Olympia Federal Savings

What Olympia Federal Savings does

Olympia Federal Savings (OlyFed) is a mutual savings bank headquartered in Olympia, Washington, founded in 1906 by James McDowell and a group of community leaders. The bank operates nine branch locations across the South Sound region spanning Thurston, Mason, and Lewis counties, with approximately $850 million in total assets and 130 employees. As a mutual institution, OlyFed is owned by its depositors rather than external shareholders, positioning it to prioritize long-term community interests over short-term shareholder returns.

The bank delivers a full suite of retail and small-business banking products organized around three pillars: deposits (checking, savings, CDs, IRAs, money market, HSA), lending (home mortgages, construction loans, HELOC/HELP, personal loans, commercial real estate, business lending), and digital banking (OlyFed Mobile app, online banking with 5-minute account opening, SavvyMoney credit monitoring via VantageScore 3.0, Card Control debit management, Apple Pay/Google Pay, Bill Pay, and Easy Switch/ClickSWITCH account migration). Wealth management and securities products are offered through a partnership with Cetera Investment Services via OFS Invest.

Revenue is generated primarily through net interest spread on the bank's loan portfolio (mortgages, construction, consumer, commercial real estate, business — with loans retained on balance sheet rather than sold), transaction and account fees (overdrafts, wires, stop payments), and referral-based revenue from wealth management. Distribution is multi-channel: nine physical branches, a Salesforce-based online account opening platform, the OlyFed Mobile app on iOS and Android, and access to 40,000+ surcharge-free ATMs through the MoneyPass network. Community reinvestment is structurally embedded — the bank donates 10%+ of profits annually to local organizations, supports the Two Cent Campaign and Neighbor2Neighbor affordable housing fund, and contributes over 1,200 employee volunteer hours per year.

Name

Olympia Federal Savings

Legal name

Olympia Federal Savings

Website

https://olyfed.com

Company type

Private

Founded year

1906

Operating status

Operating

Headcount range

51–100 employees

Short description

Olympia Federal Savings is a mutual savings bank founded in 1906 serving the South Sound region of Washington State through nine branches, approximately $850 million in assets, and a full suite of consumer, small business, lending, and digital banking products for retail depositors and local businesses.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Retail banking services
• Mortgage lending
• Community savings
• Commercial lending
• Wealth management

Headquarters

HQ city

Olympia

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income from Lending: The bank generates revenue primarily through interest earned on mortgage loans, construction loans, personal loans, business loans, and credit products. The bank services its own loans rather than selling them to third parties.
2. Deposit Interest Spread: Revenue generated from the spread between interest paid to depositors on savings, checking, CD, and IRA accounts versus interest earned on loans.
3. Fee-based Services: Various account fees including overdraft charges ($25/item, max $125/day), wire transfer fees (domestic $25, international $40), stop payment charges ($25), bill pay fees, safe deposit box rentals, and account research fees.
4. Wealth Management Services: Securities and insurance products offered through Cetera Investment Services LLC, with advisory services through Cetera Investment Advisers LLC. These are non-deposit products not FDIC insured.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Olympia Federal Savings is a mutual savings bank offering deposit products (checking, savings, CDs, IRAs, money market accounts), lending products (home mortgages, construction loans, HELOCs, personal and business loans), digital banking services, and wealth management. The bank operates nine branches across Washington state's South Sound region and is owned by its depositors rather than outside shareholders.

Product overview

Olympia Federal Savings is a mutual savings bank offering a comprehensive suite of personal and business banking products organized around three core areas: deposit accounts (checking, savings, CDs, IRAs, and money market accounts), lending (home loans, construction loans, home equity products, personal loans, and business lending), and digital banking services. The bank's deposit products include Journey Checking, Freestyle Checking, lyfe Checking (youth), Community Checking, Statement Savings, Companion Savings, Health Savings Accounts, Money Market Accounts, Premium Money Market Accounts, and Certificates of Deposit ranging from 91 days to 120 months, plus Traditional, Roth, SEP, and Coverdell IRAs. Lending offerings span home mortgages (30, 20, 15, and 10-year fixed rates plus jumbo loans), specialized programs for first-time homebuyers and affordable housing, construction loans, ADU financing, home equity loans and HELOCs, Green Choice energy-efficient lending, personal loans (vehicle, boat, RV, personal lines of credit), and business/commercial lending. Digital services are anchored by OlyFed Mobile and Online Banking, augmented by SavvyMoney credit monitoring, Card Control, Bill Pay, Easy Switch (ClickSWITCH), RoundUp savings, and the Affinity Card Program. Community initiatives include the Two Cent Campaign and Neighbor2Neighbor Fund. Wealth management is offered through OFS Invest in partnership with Cetera Investment Services. All products are available through nine branch locations across Olympia, Lacey, Tumwater, Yelm, Belfair, Hawks Prairie, and Chehalis, Washington, plus nationwide surcharge-free ATM access through MoneyPass.

Differentiator

Problem solved

Functional benefit

Brands

• Affinity Card Program: Debit card program allowing customers to display school pride and support local student activities and scholarships
• Journey Checking
• LYFE Checking
• Two Cent Campaign
• Neighbor2Neighbor Fund
• SavvyMoney
• Easy Switch

Products and services

• Journey Checking High-yield checking account earning up to 4.13% APY on daily balances up to $10,000, with no monthly service fee. Requires monthly direct deposit of $500+, debit card activation and 10 debit transactions, and eStatement enrollment for premium rate.
• Freestyle Checking Basic checking account with $1 minimum to open, no minimum balance requirements, and no monthly fees. Includes free digital banking tools and donates two cents to local nonprofits with every debit card transaction.
• lyfe Checking Youth checking account for customers aged 12-18 earning up to 4.13% APY on balances up to $1,000. Converts to Journey Checking at age 19. Requires $50 minimum to open with no monthly fee.
• Community Checking Affordable transaction account designed for individuals who haven't worked with traditional financial institutions or are looking to reestablish credit. Includes financial education support to help build savings, assets, and credit.
• Statement Savings Traditional savings account requiring $100 minimum to open, with free e-statements and 24/7 ATM access to over 40,000 surcharge-free ATMs.
• Health Savings Account (HSA) Tax-advantaged savings account for individuals with high-deductible health plans. Features include HSA debit card, free personal checks, tax-free withdrawals for qualified medical expenses, and access to OlyFed's Certified Health Savings Professional.
• Money Market Account Tiered money market account with $2,500 minimum opening deposit. Higher interest rates for higher balances with daily compounding. Must maintain $50 minimum daily balance for disclosed APY.
• Premium Money Market Account Tiered premium money market account requiring $50,000 minimum opening deposit, offering higher rates across all tiers including up to 2.83% APY for balances $1,000,000+.
• Certificates of Deposit (CDs) Fixed-rate term deposit accounts ranging from 91 days to 120 months. Options include standard CDs, Add-On CDs, Add-On Bump Rate CDs, and Bump Rate CDs. Outreach CD available for nonprofit organizations.
• Individual Retirement Accounts (IRAs) Tax-advantaged retirement accounts including Traditional, Roth, SEP, and Coverdell IRAs. Terms range from 12 to 120 months with $50 minimum to open and daily compounding.
• Home Loans Fixed-rate mortgage products including 30, 20, 15, and 10-year terms. Features include competitive rates, no loan sale to third parties, and local decision-makers. Also includes jumbo loans for amounts $825,000+.
• First-Time Homebuyer Program Mortgage program with reduced loan fees (0.50%) for first-time homebuyers. Available in 30-year and 20-year fixed options with competitive rates.
• Affordable Home Loan Program Special affordable mortgage program for borrowers with gross earnings at 80% or less of median household income in Thurston and Mason counties. Features 4.250% interest rate with $800 loan fee.
• Construction Loans Construction-to-permanent financing for building new homes. Options include owner-occupied, first-time homebuyer, affordable construction program, non-owner occupied, and jumbo construction loans.
• ADU Financing Financing options for Accessory Dwelling Units, helping homeowners build secondary housing units on their property.
• Home Equity Loan (HELP) Fixed-rate home equity loans with rates from 7.250% to 7.750% APR. Available terms of 10, 15, or 25 years with 80% max LTV and no loan fees. Maximum loan amount $400,000.
• Home Equity Line of Credit (HELOC) Variable-rate revolving credit line secured by home equity. Rate based on Wall Street Journal Prime Rate plus 0.125% margin, with 4.00% APR floor and 18.00% maximum APR.
• Personal Loans Unsecured personal credit including Personal Line of Credit (15.000%-18.000% variable APR), vehicle loans (7.537%-10.556% fixed APR), Green Choice Auto Loans (7.036%-8.842% fixed APR), boat loans (9.056%-10.094% fixed APR), and RV loans (9.037%-10.037% fixed APR).
• Credit Cards Visa credit and debit cards with chip technology for added protection. Includes Affinity Card Program allowing customers to support local schools and scholarships.
• Digital Banking (Online & Mobile) Comprehensive digital banking platform providing 24/7 account access, bill pay, fund transfers, check deposits, account management, and eStatements with up to five years of records. Accessible via desktop and OlyFed Mobile app.
• OlyFed Mobile Mobile banking application for iOS and Android devices enabling balance monitoring, transaction viewing, fund transfers, check deposits, and bill payments from smartphones and tablets.
• Business Checking & Savings Business banking products including Outreach Business checking (for nonprofits), Beyond Business tiered checking, Business Money Market Account, and Business Premium Money Market Account with tiered rates.
• Commercial Real Estate Financing solutions for commercial real estate projects with local decision-making and competitive rates.
• Business Lending Business loan products supporting small business financing needs in the local community.
• Nonprofit Banking Specialized banking services for nonprofit organizations including Outreach Business checking and Outreach CD accounts with favorable terms for community organizations.
• Wealth Management Wealth management services offered through OFS Invest (ofsInvest.com). Securities and insurance products provided through Cetera Investment Services LLC, member FINRA/SIPC.

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Cetera Investment Services LLCcoreImplementation/ SI/ Consulting PartnerWealth management and securities services partner offering investment products through the bank. Member FINRA/SIPC. Advisory services offered through Cetera Investment Advisers LLC. Non-deposit products not FDIC insured.
• MoneyPass ATM NetworkcoreTechnology or IntegrationPartnership providing access to 40,000+ surcharge-free ATMs nationwide for OlyFed customers, complementing 7-Eleven store ATMs.
• SavvyMoneycoreTechnology or IntegrationCredit score monitoring and reporting service integrated into digital banking platform, utilizing VantageScore 3.0 from TransUnion with real-time security alerts.
• South Puget Sound Habitat for HumanitycoreStrategic or Co-development PartnerCommunity partner for affordable housing initiatives through Neighbor2Neighbor Fund. Bank donates to three local housing organizations providing emergency shelter, affordable rental homes, and homeownership opportunities when closing on mortgages or construction loans.
• BankWork$ ProgramminorStrategic or Co-development PartnerPartnership supporting young adults in building meaningful careers in banking through a free training program.
• FDIC (Money Smart Curriculum)minorStrategic or Co-development PartnerUses FDIC's Money Smart financial education curriculum for adults, young people, older adults, and small business owners.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• WaFd Bank (Washington Federal Bank): WaFd is a large publicly traded Washington-based bank with a national branch footprint focused on deposit gathering and multifamily/commercial lending. Comparable as a Washington savings-bank-rooted competitor, though substantially larger and more geographically diversified than OlyFed.
• HomeStreet Bank: HomeStreet is a Seattle-based bank with a significant mortgage, deposit, and commercial banking franchise across the West Coast. Comparable in WA market overlap and mortgage-heavy product mix, though materially larger and publicly traded versus OlyFed's mutual structure.
• Umpqua Bank (Columbia Banking System): Umpqua/Columbia is a major Pacific Northwest commercial bank with deep WA and OR presence offering deposits, mortgages, CRE, and business banking. Comparable as a PNW-headquartered bank competing for similar deposit and lending relationships, but at substantially greater scale and breadth.

Direct peers

• Kitsap Bank: Kitsap Bank is a Washington state-chartered community bank with branches across the Kitsap Peninsula and Puget Sound offering consumer, mortgage, and business banking. Directly comparable in business model (community bank, deposit-funded, relationship-driven) and Pacific Northwest geographic footprint.
• Coastal Community Bank: Coastal Community Bank is a Pacific Northwest community bank with branches in WA state, providing personal and business banking products. Similar in size, community-bank orientation, and product mix to Olympia Federal Savings, competing in overlapping Pacific Northwest markets.
• Sound Financial Bancorp: Sound Financial Bancorp is the holding company for Sound Community Bank, a Seattle-based community bank offering deposits, mortgages, and small business banking. Directly comparable as a Washington-headquartered community bank competing for similar consumer and SMB deposit/lending relationships.
• Timberland Bank: Timberland Bank is a WA-chartered community bank serving the Puget Sound and Southwest Washington regions with deposits, mortgages, and consumer lending. Similar in scale and community banking focus to Olympia Federal Savings, with overlapping customer base in Western Washington.
• First Federal Savings & Loan Association of Lakewood: A Washington-state chartered mutual savings institution serving the Puget Sound region with deposits, mortgages, and consumer lending. Closest direct peer to Olympia Federal Savings given mutual structure, similar asset size, and overlapping regional deposit market.
• Heritage Bank (Heritage Financial Corporation): Heritage Bank is a Pacific Northwest community bank with branches across Washington and Oregon, offering deposit, mortgage, and business banking services. Directly comparable to Olympia Federal Savings as a WA-headquartered community bank serving similar consumer and SMB segments, though Heritage is a publicly traded stock-chartered bank with broader geography.
• Evergreen Federal Bank: Evergreen Federal Bank is an Oregon-based mutual savings bank serving Western Oregon with deposits, mortgages, and consumer lending. Closely comparable in mutual charter, community focus, and PNW regional deposit-gathering model, though serving a different sub-region.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCZ19AmsyxjqkSH1JhuIWeHA
• Facebookfacebook.com/OlyFed
• LinkedInlinkedin.com/company/olyfed
• Instagraminstagram.com/oly_fed
• Xx.com/oly_fed

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Olympia Federal Savings