WaFd Bank, formally known as Washington Federal, serves eight states in the Western U.S. Unfortunately, it does not have very high-interest rates on its standard CDs. You can find much higher rates with some of the best CD rates on the market. The minimum deposit of $1,000 is also a bit high for banks of a similar size. It is possible to earn higher rates from a Special CD, but there may be other costs associated with those accounts.
All that said, you may want to consider WaFd Bank if you live near a local branch. For example, long-term savers will like that individual retirement account (IRA) CDs require a minimum deposit of just $100. To learn more about why you should or should not consider a WaFd Bank CD account, read on.
To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.
Special CDs
| CD Term | Minimum Deposit | APY With Checking Account | APY Without Checking Account | |
| 4-5 Month Special | $1,000 | 5.00% | - | Compare CD Rates |
| 7 Month Special | $1,000 | 4.75% | 4.65% | Compare CD Rates |
| 13 Month Special | $1,000 | 4.15% | 4.05% | Compare CD Rates |
| 19 Month Special | $1,000 | 4.10% | 4.00% | Compare CD Rates |
Fixed Rate CDs
| CD Term | APY: Initial Deposit $1,000 - $89,999 | APY: Initial Deposit $90,000+ | |
| 14 Day - 2 Month | - | 0.10% | Compare CD Rates |
| 3 Month | 0.05% | 0.10% | Compare CD Rates |
| 4-5 Month | 0.10% | 0.15% | Compare CD Rates |
| 6-11 Month | 0.15% | 0.20% | Compare CD Rates |
| 12-17 Month | 0.20% | 0.25% | Compare CD Rates |
| 18-23 Month | 0.20% | 0.25% | Compare CD Rates |
| 24-35 Month | 0.20% | 0.25% | Compare CD Rates |
| 36-47 Month | 0.20% | 0.25% | Compare CD Rates |
| 48-59 Month | 0.25% | 0.30% | Compare CD Rates |
| 60 Month | 0.30% | 0.35% | Compare CD Rates |
7-Month Special CD Interest Rate Comparison
Overview of WaFd Bank CDs
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. Note that CD rates in Texas often differ from the rates in other states. You will need to open an account in-person, so you should call your local branch to get the latest offers.
The CDs from WaFd Bank require a minimum deposit of $1,000. Minors have a lower minimum of $500 and IRA CDs have a minimum of just $100. Interest in all accounts will compound daily and credit monthly. You have the option to transfer earned interest to another account. Just keep in mind that removing the interest from your CD account will decrease your overall earnings.
Standard CDs from WaFd Bank earn different interest rates based on two tiers. You can get the highest rate by depositing at least $90,000. In addition to the standard CD rates, WaFd Bank offers a few special CDs. These CDs offer higher rates if you have a Green or Stellar Plus Checking account with the bank. These checking accounts require $100 to open an account. 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.
You should also ask your local branch about other types of CDs. For example, Boost Rate CDs allow you to increase your rate once during your term.
When your CD reaches the end of its term, you will have a 10-day grace period. During this period you can make any changes to your account, additional deposits or withdrawals. If you don’t remove your money, your CD will automatically renew for a CD of the same term length. The new interest rate will depend on the currently available rates.
Any time you try to withdraw some of your principal before your CD reaches maturity, you will pay an early withdrawal penalty. A CD term of one year or less will have a penalty worth 90 days’ interest on the amount you withdraw. Terms of more than one year but less than four years have a penalty worth 180 days’ interest. Any term of four years or more will come with a penalty of 365 days’ interest. Note that CDs in an IRA may face additional fees.
Compare WaFd Bank to Other Competitive Offers
How Much You Earn With WaFd Bank CDs Over Time
The interest rates are quite low with WaFd Bank’s standard CD rates. 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. It is possible to maximize your interest earnings by choosing longer CD terms and by making a larger initial deposit. 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).
The table below shows what your approximate total balance will be based on different initial deposits and term lengths.
| Initial Deposit | 6-Month CD | 12-Month CD | 36-Month CD | 60-Month CD |
| $1,000 | $1,000.75 - $1,001 | $1,002 - $1,002.50 | $1,006.01 - $1,007.52 | $1,015.09 - $1,017.62 |
| $2,500 | $2,501.87 - $2,502.50 | $2,505 - $2,506.25 | $2,515.03 - $2,518.80 | $2,537.73 - $2,544.06 |
| $5,000 | $5,003.75 - $5,005 | $5,010 - $5,012.50 | $5,030.06 - $5,037.59 | $5,075.45 - $5,088.11 |
| $10,000 | $10,007.50 - $10,010 | $10,020 - $10,025 | $10,060.12 - $10,075.19 | $10,150.90 - $10,176.23 |
How WaFd Bank CD Rates Compare to Other Banks’
WaFd Bank does not have very competitive interest rates. You should ask a local branch for the latest rates, as they may be higher than the rates above, but you should also compare CD rates from at least a few banks.
Which other banks you look at should depend on your individual goals. If you are looking primarily to build short-term savings, consider an online bank like Ally. It requires no minimum deposit and offers some of the highest short-term rates available.
Another bank to consider is Capital One, which doesn’t have great short-term rates, but does have high rates for CD terms of three and five years.
Customers looking to save for retirement should consider a broker like Edward Jones. Edward Jones requires a $1,000 minimum deposit (like WaFd Bank’s regular CDs) but its rates are significantly higher – especially for long-term CDs. Terms also go up to 10 years in length.
| CD Account | WaFd Bank | Ally Bank | Capital One |
| 6 Month | 0.15% - 0.20% | 4.80% | 4.20% APY (as of 9/17/24) |
| 1 Year | 0.20% - 0.25% | 4.50% | 4.20% APY (as of 9/17/24) |
| 3 Year | 0.20% - 0.25% | 3.75% | 3.60% APY (as of 9/17/24) |
| 5 Year | 0.30% - 0.35% | 3.75% | 3.50% APY (as of 9/17/24) |
Should You Get a WaFd Bank CD Account?
The interest rates from WaFd Bank are low. If your goal is to maximize savings, you will earn more by going with another bank. You could earn more by opening a Special CD but it’s worth remembering that those CDs require you to have a certain checking account. The checking accounts could cost you additional fees that counteract your higher CD earnings.
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