient access to cash at any time.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Washington Financial Bank is a brick-and-mortar bank, with 10 total branches in Pennsylvania. With mobile and web apps, Washington Financial Bank makes account access straightforward, even on the go. Washington Financial Bank receives poor reviews from customers for its mobile banking services. The Washington Financial Bank mobile app has been given a 3.4 out of 5 (with 49 customer reviews on Apple and Android) compared to the national average of 3.8. Washington Financial Bank's mobile app allows you to control your funds by checking monthly statements, transferring money as well as reaching customer service. Washington Financial Bank gets an excellent consumer satisfaction rating due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Washington Financial Bank is a medium-size bank owning $1 billion in assets as well as $945 million in deposits. Its Texas Ratio is 2.95%, signifying that the bank is in outstanding financial shape and unlikely to fail. Additionally, Washington Financial Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Washington Financial Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $2500
Checking Account 0.15% APY $2500
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 1.26% APY
  • 36 Month: 1.51% APY
  • 48 Month: 1.66% APY
  • 60 Month: 1.86% APY
$10000 for all terms
Money Market Account 0.25% APY $10000

Washington Financial Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Washington Financial Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Washington Financial Bank's CD rates are fair compared to the national average.

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Find a Washington Financial Bank Near Me

Washington Financial Bank has 10 physical locations across the U.S.

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