Raymond Federal Bank Rates & Review

Raymond Federal Bank Review

Located in Washington state, Raymond Federal Bank has checking, savings, investments, loans and credit opportunities.

Raymond Federal Bank opened in Washington state in 1925. It is headquartered in Raymond and has branch offices in Long Beach and South Bend, Washington.

Checking account options

Raymond Federal Bank has more than half a dozen checking account options. On one end of the spectrum is the regular checking account, a non-interest account with no minimum balance. On the other end is a premier checking account, an interest-bearing account with a minimum balance of $20,000. Other checking account options include business checking, 50+ checking and a tiered interest-earning no-fee checking account.

Savings and investment options

Raymond Federal Bank has multiple savings and investment options. There is a regular statement savings account as well as one specifically for students. There is both a regular and premier money market account. This bank also has multiple CD accounts with maturities from 90 days to 5 years. IRA accounts are available for all CD terms. All CD accounts have tiered interest based on the amount invested.

Credit and loans

This bank offers numerous loan options, including mortgage loans (first time home buyer or second home mortgages) and commercial real estate loans as well as secured and unsecured consumer loans. This bank also offers credit cards through Elan Financial Services.

Bank services

Key services offered through this bank include:

• Visa debit cards are available for all checking accounts
• 24-hour phone banking
• Free online banking with bill pay
• Notary service that comes free with many accounts
• Free checks and money orders with some accounts
• Night deposit services
• Safe deposit boxes

Deposit insurance

Raymond Federal Bank has been insured by the Federal Deposit Insurance Corporation since 1934.

In July 2010, FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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