Free to Use Business Checking Accounts in King County, Washington (August 2024 Update)
Use Meow to Apply for a Business Checking Account in King County, Washington
Meow is a financial technology company, not a bank.
Meow helps businesses in King County, Washington apply for a high-interest business checking account from FirstBank, a Tennessee corporation; Member FDIC.
Other Alternatives in King County, Washington
This table shows an overview of some financial health metrics for the top 5 community banks in King County, Washington ranked by total deposits. This data is sourced from the Federal Deposit Insurance Corporation's (FDIC) BankFind Suite. The table shows data as of 3/31/24.
| Bank Name | Year Founded | Branches | Total Deposits | Net Interest Margin | Return on Assets | Loan to Deposit Ratio | |
|---|---|---|---|---|---|---|---|
First Financial Northwest Bank | 1923 | 15 | $1.18b | 2.31% | 1.74% | 72.0% | |
Sound Community Bank | 1953 | 10 | $923m | 1.95% | 0.77% | 122.1% | |
Seattle Bank | 1999 | 2 | $786m | 0.60% | 3.84% | 664.0% | |
First Sound Bank | 2004 | 1 | $112m | 0.50% | -4.46% | 360.5% | |
Portage Bank | 1901 | 3 | $55m | 6.36% | 4.16% | 72.2% |
*Source: Federal Deposit Insurance Corporation's (FDIC) BankFind Suite for reporting period ending 3/31/24
Understanding Financial Health Indicators
Total Deposits: Deposits are the primary source of liquidity for a bank. They are used to fund loans and other investments, which generate income for the bank. A higher amount of deposits indicates a greater capacity to lend and invest, which can lead to higher profitability.
Net Interest Margin: A key profitability indicator for banks. It measures the difference between the interest income generated by the bank (from loans and other interest-earning assets) and the amount of interest paid out to their lenders (such as depositors), relative to the amount of their interest-earning assets.
Return on Assets: Measures the efficiency of a bank in using its assets to generate profit. It is calculated by dividing the net income of the bank by its total assets. A higher return on assets indicates that the bank is more efficiently managing its assets to produce income.
Loan to Deposit Ratio: Calculated by dividing the total loans and net leases of the bank by its total deposits. A higher ratio indicates that the bank is lending out more of its deposits, which can lead to higher profitability. However, a higher ratio also indicates that the bank has less liquidity to meet its obligations to depositors.
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Click the button below to apply for a business checking account from FirstBank, a Tennessee corporation; Member FDIC.
For more information, take a look at our article on the key benefits of business checking accounts.