Washington Federal Bank for Savings Rates & Review

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Washington Federal Bank for Savings Review

Washington Federal Bank for Savings isn't located either in Washington state or in D.C. It's in Chicago, Illinois, serving Chicago's Bridgeport neighborhood and surrounding areas.

Washington Federal Bank for Savings was founded in 1913 as a mutual loan and building association in the Bridgeport area of Chicago, Illinois, where it principally served Polish immigrants. It opened a second Chicago office in 2004, and continues to serve the Bridgeport neighborhood along with greater Cook and DuPage counties. At the end of 2008, it had total assets of $75.4 million.

Personal banking

The bank has three types of checking account, two of which pay interest. Its best savings account rates are, at the time of writing (2010), paid by its traditional savings and money market accounts, although these can be considerably bettered through longer term CDs and IRAs. CD terms range from 91 days to 60 months.

An online credit card application is available. Credit card payments may be made online, although online banking is evidently not offered. A variety of loans are available including fixed loans, refinances, home equity loans, construction loans, multi-family loans, and loans on deposits.

Business banking

This bank offers its business customers interest checking and free checking, along with jumbo certificates and balloon, refinance, construction, multi-family, and deposit loans.

Bank accreditation and insurance

BauerFinancial, Inc., an independent organization, has given the coveted five star rating to Washington Federal Bank for Savings. The bank is a member FDIC, meaning that deposits are insured up to at least $250,000 per depositor. As of mid 2010, the bank participates in the TAG program, meaning that non-interest-bearing accounts are insured to the full value of the account in excess of FDIC limits.

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