For the residents of Washington currently searching for an outstanding savings account, we have carefully collated a variety of the most superior savings accounts on offer in Washington.
Whether your objectives are focused on setting aside money for an emergency, saving for a down payment, or securing funds for your children's educational needs, these accounts extend appealing interest rates, little or non-existent fees, and convenient capabilities.
Ally High-Yield Savings Account
Savings APY
Minimum Deposit
Promotion
Fees
Washington-based customers have the opportunity to leverage the Ally High-Yield savings account, which is enriched with a plethora of appealing features. This account possesses a high APY of 3.80%, thereby making it an extraordinarily lucrative savings alternative.
In addition, the absence of monthly maintenance charges and minimum balance conditions ensures that unnecessary expenditures do not deplete your savings.
The account promises round-the-clock customer service, ensuring support is available whenever needed. Ally also offers resources for managing your savings. The “Round Ups” feature is also noteworthy, allowing automatic fund transfer from your Interest Checking account to the High-Yield Savings Account whenever your transactions are rounded to the nearest dollar.
Discover Online Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
For residents of Washington looking to optimally expand their savings without requiring a physical banking branch, the Discover Bank Online Savings account is a splendid choice. The interest is calculated daily and credited to your account every month. A highlight of this account is that no maintenance fees are involved.
Furthermore, Discover Bank offers a handy mobile application for Android and Apple device users. This application facilitates seamless transactions, such as money transfers, balance inquiries, perusal of recent account transactions, and check deposits.
If you possess a Discover checking account, automatic transfers to your savings account can be arranged, making increasing your savings more straightforward. However, it does not extend the provision of an ATM card, and the tools offered are comparatively basic.
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Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 3.85% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.35% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
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Laurel Road High Yield Savings
Savings APY
Minimum Deposit
Promotion
Fees
Laurel Road High Yield Savings' service isn't limited to Washington's citizens but also delivers an extraordinary interest rate of 4.00% APY, free from any obligation of a minimum deposit or regular fees.
The arrangement offers versatility, allowing you to deposit funds into your account through various methods such as transfers, wire transfers, direct deposit, mobile check deposit, or even through the traditional means of mailing checks. As your security and tranquility are paramount, know that the FDIC safeguards your investments.
Laurel Road initially centered its operations around student loans. However, their offerings have diversified to include online banking services such as savings and checking accounts, personal loans, and mortgages. Following KeyBank's procurement of Laurel Road in 2019, their banking services have been extended to the entirety of the nation.
LendingClub High-Yield Savings
APY Savings
Minimum Deposit
Promotion
Fees
The Lending Club Savings account is an attractive option for individuals in Washington intending to accrue savings. It boasts a highly competitive interest rate, superseding what is typically offered by many banks. The current earning rate is 4.50% on all funds deposited. Moreover, the account carries no monthly charges, and there is no need to maintain a certain balance following the initial deposit of $100.
Additionally, the account comes equipped with an easily accessible card valid at ATMs. By using MoneyPass and SUM networks, you can conveniently withdraw cash sans any ATM charges. However, note that certain ATM providers may levy a fee.
All banking procedures, including account oversight, depositing checks via mobile platforms, and making bill payments, can be effortlessly executed online or via the mobile application.
Marcus by Goldman Sachs
Savings APY
Minimum Deposit
Promotion
Fees
The High-Yield Online Savings Account by Marcus by Goldman Sachs is undeniably among the top-tier choices for high-yield savings accounts. At this moment, it presents a pleasing APY of 3.90% on all account balances.
There are no initial charges for establishing a savings account with Marcus or ongoing charges for account upkeep, services, or money transfers. Furthermore, fulfilling any conditions regarding minimum deposits or balances is unnecessary.
Goldman Sachs made a significant debut in consumer banking in 2016 with the launch of Marcus by Goldman Sachs. This strategic initiative was designed to expand their services beyond the scope of investment banking and to provide invaluable financial management tools to individuals nationwide.
Quontic Bank High Yield Savings
Savings APY
Minimum Deposit
Promotion
Fees
The 3.85% APY of Quontic Bank stands out for its elevated rate, compounded daily. There are no fees such as monthly service, overdraft, or non-sufficient funds, enhancing the bank's customer-friendly approach. It features fully operational mobile and online banking, complemented by customer support delivered through phone calls or live chats.
Interest is determined daily based on the current account balance and credited after the monthly statement period. Account holders can conveniently channel funds into the account from an existing Quontic account or any external account via Automated Clearing House (ACH) transactions.
Established in 2009, Quontic Bank is a digital banking institution serving a nationwide clientele across all 50 states via its online platform. The bank provides an extensive array of banking products such as savings and checking accounts, certificates of deposit (CDs), and money market accounts.
Prime Alliance Bank Savings
Savings APY
Minimum Deposit
Promotion
Fees
With the personal savings account from Prime Alliance Bank, you can access an attractive Annual Percentage Yield (APY) of 4.15%. It also offers numerous attributes designed to facilitate efficient money management. This account is particularly distinctive because it does not entail monthly service charges or demand a minimum balance, thereby distinguishing itself from its competitors.
For residents of Washington, Prime Alliance Bank provides seamless online and mobile banking services. These services enable you to effortlessly keep track of your account, verify balances, review your transaction records, and make transfers between accounts.
Prime Alliance Bank, a financial institution established in 2004 and based in Utah, presents a wide range of financial offerings. This broad selection encompasses personal checking and savings accounts, money market accounts, certificates of deposit (CDs), and retirement accounts.
Can I Find Better Savings Accounts In Washington?
Undeniably, it is quite probable. The previously referred savings account is just part of a wide array of account types that are obtainable both in Washington and nationwide. Banks and credit unions showcase a plethora of options for your examination.
When considering the opening of a savings account, it is suggested to study interest rates and factor in the elements most relevant to your situation – these may include the bank's reputation, the existence of mobile banking, or savings tools that might assist in enhancing your savings. If you retain an existing banking association, it would be judicious to inquire about any particular promotions they may have designed for you.
Bearing that in mind, the following savings accounts are definitively excellent selections. They afford competitive APY and are typically devoid of monthly fees. Furthermore, each account imparts unique features to suit a variety of savers.
These options could be notably suitable for diverse individuals, such as neophyte investors, those needing a holistic bank, or those who appreciate the ease of online banking over the conventional visit to a physical branch.
Alternative Savings Accounts To Consider
A broad spectrum of institutions, comprising of banks and credit unions, offer an array of alternatives for those endeavoring to safeguard their earnings.
As mentioned earlier, a wide assortment of options prevails both on the scale of Washington state and nationally. The ensuing table presents some of the principal choices presently available for individuals interested in a savings account.
Bank/Institution | Savings APY | Minimum Deposit |
|---|---|---|
Upgrade | 4.14% | $0 |
Capital One | 3.80% | $0 |
Wealthfront | 4.25% | $0 |
CIT Platinum Savings | Up to 4.35% | $5,000 |
Citizens Access | 3.70% | $0.01 |
Ivy Bank High Yield Savings | 4.25% | $2,500 |
Synchrony High Yield Savings | 4.10% | $0 |
Bread Financial Savings | 4.40% | $100 |
Rising Bank High Yield Savings | 4.40% | $1,000 |
UFB Premier Savings Account | Up to 4.01% | $0 |
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Best Savings Accounts In Washington: Methodology
The Smart Investor team thoroughly researched various banks and credit unions to uncover the best savings accounts in Washington . We focused on essential factors such as interest rates, minimum deposit requirements, and fees. Here's how we rated them:
- Rates And Terms (40%): We examined the savings rates offered by Washington -based banks and credit unions, considering any unique terms and conditions. Institutions offering competitive rates, reasonable minimum deposit requirements, and minimal fees received higher scores in this category.
- Savings Account Features (30%): This category assessed the range of features tailored to Washington savers, including methods for saving and transferring money, withdrawal options, and any special promotions specific to the state. Banks providing a diverse array of Washington -centric options earned higher scores.
- Customer Experience (20%): We evaluated the ease of opening an account, the responsiveness of customer service, the usability of mobile apps (tested by our team), and the bank's policies for assisting Washington Savings accounts offering seamless account opening processes, efficient customer service, and user-friendly digital platforms received better ratings.
- Bank Reputation (10%): We considered the reputation of each Washington -based bank or credit union, taking into account ratings from JD Power, TrustPilot, and local Better Business Bureau reviews. Institutions with positive reputations and satisfied Washington customers received higher scores.
