WaFd Bank: Current Interest Rates, Savings & Loans, Reviews & Complaints

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WaFd Bank, formerly Washington Federal Bank, a subsidiary of Washington Federal, Inc. (NASDAQ: WAFD), is a savings and loan headquartered in Seattle, Washington. The bank operates more than 180 banking branches in eight western states: Washington, Arizona, Idaho, Nevada, Oregon, Texas, Utah, and New Mexico. WaFd consumers can “count on” the bank for checking and savings accounts, retirement accounts, mortgages and HELOCs, business and commercial banking, and insurance products.

WaFd's history dates back to 1917, when the Ballard Savings and Loan was founded. It merged with Bothell's Washington Federal Savings and Loan in 1958, keeping the Washington Federal name, and its current structure was established in 1995. The bank has grown largely through mergers and acquisitions. A few notable examples include Provident Federal Savings and Loan, First Mutual Bank, Horizon Bank, and Charter Bank. These deals have helped WaFd grow its footprint into new states and increase its footprints in states where it already had a presence.

In the late 2010s, WaFd (pronounced "Wah-Fed") updated its name and logo. The reason behind this change is many people who weren't familiar with "Washington Federal" assumed it was part of the federal government, it was only an investment firm, or it only did business in Washington DC. None of this is true, and the name WaFd Bank allows new consumers to clearly understand that it is a traditional bank. Its new logo is reminiscent of a star or flower, but is actually eight interlocking Ws, a nod towards its Washington roots and the importance of coming together as a team and community.

WaFd Bank offers personal banking and loan products. The personal banking products include, deposit accounts, checking, savings accounts, certificates of deposit (CDs), money market accounts, retirement, education savings, and credit cards. The bank is also a mortgage lender, specializing in 15 and 30 year fixed rate home loans. Additionally, WaFd offers great refinance rates for consumers looking to refinance a mortgage.

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