WaFd Bank Review: Low Minimum Deposits and a Full Suite of Products
Written by
Rudri Bhatt Patel, CFHCâ„¢
Edited by
Joe Evans
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Earn a generous APY with a 7-month CD.
WaFd has various financial products, including personal banking options, credit cards and loans. They offer savings accounts with low minimum deposits and lower minimum balances for minors.
WaFd Bank is a solid regional bank with a broad product line. The bank offers all the products people need, many with maintenance fees that can be waived, plus reasonable balance requirements. WaFd Bank also has convenient digital banking products and services, like Zelle, which sends and receives money, online banking and a mobile app.
WaFd Bank Checking Accounts
WaFd Bank offers four checking accounts — Free Checking, Reward Checking, Premium Rewards Checking, and Interest Checking. All checking accounts require a $25 minimum monthly deposit. All checking accounts come with a debit card, digital banking and free overdraft protection.Â
- All accounts require a $25 minimum opening deposit.
- Free checking has no monthly maintenance fee.
- Rewards checking has a $6 monthly maintenance fee.
- You can receive various checking rewards with Rewards, Premium Rewards and Interest Checking accounts.
- All accounts offer an overdraft line of credit.
- Free 3×5 safety deposit box with interest checking
Best For
Low Monthly Fees
Low Opening Deposits
Banking in Oregon
Robust Digital Tools
Mobile App
Four Different Checking Account Options
WaFd offers four checking accounts with low opening deposits, digital tools, and perks like gas savings and credit monitoring, though some accounts have maintenance fees. Interest Checking has a moderate interest rate.
Fees
$0 to $12, waivable
APY
Min Opening
$25
Pros
- Low minimum opening deposits
- Gas savings, credit monitoring, identity theft reimbursement, and shopping and health discounts are available with Interest, Premium Rewards and Rewards Checking
- Access to an extensive network of ATMs
- Comprehensive digital banking toolsÂ
Cons
- Limited physical presence
- Monthly maintenance fees on most checking accountsÂ
- Interest rates on checking accounts are modestÂ
Quick Take
WaFd offers several ways to check accounts. Free checking is accessible for most with only a $25 monthly fee and no monthly service fee or minimum balance requirement. If you can keep higher balances, the interest checking account is ideal to earn interest and benefit from additional perks.
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WaFd Bank Savings Accounts
WaFd offers a personal savings account that requires a $25 minimum deposit for adults and $10 minimum for minors. The minimum balance to earn interest is $100 for adults and $10 for minors. The $3 monthly service charge is waived if the balance is at least $100 or the account holder is a minor.
- $25 minimum monthly deposit for adults
- $10 minimum monthly deposit for minors
- APY for adult savings accounts
- APY for minor savings accountsÂ
- FDIC-insuredÂ
Best For
Low Monthly Fees
Great for Minors
Banking in Oregon
Waived Fees for Minors
Mobile App
Save With $10 Deposit
WaFd’s savings account provides an accessible way to save, with low deposit requirements for adults and minors, and waivable fees to make saving simple and affordable.
Fees
$0 to $3, waivable
APY
.1% to 5% based on balances
Min Opening
$10 to $25
Pros
- Low minimum deposit
- Fee waivers for minorsÂ
- Low monthly maintenance fee that is waivable
Cons
- Low APY
- Limited availability
- Fee if you can’t meet the $100 minimum balanceÂ
Quick Take
WaFd offers a savings account with minimal APY, but it’s likely ideal for children learning to save. The minimum deposit is $10 for minors. Minors can immediately earn interest with an opening balance of $10.
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WaFd Bank CD Accounts
WaFd CDs offer a range from four to 19 months with varying APYs. The minimum deposit is $1000 to open a CD. The APYs range from, but there are high rates being offered as promos, with the highest being 3.44% APY for the 7-month CD special, if you also have a qualifying account. Some CDs are only available with a checking account.Â
- $1,000 minimum to open a CD
- $500 minimum for minors to open a CD
- Interest may compound daily or monthly, depending on the CD you choose
- Higher APYs if you have an existing checking accountÂ
- FDIC-insured
Best For
Low Monthly Fees
Friendly for Minors
Varied Term Length Options
APY Boost for Customers
Mobile App
$500 Min. and Up to APY
WaFd’s CDs offer flexible terms, a $1,000 minimum deposit ($500 for minors) and APYs up to for promotional CDs, with higher rates available to checking account holders.
Fees
No monthly service fee
APY
4-5 month promo CD
Min Opening
$1,000 for adults, $500 for minors
Pros
- CDs offer minors a chance to save.
- Varying term lengths
- Those with existing accounts will get a bump in APY.Â
Cons
- Penalty for early withdrawal
- The 4-5 month CD is only available with a checking account.
- Lack of physical locations
Quick Take
WaFd offers varying CD terms, but to receive ideal APYs, having a checking account helps. If you want to teach your children about saving with CDs, you can open one for minors with as little as $500.
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WaFd Bank Money Market Accounts
WaFd offersthree money market accounts requiring a $25 minimum deposit. All accounts have a $10 monthly service fee, but the fee can be waived if the balance is above $1,000. WaFd will not run your credit to apply for a money market account.Â
- All money market accounts require a $25 minimum deposit
- APYs range from to for the basic Money Market account. Determination of APYs is based on your balanceÂ
- Higher APYs are offered on the High Yield Money Market account and the Gold Money Market account, depending on the balance
- FDIC-insured
- Up to 200 branches in 9 statesÂ
Best For
Low Monthly Fees
Higher Interest Option
Rewarding for Higher Balances
Decent APYs
Mobile App
Waivable Monthly Service Fee
WaFd’s money market accounts require a $25 minimum deposit, offer a waivable $10 monthly fee, and feature tiered APYs, rewarding higher balances with better rates.
Fees
$10, waivable
APY
Up to 2%
Min Opening
$25
Pros
- Variety of money market account choices
- Minimum deposit requirements are accessible for most
- Earn more interest than a traditional savings account
Cons
- Limited transactions (six per month)
- A lower rate for smaller balancesÂ
- Monthly fee if you aren’t able to meet the minimum balance requirements
Quick Take
WaFd offers money market accounts that are a good middle ground between a savings and a checking account. Money market accounts with higher balances will be rewarded with higher APYs. Quick Take: WaFd offers money market accounts that are a good middle ground between a savings and a checking account. Money market accounts with higher balances will be rewarded with higher APYs.Â
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Banking Experience
Here’s a breakdown of the banking experience features that help WaFd Bank stand out.
Mobile and Digital Experience
WaFd has online banking and a mobile app, which help you complete your banking tasks, like setting alerts, transferring funds, checking balances and making mobile check deposits. Bank customers can send and receive money with Zelle on the mobile app. The WaFd Bank mobile app was rated 2.4 out of 5 stars on Google Play and 4.7 out of 5 stars on the Apple Store.
Customer Service
You can contact customer service 24/7 at 1-800-324-9375.
Breadth of Products
WaFd offers checking accounts, savings accounts, money market accounts, retirement accounts, CDs, credit cards, and a host of business and commercial products and services.Â
However, if you need a personal, auto, or recreational vehicle loan, you’ll have to look elsewhere.
Minimum Opening Deposits
Even though WaFd requires minimum opening deposits, they are generally affordable. For example, checking, savings, and money market accounts require a $25 minimum opening deposit.Â
CDs require a $1,000 minimum opening deposit, which may be a little steep for some but is typical for the account type.
How Does WaFd Bank Compare?Â
Changing banks is a big decision, so you want to be sure you’re choosing the right bank for your needs. Here’s how WaFd compares to other banks you might consider:
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $12, waivable
$0
APY
APY
APY
to
Min Opening
Min Opening
Min Opening
$0
$25
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $3, waivable
$0
Early withdrawal penalty may apply
APY
APY
APY
.1% to 5% based on balances
Up to
Min Opening
Min Opening
Min Opening
$10 to $25
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
No monthly service fee
APY
APY
APY
4-5 month promo CD
Up to
Min Opening
Min Opening
Min Opening
$0
$1,000 for adults, $500 for minors
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$10, waivable
$0
No monthly service fee
APY
APY
APY
Up to 2%
Up to
Min Opening
Min Opening
Min Opening
$25
$0
$500
WaFd Bank vs. Ally Bank
Ally Bank is an online-only bank, so many accounts pay higher interest rates than brick-and-mortar banks. But if you need the ability to walk into a branch, WaFd Bank should be your pick.
WaFd Bank vs. Synchrony Bank
Synchrony Bank is entirely online and offers a high-yield savings account, CD and money market accounts. If you’re comfortable with digital banking and want to maximize your return, Synchrony Bank may be your ideal fit. If you’re interested in traditional banking and loans, WaFd may be a better choice since they have options to visit in-person branches.Â
WaFd Bank vs. CIT Bank
CIT Bank offers its service online exclusively. Because of its only online presence, CIT Bank can offer higher rates on CDs, savings, and money market accounts. CIT Bank is ideal for tech-savvy savers seeking maximum returns without needing in-person services, while WaFd appeals to customers who value local presence and personalized support.
Final Take to GOÂ Â
WaFd Bank offers all the banking products and services most people need, as well as local branches and access to ATMs nationwide. You can do all your banking online, including opening a fast and easy account. If you live in one of the bank’s service areas, it’s a financial institution worth considering.
WaFd Bank FAQ
Here are the answers to some commonly asked questions from this WaFd Bank review.- Does Zelle work with WaFd Bank?
- Yes, Zelle is available on WaFd mobile app and online.
- Is WaFd Bank a good bank?
- Yes. Funds up to $250,000 per depositor, per category, are insured by the FDIC.
- Is WaFd the same as WaFd Bank?
- Yes, WaFd Bank is the same as WaFd Bank.
- Does WaFd have free checking?
- Yes, WaFd has a free checking account with no monthly service charge, no minimum balance requirement, and a debit card with free overdraft protection. There is a requirement of a $25 minimum opening deposit.
- How much can I withdraw from a WaFd ATM?
- WaFd Bank's standard daily ATM withdrawal limit is $500. This means you can withdraw up to $500 in cash from an ATM within 24 hours using your WaFd Bank debit card.
Cynthia Measom and Karen Doyle contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 6, 2026.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
