Washington Federal Bank based out of Seattle, Washington operates 235 branches in 8 states in the Western United States. They have been in business since 1917 and have over $20 billion in assets.
They offer a number of CDs (certificates of deposit) with terms ranging from just 14 days to 5 years. They offer both standard CDs and 3 CD Specials that come with higher yields.
If you’re in the market for a CD and live within Washington Federal’s geographical footprint, then you may want to browse through offers to see if they’re a good fit.
The 8 western states that Washington Federal Bank accepts customers from are:
- New Mexico
Washington Federal Bank CD Rates + Account Details
Washington Federal Bank is member FDIC and all deposits held with them are federally insured up to the applicable limits.
Their CDs come with customizable terms (by the month) ranging from 14 days to 60 months and have a minimum deposit requirement of $1,000. If you’re opening a CD as a minor, your minimum deposit is just $500 and if you’re opening a CD in an IRA (i.e. an IRA CD) then the minimum deposit is just $100.
(Special) CD Rates
Washington Federal Bank offers two “CD Specials” at the moment. They come with either a 7 month term or a 13 month term and pay a slightly higher APY if you also have a checking account with WaFd.
|CD Term||APY (w/o checking)||APY (w checking)|
To put these offers into perspective, the current national average for a 6 month and 12 month CD sit at just 1.03% and 1.54% APY, respectively, according to the FDIC. That said, a number of online banks and credit unions with nationwide acceptance are starting to pay just over the 5.00% APY mark on both terms.
(Standard) CD Rates
Their standard CD rates are much less competitive and don’t keep up with the national average at this time.
|CD Terms||APY||APY ($90k +)|
|14 Days – 2 Months||NA||0.10%|
|4 – 5 months||5.00%||5.00%|
|6 – 11 months||0.15%||0.20%|
|12 – 17 months||0.20%||0.25%|
|18 – 23 months||0.20%||0.25%|
|24 – 35 months||0.20%||0.25%|
|36 – 47 months||0.20%||0.25%|
|48 – 59 months||0.25%||0.30%|
Any of these CDs – both the special offers and the standard ones – can be opened online or by stopping by a branch. If you choose to open one online, you’ll still need to provide an address that is within their geographical footprint to be approved.
Compounding and Crediting Interest
The interest on all Washington Federal Bank CDs is compounded daily and credited back to the CD monthly. For those depositing $10,000 or more, you may elect to have the CD interest payments sent to you each month rather than deposited back into the CD for further compounding.
Grace Period and Early Withdrawal Fees
Upon the maturity of your CD you will have a 10 day grace period in which you may modify the CD or close it out. If nothing is done during this grace period your CD will automatically renew into a new CD with the same term and the going APY at that time.
If you need access to the funds in your CD prior to its maturity you will incur an early withdrawal fee. The fee structure is as follows:
|CD Term||Early Withdrawal Fee|
|1 year or less||90 days’ interest on amount withdrawn|
|>1 year and less than 4 years||180 days’ interest on amount withdrawn|
|4 years or more||365 days’ interest on amount withdrawn|
How Open and Fund the CD
As mentioned, if you live within WaFd’s geographical footprint you may open the CD online or in a local branch.
If you’re opening the CD online you’ll need the following information to expedite the process:
- full legal name
- social security number
- drivers’ license
Once you’ve set up the CD account you’ll need to fund it. If you’re funding the account from an external bank, you’ll need the following information:
- current bank or credit union’s routing number
- bank account number where funds will be withdrawn from
📌 Please note: WaFd Bank will not pull your credit score from the 3 main credit bureaus. They will, however, review your personal information on OFAC (Office of Foreign Assets Control) and ChexSystems.