Best Banks in Seattle

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Online, branchless banks are still fairly new, but the benefits associated with many of them can’t be denied. Ally is one of the top such options on the market, as it has strong online and mobile experiences and great interest rates. For those looking to save, Ally’s Online Savings Account offers a 4.25% APY. But if you need a debit card and check-writing capabilities via a checking account, the Spending Account from Ally comes with up to a 0.25% APY, depending on your balance. Beyond this, Ally has no fees or minimums to worry about.

The mobile features of banks like Ally are paramount to their success. Ally has apparently done a good job with its platform, as Apple and Android users have rated the Ally banking app 4.35 stars out of 5 across 20,000 customer reviews. Mobile check deposit, an in-network ATM locator and 24/7 account statements and transaction histories are the hallmarks of Ally’s app. In addition to these, Ally includes Zelle®, a peer-to-peer money transfer program similar to Venmo.

Since Ally doesn’t have physical locations, there are no proprietary Ally ATMs. To ensure that its customers have ample access to fee-free ATMs, Ally has partnered with Allpoint, a worldwide ATM network that’s 55,000 machines strong. If you make a withdrawal at an out-of-network ATM, Ally reimburses up to $10 in ATM fees per statement cycle.

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If you’re in a big city like Seattle, chances are you’ve encountered a Chase Bank branch or ATM at some point. This is perhaps the biggest advantage of banking with a nationwide bank like Chase. No matter where you are, you’ll have access to your Chase bank accounts. In the Seattle area alone, customers can visit about 236 branches. 

Chase is also able to offer a variety of bank accounts from two different savings accounts to a 120-month certificate of deposit to four checking account options. This range allows you to find the kind of accounts that are best for you. All Chase bank accounts do charge a monthly fee, which can get pricey especially with a Chase checking account. However, you do have some options when it comes to getting these fees waived, often by maintaining a minimum account balance. 

A drawback to banking with Chase is that it doesn’t offer the most competitive rates on its interest-earning accounts. This is often the case with big national banks due to the high costs of maintaining thousands of physical locations. The trade-off for the convenience of these banks is typically the lower interest rates that they offer compared to online-only banks. Chase’s most basic savings and checking accounts carry the lowest APY of 0.01%. The bank does offer certain ways to boost your rates, by linking a checking and savings account together.

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If you don’t want to do business with a big bank in Seattle, you’ll have to accept the decrease in physical branch access. For example, Columbia Bank has 36 branches in the Seattle area, which pales in comparison to Chase’s 129 locations. However, you’ll find lower fees and minimums with Columbia Bank savings and checking accounts. This makes it more accessible to customers who don’t have hundreds of dollars available to open an account. 

If you are simply looking for the highest interest rates possible, this small bank may not be for you as it’s possible to find more competitive rates elsewhere. Its checking and savings rates start with the low APY of 0.01%. You can reach up to a 0.05% APY, but only if you have an account balance over $1 million.

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If you’ve got money just sitting in a low-interest account, an option like the Savings Builder account should look rather appealing. The 1.00% APY offered by CIT Bank is one of the top rates available today, and you only need to deposit $100 to become an account holder. However, should you be unable to deposit an additional $100 per month or maintain an account balance of $25,000, your APY will fall significantly to 0.40%.

Savings accounts typically don’t require active management, as you simply deposit your money and let the interest rate do its thing. This likely takes some of the sting out of the fact that CIT is a branchless bank, and is therefore solely accessible through its online and mobile banking offerings. Features include inter-account transfers and digital statements and transaction histories.

There are other accounts you can open through CIT besides the Savings Builder account. It boasts more than 15 different certificates of deposit (CDs), a money market account (MMA) and an alternative savings account aptly titled the Premier High Yield Savings account. The bank’s MMA is somewhat of a checking-savings hybrid, as account holders can send and receive money from friends and family through the bank’s mobile app.

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HomeStreet Bank ranks again on this list with the best savings account in Seattle. This is due to having the highest savings rate on its Statement Savings account above its area competitors. Plus, the bank offers its 0.05% APY to all account holders, regardless of your balance amount. You will need to open the account with at least $200, though. 

The account charges a nominal $1 monthly fee. You can have this fee waived, though, as long as you’re aged 18 or younger or you keep a $200 minimum daily balance in the account. There’s also no extra charge for your statements whether you choose paper or e-Statements.

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Customer service is a big part of anyone’s banking experience. Whether you just need to ask a question about your account or you’ve become a victim of identity theft, you’re going to want a pleasant, convenient and successful customer service experience. Voted best overall in a J.D. Power customer satisfaction survey, Banner Bank offers its customers 24/7 service to answer your questions and address your concerns. 

The 24/7 service isn’t entirely in person, however. You can reach the bank in person during business hours, Monday - Friday, 7 a.m. to 7 p.m. Outside of those hours, you’ll be guided through an automated phone system to complete your tasks. Banner Bank does have multiple phone numbers and email addresses for queries like address changes or lost or stolen checks. That way you can be more immediately connected to the right representative or phone tree, rather than pressing your phone keypad a dozen times.

When it comes to bank accounts, Banner Bank has a range of options. You can choose from four different checking accounts, a couple savings accounts, money market accounts, CDs and IRAs. This means you could keep all your accounts at the same bank if you wanted to. The bank’s fees and minimums depend on the account you open. For example, the Connected Savings account only requires a deposit of $25 while a Banners Best Savings account requires a $100 deposit. 

It’s important to note that to find the applicable interest rates, you will have to call the bank or visit your local branch.

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HomeStreet Bank offers a small bank feel and some solid interest rates, unlike many of its similarly sized competitors. Like the bank’s other accounts, the Interest Checking Account does require a high minimum deposit of $2,500. There is also a $10 monthly fee. However, you can avoid this fee with an account balance of at least $2,500. 

You will also need a balance of at least $2,500 in your account to start earning interest at a 0.05% APY. Once your account reaches $10,000, the APY is bumped to 0.10%. While this may not seem like a high rate, especially compared to online banks, these rates perform better than other Seattle banks. 

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As its name suggests, the KeyBank Hassle-Free Account offers customers an easy and free checking account option. You can easily open the account with $10. Then, you won’t have to worry about a monthly maintenance fee nor a minimum balance requirement. There is no overdraft fee, either. This is mainly due to the account’s lack of check-writing abilities. It’s harder to overdraft your account without checks. If you should try to use your debit card without enough funds in your account, your card will simply be declined. 

Again, this is an easy-to-handle account. KeyBank does have other, more complex checking accounts, although you’ll find more fees and higher minimums with those accounts. 

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Due to their limited reach, smaller, regional banks typically only offer limited account options. Students may want to turn instead to a bigger bank, especially students who will need a wider reach of branches and ATMs. Perhaps the bank who can do that best for Seattle students is Chase. Already our best national bank in Seattle, Chase offers students, both local and out-of-state, 129 branches in the metro area. This makes it incredibly easy to access your accounts no matter where you’re from, especially with the bank’s excellent online and mobile features.

College students can take advantage of the Chase College Checking account, meant for students 17 to 24 years of age with proof of student status. There is a $6 monthly fee, although you can avoid the fee for five years while in college, or by making a direct deposit each statement cycle or maintaining an average account balance of at least $5,000. 

Chase also includes high school students in its student benefits with its Chase High School Checking account. This is geared toward high school students 13 to 17 years old with an adult co-owner. This adult must also have a Chase checking account. Chase High School Checking accounts do not charge a monthly service fee.