How WaFd Bank CD Rates Compare to Other Banks’ The table below shows what your approximate total balance will be based on different initial deposits and term lengths. You will earn the highest rate (though the rate isn’t significantly higher than the lower earning tier) if you can afford to deposit at least $90,000). It is possible to maximize your interest earnings by choosing longer CD terms and by making a larger initial deposit. However, because of the $1,000 minimum deposit, you will still earn a couple of dollars in interest even if just open a six-month CD. The interest rates are quite low with WaFd Bank’s standard CD rates. Note that CDs in an IRA may face additional fees.Ĭompare WaFd Bank to Other Competitive Offers How Much You Earn With WaFd Bank CDs Over Time Any term of four years or more will come with a penalty of 365 days’ interest.
Terms of more than one year but less than four years have a penalty worth 180 days’ interest. A CD term of one year or less will have a penalty worth 90 days’ interest on the amount you withdraw. The new interest rate will depend on the currently available rates.Īny time you try to withdraw some of your principal before your CD reaches maturity, you will pay an early withdrawal penalty. If you don’t remove your money, your CD will automatically renew for a CD of the same term length. During this period you can make any changes to your account, additional deposits or withdrawals. When your CD reaches the end of its term, you will have a 10-day grace period. For example, Boost Rate CDs allow you to increase your rate once during your term. You should also ask your local branch about other types of CDs.
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Green Checking accounts charge a monthly service fee and Stellar Plus Checking accounts charge a fee if you don’t have a balance of at least $20,000. These checking accounts require $100 to open an account. These CDs offer higher rates if you have a Green or Stellar Plus Checking account with the bank. In addition to the standard CD rates, WaFd Bank offers a few special CDs.
You can get the highest rate by depositing at least $90,000. Standard CDs from WaFd Bank earn different interest rates based on two tiers. Just keep in mind that removing the interest from your CD account will decrease your overall earnings. You have the option to transfer earned interest to another account. Interest in all accounts will compound daily and credit monthly. Minors have a lower minimum of $500 and IRA CDs have a minimum of just $100. The CDs from WaFd Bank require a minimum deposit of $1,000. You will need to open an account in-person, so you should call your local branch to get the latest offers. Note that CD rates in Texas often differ from the rates in other states. The headquarters of WaFd Bank are in Washington, but the bank also serves seven other states: Arizona, Idaho, Nevada, New Mexico, Oregon, Texas and Utah.
To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator. To learn more about why you should or should not consider a WaFd Bank CD account, read on. For example, long-term savers will like that individual retirement account (IRA) CDs require a minimum deposit of just $100. It is possible to earn higher rates from a Special CD, but there may be other costs associated with those accounts.Īll that said, you may want to consider WaFd Bank if you live near a local branch. The minimum deposit of $1,000 is also a bit high for banks of a similar size. You can find much higher rates with some of the best CD rates on the market. Unfortunately, it does not have very high-interest rates on its standard CDs. WaFd Bank, formally known as Washington Federal, serves eight states in the Western U.S.
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