-
Financial Rates:
2.0
-
Customer Service:
5.0
-
Website Experience:
4.0
-
Bank Fees:
3.5
Pros:
- Good variety of accounts available
- Low opening required amounts
- Business accounts offered
- Money market and CDs earn good rates
Cons:
- Low interest rates on accounts
- Tiered interest rates on some accounts
- High rates require eligible checking
- Accounts have monthly fees
-
Financial Rates:
1.5
-
Customer Service:
4.0
-
Website Experience:
5.0
-
Bank Fees:
3.5
Pros:
- No set amount to open most accounts
- Good variety of accounts available
- Overdraft Pass
- Can open most accounts online
Cons:
- Products not available everywhere
- Accounts have monthly fees
- Limited CD terms offered
- Low interest rates for accounts
WaFd Bank offers a good variety of accounts. Those include:
- Savings account
- Savings account for minors
- Checking accounts
- Money market accounts
- CD terms from three-months to five-years
- Retirement accounts
- Lending options
- Credit cards
- Small business accounts
- Commercial options
The opening required amounts for WaFd accounts are low. Most savings and checking accounts only require $25 to open. A savings account for minors requires $10 to open. The Stellar Plus checking account requires $100 to open. The money market accounts require $100 to open. All CD terms require $1,000 to open.
WaFd Bank offers business accounts along with personal accounts. Those accounts include small business checking and savings accounts. They also offer some commercial business accounts. To open those accounts, you need to contact a commercial banker.
The WaFd Gold Money Market account has competitive rates. These account rates are the most competitive rates offered at WaFd. They are lower than other online money market accounts but still competitive. The seven-month and 13-month special CDs also earn higher rates than other WaFd CDs.
WaFd accounts besides the Gold MMA and special CD terms have low interest rates. These rates are similar to other brick-and-mortar bank rates. They do not compare to other online-only accounts.
Some WaFd accounts have tiered interest rates. To receive the highest rate for the Stellar Plus checking account requires a $10,000 balance. The regular money market account requires $90,000 to earn the best rate. Even the highest interest rate for these accounts is low.
Specific WaFd accounts require you to open other eligible accounts. To earn the best rates on the special CD terms, you must have an eligible checking account. The rates are only 0.05% higher if you have the checking account.
Most WaFd Bank accounts have monthly fees. The checking account fees range from $0-8 per month. The savings accounts have monthly fees from $3-10 per month. There are ways to waive some of the monthly fees. Those include keeping a set account balance. That balance ranges from $100-$20,000, depending on the account.
Checking, savings, and money market accounts do not have required opening amounts. However, to earn the best rates, you must be a Platinum member. A Platinum member has at least $25,000 in Citizen Bank accounts. The basic checking and savings accounts do not require you to be a Platinum member.
Citizens Bank offers a variety of accounts. These accounts include:
- Four personal checking accounts
- Three personal money market accounts
- Four personal savings accounts
- CD terms of 11, 14, and 24-month CDs
- IRA accounts
- Personal credit cards, lending, retirement, and investment options
- Business savings, checking, and money market accounts
- Business CDs
- Credit cards, lending, and investment options for businesses
Checking and money market accounts include $5 Overdraft Pass. If you overdraw your account for $5 or less, there will not be a fee. To avoid other overdraft fees, deposit money into your account as soon as possible. There is no limit to how many overdrafts qualify for the pass.
If you live where Citizens Bank account are available, you can open most personal accounts online. The application is entirely online. To open the College Saver savings account, you need to visit a branch location. Business and IRA account must also be opened in a branch.
Accounts are not available everywhere. Citizens Bank currently operates in 11 states. If you do not live in one of these states, you cannot open an account. Those states are:
- Connecticut
- Delaware
- Massachusetts
- Michigan
- New Hampshire
- New Jersey
- New York
- Ohio
- Pennsylvania
- Rhode Island
- Vermont
Citizen Bank accounts have fees. The fees range from $3.99 to $25 each month. There are ways to waive the fees. Those included making deposits and having set account balances. The balances range from $2,500 to $25,000, depending on the account. You can waive some money market and savings account fees by opening a Platinum checking account.
There are only three standard CD terms offered through Citizens Bank. They offer 11, 14, and 24-month CDs. The 14-month CD is an online-only account. Each term requires $1,000 to open. Business and IRA CDs are also available.
Most Citizens Bank accounts have low rates. The interest rates compare to typical brick-and-mortar bank rates. The CDs offer slightly higher rates if you also open a Citizens Bank checking account. Even those higher rates are not competitive with other online accounts.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.