You're in luck if you're trying to find the top banks in Washington. The Evergreen State is home to several reputable national, regional, and smaller community banks in addition to online banks. As of recently, the state is home to approximately 80 FDIC-member banks with over 1,500 branches spread out throughout the state.
The FDIC reports that some of the biggest banks in the nation are located in Washington. The following areas make up the state’s largest deposit markets:
Seattle - Tacoma - Bellevue
Portland - Vancouver - Hillsboro
Chase, Wells Fargo, and Bank of America, US Bank and KeyBank share nearly two-thirds of the banking assets and customers in the entire state.
Chase - 168
KeyBank - 142
US Bank - 139
Bank of America - 134
Umpqua Bank - 133
Well Fargo - 127
Banner Bank - 75
WaFd Bank - 73
Columbia State Bank - 69
Heritage Bank - 45
Bank of America - $50 Billion
Chase - $34 Billion
Wells Fargo - $25 Billion
US Bank - $24 Billion
Banner Bank - $8 Billion
Washington Trust Bank - $7 Billion
Washington Federal Bank - $7 Billion
Heritage Bank - $6 Billion
HomeStreet Bank - $5 Billion
Some of the biggest banks in the nation, including Chase, Bank of America, Wells Fargo, and US Bank, are well-represented in Washington. From Seattle to Tacoma, the biggest banks have hundreds of branches spread out throughout the state. They offer customers a large range of banking products, such as credit cards, mortgages, checking and savings accounts, and investment services.
Californians have access to and can benefit from the nation's wide selection of online banks. Online banks tend to offer lower costs and more competitive interest rates than traditional banks due to their lower overhead costs. Some banks offer a full range of products much like the big national banks, while others only offer a limited type of accounts.
According to the FDIC, regional banks are those that have total assets between $10 billion and $100 billion and are operate within a region of the United States, such as Washington or a small number of states within the same region. Businesses and consumers can typically choose from a range of financial services provided by these midsize banks.
Community banks have a relatively small branch network, offer a restricted range of banking products and are defined as having total assets of $10 billion or less, according to the FDIC. This group includes most of the nation's banks, which largely offer their products and services to local residents.
Banks may charge fees for a number of reasons, including overdraft fees, insufficient funds, failing to maintain a monthly minimum balance, excessive withdrawals, ATM usage, and late payments. it is very important to make sure you aren't paying unnecessary fees that may eat into your savings.
Things just happen sometimes, and we need our money right away. To ensure that you are never locked out of your account and that you have access to your money when you need it most, find a bank that has a large ATM network and offers fee-free ATM access, online bill payment, and mobile check deposits.
Compared to traditional banks, online banks and credit unions typically offer greater interest rates on deposit accounts. To ensure that your money works as hard as it can for you and your family, make sure to do your research and select a bank in your state that not only makes it simple for you to access your hard-earned money, but also offers you the highest possible rate of interest.