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Rewards Checking: A Bank Account with Cell Phone Protection

If your phone bill looks like most Americans, you're probably paying about $160 monthly to stay connected, even more, if you have others on your plan (like kids). Since you're spending that much, you want to insure those fragile devices in case something happens, right? Here are some things to consider before you sign up for phone insurance.

Kneeling person picking up a broken phone on the street.

How Cell Phone Insurance Works with a Phone Company


Mobile phone insurance costs and coverage vary significantly by provider, but many plans cost between $4 and $18 per month per phone. Unfortunately, that usually only gives you the option to exercise your coverage. When you need to use the insurance, you'll usually have to pay a deductible on top of that. Again, costs vary depending on your damage and provider, but they often range from $29 to almost $500 for things like a broken screen or replacing your phone if you have that coverage on your plan.

Lost or Stolen Phone Coverage

Be sure to check the plan's coverage before you sign up, as lost or stolen phones may not be covered. For example, purchasing AppleCare+ or Samsung Care+ for your phone may extend the carrier's warranty, but it may not help if your phone gets lost or stolen.

Number of Claims Per Year

Many mobile phone insurance providers limit the number of claims you can file per year, sometimes to just one or two.


Whether it's due to carelessness, theft, or something else, being without a phone is inconvenient. There are 12 main ways your phone gets damaged—we’re guilty of a few on this list! However, if you're one of those lucky few who never drop their phone or break it in other ways, think about putting that money in a savings account instead, just in case something does happen.

Coverage with a WaFd Rewards Checking Account

By getting your phone insurance through your WaFd Rewards Checking account, you'll save quite a bit since phone coverage comes with your account. You can get coverage at any time, so long as your phone bill is paid from your eligible WaFd checking account (Rewards, Premium Rewards, or Interest Checking), so you don't have to worry about acquiring coverage separately or getting insurance for different phones for those on your plan (up to four) without paying a dime more. Getting coverage couldn't be easier; register after you begin paying your phone bill from your account. It’s competitive, deductibles are low, and you can use additional coverage if you have it (even after your warranty expires). Plus, you can gain access to additional rewards and benefits! Here's what you’re covered for:

  • Coverage for the first 4 phones listed on your cell phone bill
  • Claims of damages and theft
  • Eligible for 2 claims per year
  • Coverage of up to $800 per claim with a $50 deductible

How Phone Coverage Stacks Up

How does coverage from your eligible WaFd account compare to others? For one thing, coverage is free when you have a WaFd Rewards, Premium Rewards, or Interest Checking account. Get peace of mind knowing you're covered without the additional cost. Plus, you'll get a slew of other rewards and benefits with your new account!

Coverage accurate as of May 2024

CompanyAverage Monthly CostNumber of PhonesDeductible
AppleCare+$3.99 - $13.49One$29 - $149
Samsung Care+$8 - $18One$99 - $199
Asurion$12-15One$29 - $499
Verizon$17One$0 - $229
AT&T$14-$17One$0 - $275
T-Mobile$7-$25One$99 - $249
WaFd BankFree*Up to four$50

WaFd Bank is Here to Help

No question is too small for our friendly bankers! With WaFd Bank, you can also access tools and services to help you manage your finances and get the most from your money. With the best that digital banking has to offer, like Voice Activated Banking, you can enjoy secure and speedy access to your accounts. Ready to open an account or switch your account type? You can open an account online, visit your neighborhood branch, give us a call at 800-324-9375, or check out what WaFd online banking has to offer.

Account rewards and benefits may require activation or registration.

*Account fees apply; rewards and benefits are complimentary with an eligible account. To qualify for mobile phone insurance, your phone bill must be paid from your Rewards, Premium Rewards, or Interest Checking account.


Find your local WaFd Bank Branch


Find your local WaFd Bank Branch

We're nearby, and we'll sit down with you and answer any questions you may have.