High interest savings accounts are a great form of investment because they help you to earn interest and at the same time, provide easy accessibility to your funds. You can withdraw them as and when you like without ever having to worry about penalties. This s the biggest advantage that the savings account has over investments like CD where there is a fixed term before withdrawal. Also, it is safer than investments in the stock market and this makes it even more reliable. It is even possible to make a direct deposit of your pay check or pension or returns from any other form of investment to this account and this makes it convenient for most people. Besides, savings account holders have access to free online and mobile banking.

The minimum amount required to open an account is $100 and for minors, the minimum amount is $10 with a minimum balance of $5 to earn interest. This helps minors to understand the process of banking and get a better grasp of financial prudence. There is no monthly maintenance fee for minors and for others, it is $3 per month. However, this amount is waived when the account holder maintains a minimum balance of $10 every day.

The current savings account rates at Washington Federal Bank are 0.20% APY for all balances. These Washington Federal savings account rates are fairly competitive in the given economic conditions where bank rates are the lowest. The convenient features coupled with the Washington Federal Bank savings rates make it a great form of investment for all kinds of people.