Washington Financial Bank first started operating in 1899 with headquarters in Washington, Pennsylvania. It manages $1 billion in assets as well as deposits totaling $945 million, classifying it as a medium-size bank. Washington Financial Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.2 stars out of 5, Washington Financial Bank should be solidly in contention for your choice of bank. Washington Financial Bank provides customers with the full package of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Washington Financial Bank's most basic checking does not carry a monthly maintenance charge. Banks that offer free checking as well as a high interest rate savings account are your best bet for gaining the highest income from your deposits while having convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Washington Financial Bank has a savings rate of 0.20%, which is poor compared to the average U.S. bank. Washington Financial Bank's one-year and five-year term lengths CDs earn at a rate of 0.50% and 1.86%, respectively, while its highest-yielding money market account earns at an APY of 0.30%. Given Washington Financial Bank's below average savings rate, you should think about choosing another bank to earn more on your deposits.
How Washington Financial Bank's Savings Rates Compare
Washington Financial Bank has typically extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Washington Financial Bank refunds their out-of-network ATM fees, which gives handy access to cash at any time.
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 easy, even on the go. Washington Financial Bank gets inferior marks from users for its mobile banking services. The Washington Financial Bank mobile app has been given a 3.4 out of 5 (out of 49 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Washington Financial Bank's mobile app to control your finances by reviewing account balances, sending and receiving funds and reaching support representatives. Washington Financial Bank receives a superb consumer satisfaction rating based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
Washington Financial Bank ranks as a medium-size bank owning assets totaling $1 billion and $945 million in deposits. It has an excellent Texas Ratio of 2.95%, signifying that the bank is in superb financial health and far from failure. 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.Back to Overview
Compare Washington Financial Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.2% APY||$2500|
|Checking Account||0.15% APY||$2500|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Accounts||0.25% APY 0.3% APY||$10000 $15000|
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 consider 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 in comparison to the average U.S. bank.Back to Overview
Find a Washington Financial Bank Near Me
Washington Financial Bank has 10 branches across the U.S.Back to Overview