Redmond, Washington Savings Rates - July 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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The best savings rates for Redmond, Washington and the surrounding area include 1st Security Bank of Washington1st Security Bank of Washington14808 Ne 24th St, Redmond, WA 98052A+5.0 ★Texas Ratio: 2.12%Real return: +2.20%APY minus 2.8% CPI (February 2026) Business Optimum Savings at 5.00% APY, Meriwest Credit UnionMeriwest Credit Union1 Microsoft Way, Redmond, WA 98052A5.0 ★Texas Ratio: 8.90%Real return: +1.45%APY minus 2.8% CPI (February 2026) Premier Savings at 4.25% APY, Sound Credit UnionSound Credit Union16424 NE 79th St, Redmond, WA 98052 4428A5.0 ★Texas Ratio: 9.84%Real return: +0.05%APY minus 2.8% CPI (February 2026) High-Yield Business Savings at 2.85% APY, Wells FargoWells Fargo8502 160th Ave Ne, Redmond, WA 98052A5.0 ★Texas Ratio: 7.44%Real return: -2.75%APY minus 2.8% CPI (February 2026) Platinum Savings Relationship at 0.05% APY, and Alaska Air Group Federal Credit UnionAlaska Air Group Federal Credit UnionA+5.0 ★Texas Ratio: 0.32%Real return: +3.34%APY minus 2.8% CPI (February 2026) Youth Savings at 6.14% APY.
Redmond has 26 local institutions in our database, with savings rates as high as 5.00% APY from 1st Security Bank of Washington at 14808 Ne 24th St, Redmond, WA 98052. Use the table below to compare all available offers, including options from institutions serving the broader Washington area. Rates are continually updated — we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Redmond, Washington and the surrounding area. Last Updated and Verified: July 13, 2026
Compare the Best Savings Rates in Redmond, Washington & Surrounding Communities
Qualifying balance up to $5,000.00
Variable Rate Information. The interest rate of the tier will be paid only for that portion of your daily balance that falls within the tier minimum and maximum. The annual percentage yield for each tier will vary, depending on the balance in the account. For example, an Optimum Savings or Optimum Student Savings account with a daily balance of $50,000 would earn an interest rate of 4.89% on the first $5,000. The account would earn an interest rate of 0.25% on the remaining $45,000.
Variable Rate Information. The interest rate of the tier will be paid only for that portion of your daily balance that falls within the tier minimum and maximum. The annual percentage yield for each tier will vary, depending on the balance in the account. For example, an Optimum Savings or Optimum Student Savings account with a daily balance of $50,000 would earn an interest rate of 4.89% on the first $5,000. The account would earn an interest rate of 0.25% on the remaining $45,000.
Variable Rate Information. The interest rate of the tier will be paid only for that portion of your daily balance that falls within the tier minimum and maximum. The annual percentage yield for each tier will vary, depending on the balance in the account. for example, an Optimum Savings account with a daily balance of $50,000 would earn an interest rate of 4.89% on the first $5,000. The account would earn an interest rate of 0.25% on the remaining $45,000. APY is current as of 02/21/23. To open the Optimum Savings account and avoid a monthly service charge the customer must maintain a 1st Security Bank Checking account and perform a one-time minimum $100 transfer from this checking account to the Optimum Savings account at least once a month. Limit one Optimum Savings account per primary tax owner of each 1st Security Bank checking account.
Variable Rate Information. The interest rate of the tier will be paid only for that portion of your daily balance that falls within the tier minimum and maximum. The annual percentage yield for each tier will vary, depending on the balance in the account. for example, an Optimum Student Savings account with a daily balance of $50,000 would earn an interest rate of 4.89% on the first $5,000. The account would earn an interest rate of 0.25% on the remaining $45,000. APY is current as of 11/18/24. To open the Optimum Student Savings account and avoid a monthly service charge the customer must maintain a 1st Security Bank 1st Gold Student Checking account and perform a one-time minimum $25 transfer from this checking account to the Optimum Student Savings account at least once a month. Limit one Optimum Student Savings account per primary tax owner of each 1st Security Bank 1st Gold Student checking account.
Savings as high as 4.25% APY*
$100,000 and greater
Minimum Balance to Earn APY*: $100,000.00
$50,000-$99,999.99
$0-$49,999.99
Variable Rate Information. The interest rate of the tier will be paid only for that portion of your daily balance that falls within the tier minimum and maximum. The annual percentage yield for each tier will vary, depending on the balance in the account. For example, an Optimum Savings or Optimum Student Savings account with a daily balance of $50,000 would earn an interest rate of 4.89% on the first $5,000. The account would earn an interest rate of 0.25% on the remaining $45,000.
Variable Rate Information. The interest rate of the tier will be paid only for that portion of your daily balance that falls within the tier minimum and maximum. The annual percentage yield for each tier will vary, depending on the balance in the account. For example, an Optimum Savings or Optimum Student Savings account with a daily balance of $50,000 would earn an interest rate of 4.89% on the first $5,000. The account would earn an interest rate of 0.25% on the remaining $45,000.
APY is current as of 8/1/2025. Rates are subject to change daily. Fees may reduce earnings on your account. Consumer accounts are not eligible for this offer. To open the Business Optimum Savings account and avoid the monthly service charge the business must maintain an active business checking account. Limit one Business Optimum Savings account per legal entity ownership of each business checking account. The Earnings Credit Allowance is the total dollar value of credit that can be used to offset the service charges incurred during the analysis period.
When linked to Premier Checking. Avoid the $12 monthly service fee with a $3,500 minimum daily balance each fee period.
Minimum Balance to Earn APY*: $0
When linked to Prime Checking. Avoid the $12 monthly service fee with a $3,500 minimum daily balance each fee period.
Avoid the $5 monthly service fee.
Avoid the $12 monthly service fee with a $3,500 minimum daily balance each fee period.
Qualifying balance up to $1,000.00
APY is accurate as of the last dividend declaration date. No minimum balance required to earn the APY and no penalty for withdrawals. Balances above $500 earn 0.25% APY. Rate is subject to change and may change after the account is opened. STCU membership is required to open account and fees may reduce earnings. One First5 Savings Account per person.
On the first $0 - $500 balance. Learn More
Earn 5% APY* on the first $5,000. For more information, call us at (800) 696-8830 or visit us online at www.northcoastcu.com .
On your first qualified $500 in balances.
On the first $0 - $500.
APY on the first $1,000. Balances above $1,000 will earn our regular savings rate.
Make a debit purchase - We'll put 5¢ into a Unitus Rewards savings account for every purchase of $5.00 and up. Round up your purchase. Available with Unitus Checking.
Balances of $25,000.01 or more 4.00-2.87% APY. As your balance increases, your overall APY will decrease. If you do not meet these requirements your entire Loyalty Savings balance will earn .05% APY. This is a variable rate account and may change after account opening without notice. Only one Loyalty Savings account allowed per membership. Consumer memberships only.
Earn 0.500% APY* on balances over $25,000
Blended APY range calculated on an assumed sample deposit of $10,000.00 for Youth Savings
Save for your future; Click Here
*APY = Annual Percentage Yield. The interest rate and annual percentage yield may change at any time. Rate may change after account opening. Fees may reduce earnings. Federally insured by the NCUA.
As high as
APY*
Balance Range: $100,000 or greater
RELATIONSHIP
Variable rate account. Initial deposits into the Companion Savings Account cannot exceed the deposits into any new or renewing Certificate of Deposit (CD). Deposits into Companion Savings Accounts can only be made when a new CD is opened, a deposit is made into an existing Certificate or an existing CD account is renewed at time of maturity. When a CD matures, up to the entire balance of the maturing CD may be deposited into a Companion account. Deposits must be made the same day as the deposits into the CD or at time of maturity. Companion Savings Accounts are compatible with any CD (including IRA's). Fees may reduce earnings and rate may change after account opening.
Balance Required for State Rate: $20,000 & Over
Banks and Credit Unions: If you identify an incorrect rate or wish to request the removal of your institution’s data, please contact us here.
Redmond, WA Savings Rate Trends
Compare local Redmond, WA savings rate quotes against the statewide average
Daily savings rate averages tracked across our database of 8,500+ banks and credit unions — updated every evening.
Washington high-yield savings rates rose 1.686 points over the past 7 days to 2.432% APY, up from 0.746%.
Washington standard savings rates rose 0.540 points over the past 7 days to 1.606% APY, up from 1.065%.
Redmond, Washington Savings Rate Forecast — Next 12 Months
Savings rates move with Federal Reserve policy. Our model uses the current WA high-yield average and a Fed funds spread to project the likely rate trajectory for 2026–2027.
Savings account rates are variable and move in close correlation with the Federal Reserve’s federal funds rate target. Our 12-month forecast is derived from the current WA high-yield savings average of 2.432% APY and a Fed funds spread model calibrated to the historical relationship between policy rate changes and deposit rate adjustments at banks and credit unions.
Key assumptions: 1–2 Federal Reserve rate cuts of 25 basis points each over the next 12 months, based on current CME FedWatch consensus; savings institutions typically pass through 70–90% of rate cuts to deposit rates within 60–90 days. High-yield online savings rates tend to adjust faster than standard branch-based savings rates.
Important notice: This forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions in Redmond, Washington.
Savings Account Earnings in Redmond, Washington
Annual interest earnings at current WA average APYs, based on the high-yield and standard savings averages tracked in our database. Compounding assumed monthly.
| Balance | HY Savings (2.432% APY) | Monthly Earnings | Standard Savings (1.606% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $121.62 / year | $10.14 | $80.28 / year | $6.69 |
| $10,000 | $243.24 / year | $20.27 | $160.56 / year | $13.38 |
| $25,000 | $608.10 / year | $50.68 | $401.40 / year | $33.45 |
| $50,000 | $1,216.20 / year | $101.35 | $802.80 / year | $66.90 |
| Earnings estimates use daily compounding. Actual earnings depend on exact rate, compounding frequency, and daily balance maintained. Rates are variable and subject to change. Source: Redmond, Washington savings rate averages as of July 14, 2026. | ||||
About Our Redmond, Washington Savings Rate Database
MonitorBankRates found 4 institutions with branches in Redmond (2 banks, 2 credit unions), plus 20 additional state-chartered and national online institutions available to Redmond residents. Our proprietary aggregation system pulls verified rate data directly from each institution’s official website — no estimates, no national averages passed off as real offers.
Every rate listed includes the institution’s Safety Grade (A+ to F), Star Rating (1–5), and Texas Ratio — objective financial health metrics calculated from FDIC and NCUA regulatory data — so you can compare yield and institutional safety in one place.
Current top rate: 1st Security Bank of Washington offers a savings account at 5.00% APY with a minimum deposit of $100. Use the rate table above to compare all current offers in Redmond, Washington.
How to Find the Best Savings Rates in Redmond, Washington
What to compare when shopping for a savings account in Redmond, Washington
To find the best savings APYs in Redmond, Washington, start with credit unions and online-only banks — Redmond, Washington has 19 credit unions in our database, and they consistently offer some of the highest yields because they are member-owned nonprofits with lower overhead than traditional banks.
Always compare the APY (Annual Percentage Yield), not just the interest rate. APY reflects compounding and is the true measure of what you’ll earn. Savings accounts that compound daily earn slightly more than those compounding monthly at the same stated rate. The current WA high-yield savings average is 2.432% — but top local institutions are offering as high as 5.00%, so shopping around pays off.
Unlike a CD, savings account rates are variable — your rate can change at any time with Federal Reserve policy. Many institutions offer elevated introductory rates that reset after a promotional period. Review your account periodically to ensure your APY remains competitive.
When a High-Yield Savings Account Makes Sense
- Emergency fund: Financial experts recommend 3–6 months of expenses in a liquid, FDIC-insured account. Redmond, Washington high-yield savings rates currently average 2.432% APY — far above a typical checking account.
- Short-term savings goals (6–24 months): If you may need the money soon, a savings account gives you immediate access without early withdrawal penalties.
- Parking cash between investments: A high-yield savings account at Redmond, Washington institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally — 24 institutions in Redmond, Washington report savings rates to our database.
- No rate lock-in risk: Unlike a CD, your rate moves up with the market if rates rise further.
Consider an Alternative If…
- You want a locked-in, guaranteed return → Redmond, Washington CD rates
- You want check-writing flexibility → Redmond, Washington money market rates
- You need daily transaction access → Redmond, Washington checking rates
Redmond, Washington Financial Snapshot
Local demographics and economic context for savers — Source: U.S. Census Bureau
10.4% of residents are 65 or older — below the national average of 17.3%. At today’s WA high-yield savings average of 2.432%, saving 10% of the local median salary ($10,563/year) would earn an additional $257 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other Redmond, Washington Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Redmond, Washington.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current WA Avg APY | 2.432% | 1.606% | View MMA Rates | View CD Rates |
| Rate Type | Variable | Variable | Variable | Fixed for term |
| FDIC / NCUA Insured | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K |
| Withdraw Anytime | ✓ Yes | ✓ Yes | ✓ Yes | ✗ Penalty applies |
| Check Writing | ✗ No | ✗ No | ✓ Often yes | ✗ No |
| Debit / ATM Card | Some institutions | ✗ Rarely | ✓ Often yes | ✗ No |
| Typical Min Deposit | $0 – $100 | $25 – $100 | $0 – $2,500 | $500 – $1,000 |
| Rate Risk | Rate may fall with Fed cuts | Rate may fall with Fed cuts | Rate may fall with Fed cuts | None — locked for term |
| Best For | Emergency fund, short-term goals, parking cash | Everyday saving, low-balance accounts | Active savers wanting flexibility + check writing | Locking in a rate for a defined period |
APY data reflects Redmond, Washington averages tracked in our database as of July 14, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for Redmond, Washington
At WA’s top rate of 5.00% from 1st Security Bank of Washington, a $10,000 deposit earns $500 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Redmond, Washington earner is roughly $26,400. At 2.432% APY, saving $2,200/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. High-Yield SavingsWashington’s high-yield savings average is 2.432% APY — variable and always accessible. A local CD may offer a higher fixed yield in exchange for locking in your deposit. Compare both side-by-side to find the better fit for your timeline.
Budget CalculatorBefore you can grow your savings, you need to know how much you can set aside each month. The median Redmond, Washington earner makes $105,632/year. Track your income vs. expenses to find your monthly surplus — then put it to work at 2.432% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 2.432% APY grows to roughly $40,428 over 20 years with compounding. See how your current savings trajectory lines up with your retirement income needs.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Redmond, Washington savings rate tables are free for consumers to use, and we do not receive payment from any financial institution to be included or to be ranked in any particular order. Listings are based solely on the rates each institution publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Savings Rate Data: We aggregate savings account rates for Redmond, Washington directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every savings rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in Redmond, Washington. We feature a comprehensive mix of institutions — from neighborhood credit unions and competitive regional banks to large national institutions available to savers in WA.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update savings rates daily. Because savings account yields can fluctuate rapidly, every product listed features its own specific “last updated” date, giving you complete transparency.
Frequently Asked Questions about Savings Accounts in Redmond, Washington
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in Redmond, Washington safe?
How often do savings rates change in Redmond, Washington?
Do I need a minimum deposit to open a savings account?
What is the difference between a Savings Account and a Money Market Account?
Are online banks better than local banks in Redmond, Washington?
How do I open a savings account in Redmond, Washington?
Best Savings Rates in Redmond, Washington
- 1st Security Bank of Washington
Business Optimum Savings — 5.00% APY - Meriwest Credit Union
Premier Savings — 4.25% APY - Sound Credit Union
High-Yield Business Savings — 2.85% APY - Wells Fargo
Platinum Savings Relationship — 0.05% APY - Alaska Air Group Federal Credit Union
Youth Savings — 6.14% APY
