Cheney, Washington Savings Rates - June 2026
Brian McKay
Brian McKay
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The best savings rates for Cheney, Washington and the surrounding area include Spokane Teachers Credit UnionSpokane Teachers Credit Union2718 1st St, Cheney, WA 99004 2032A+5.0 ★Texas Ratio: 3.13%Real return: +2.30%APY minus 2.8% CPI (February 2026) First5 Savings Account at 5.10% APY, Cheney Federal Credit UnionCheney Federal Credit Union520 1ST ST, Cheney, WA 99004 1603A+5.0 ★Texas Ratio: 1.29%Real return: -1.64%APY minus 2.8% CPI (February 2026) Super Saver Share Account at 1.16% APY, Whatcom Educational Credit UnionWhatcom Educational Credit UnionA+5.0 ★Texas Ratio: 4.69%Real return: +4.20%APY minus 2.8% CPI (February 2026) First Step (Youth) Savings at 7.00% APY, 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, and People\'s Community Federal Credit UnionPeople\'s Community Federal Credit UnionA+5.0 ★Texas Ratio: 0.00%Real return: +3.20%APY minus 2.8% CPI (February 2026) Loyalty Savings at 6.00% APY.
Cheney has 11 local institutions in our database, with savings rates as high as 5.10% APY from Spokane Teachers Credit Union at 2718 1st St, Cheney, WA 99004 2032. 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 Cheney, Washington and the surrounding area. Last Updated and Verified: June 16, 2026
Compare the Best Savings Rates in Cheney, Washington & Surrounding Communities
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.
Less than $2,500
APY effective 7/21/25. Rate is variable and may change after account is open. A $2 fee is charged any month that your average monthly balance goes below $250. One health savings account is allowed per person. Fees may reduce earnings. Consult your tax advisor.
APY effective 01/04/2023. Dividends calculated on daily balance. No fees, service charges, or minimum balance. Every transaction recorded on your statement.
7.00% on first $500
6.00% on first $2500
Earn 5% APY on the first $5,000; Rate applies to balances up to $5,000.00
Earn 5.00% APY more on the first $750
On the first $0 - $500. Rate based on terms. See Notes and Fees for details.
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 change - Opt-in to round up your purchases.
On the first $0 - $500 balance. Learn More
Qualifying balance up to $1,000.00
Get paid for grades and learn about the value of money.
Qualifying balance up to $1,000.00. Balances above $1,000 will earn our regular savings rate.
On your first qualified $500 in balances.
Qualifying balance up to $5,000.00
Must be opened at a branch
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.
as high as
Relationship APY. To qualify for an HSBC Premier relationship, you need to maintain an U.S. HSBC Premier 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).
Variable rate account. Interest rate of 2.50% and 2.57% Annual Percentage Yield (APY) is effective as of February 28, 2025, and is subject to change anytime without notice. 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). Minimum opening deposit of $100. All balances receive the stated APY. Fees may reduce earnings and rate may change after account opening. Terms and conditions apply. See Truth in Savings disclosure for details.
Variable rate account. Interest rate of 2.50% and 2.57% Annual Percentage Yield (APY) is effective as of January 3, 2025, and is subject to change anytime without notice. 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). Minimum opening deposit of $100. All balances receive the stated APY. Fees may reduce earnings and rate may change after account opening. Terms and conditions apply. See Truth in Savings disclosure for details.
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.
Cheney, WA Savings Rate Trends
Compare local Cheney, 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 0.076 points over the past 7 days to 2.537% APY, up from 2.461%.
Washington standard savings rates fell 0.005 points over the past 7 days to 1.732% APY, down from 1.737%.
Cheney, 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 2.537% 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 Cheney, Washington.
Savings Account Earnings in Cheney, 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 (2.537% APY) | Monthly Earnings | Standard Savings (1.732% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $126.85 / year | $10.57 | $86.61 / year | $7.22 |
| $10,000 | $253.69 / year | $21.14 | $173.22 / year | $14.44 |
| $25,000 | $634.23 / year | $52.85 | $433.05 / year | $36.09 |
| $50,000 | $1,268.45 / year | $105.70 | $866.10 / year | $72.18 |
| 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: Cheney, Washington savings rate averages as of June 20, 2026. | ||||
About Our Cheney, Washington Savings Rate Database
MonitorBankRates found 2 institutions with branches in Cheney, plus 18 additional state-chartered and national online institutions available to Cheney 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: Spokane Teachers Credit Union offers a savings account at 5.10% APY with a minimum deposit of $0. Use the rate table above to compare all current offers in Cheney, Washington.
How to Find the Best Savings Rates in Cheney, Washington
What to compare when shopping for a savings account in Cheney, Washington
To find the best savings APYs in Cheney, Washington, start with credit unions and online-only banks — Cheney, Washington has 15 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 2.537% — but top local institutions are offering as high as 5.10%, 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. Cheney, Washington high-yield savings rates currently average 2.537% 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 Cheney, Washington institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally — 20 institutions in Cheney, 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 → Cheney, Washington CD rates
- You want check-writing flexibility → Cheney, Washington money market rates
- You need daily transaction access → Cheney, Washington checking rates
Cheney, Washington Financial Snapshot
Local demographics and economic context for savers — Source: U.S. Census Bureau
11.7% of residents are 65 or older — below the national average of 17.3%; an unemployment rate of 12.8% (vs. 4.8% nationally) underscores the value of keeping liquid emergency savings. At today’s WA high-yield savings average of 2.537%, saving 10% of the local median salary ($2,056/year) would earn an additional $52 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other Cheney, Washington Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Cheney, Washington.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current WA Avg APY | 2.537% | 1.732% | 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 Cheney, Washington averages tracked in our database as of June 20, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for Cheney, Washington
At WA’s top rate of 5.10% from Spokane Teachers Credit Union, a $10,000 deposit earns $510 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Cheney, Washington earner is roughly $5,100. At 2.537% APY, saving $430/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 2.537% 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 Cheney, Washington earner makes $20,568/year. Track your income vs. expenses to find your monthly surplus — then put it to work at 2.537% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 2.537% APY grows to roughly $41,261 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 Cheney, 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 Cheney, 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 Cheney, 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 Cheney, Washington
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in Cheney, Washington safe?
How often do savings rates change in Cheney, 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 Cheney, Washington?
How do I open a savings account in Cheney, Washington?
Best Savings Rates in Cheney, Washington
- Spokane Teachers Credit Union
First5 Savings Account — 5.10% APY - Cheney Federal Credit Union
Super Saver Share Account — 1.16% APY - Whatcom Educational Credit Union
First Step (Youth) Savings — 7.00% APY - Alaska Air Group Federal Credit Union
Youth Savings — 6.14% APY - People\'s Community Federal Credit Union
Loyalty Savings — 6.00% APY
