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Bank of Washington Review

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Bank of Washington Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Bank of Washington was founded in 1877 with headquarters located in Washington, Missouri. It has $636 million in assets and deposits totaling $508 million, ranking it as a medium-size bank. Bank of Washington lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 3.6 out of 5 stars, Bank of Washington should be near the middle of the pack in your search for a bank. Bank of Washington has a mixture of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Bank of Washington's standard checking account does not have a monthly fee. Institutions that offer no-fee checking, in addition to a high savings APY are your best option for returning the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.4
SmartAsset Average: 3.5

With a savings rate of 0.15%, Bank of Washington ranks poorly as compared against the national average. Bank of Washington's CDs feature a rate of 1.36% and 2.53% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.35%. Given its below average savings rate, you should consider other options to earn more on your deposits.

How Bank of Washington's Savings Rates Compare

Bank of Washington Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.7
SmartAsset Average: 4.4

Bank of Washington typically has extremely low fees compared to the national average. Bank of Washington's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who will need cash in a pinch, it is solid because it has an out-of-network ATM fee of $1.00, which is good in comparison to the national average. Additionally, at $30.00, its overdraft fee is significantly lower than that of other U.S. banks. Bank of Washington unfortunately does not reimburse out-of-network ATM fees, meaning you will need to locate a Bank of Washington ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Bank of Washington is a brick-and-mortar bank, with six total bank locations in Missouri. With mobile and web apps, Bank of Washington makes account access straightforward, even on the go. Bank of Washington's online and mobile banking services get reasonably positive ratings from customers. The Bank of Washington mobile app has been given a 4.0 out of 5 (with 56 reviews on Apple and Android) compared to the national average of 3.8. You can utilize Bank of Washington's app to control your funds by reviewing monthly statements, sending and receiving money as well as reaching support representatives. Bank of Washington gets an outstanding consumer satisfaction score based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

2.2
SmartAsset Average: 4.8

Bank of Washington is a medium-size bank with assets totaling $636 million as well as deposits totaling $508 million. Its Texas Ratio is 57.00%, signifying a moderate chance of failure. Additionally, Bank of Washington is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

57.0%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Bank of Washington to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.15% APY $1
Certificates of Deposit
  • 12 Month: 1.36% APY
  • 24 Month: 1.71% APY
  • 36 Month: 2.02% APY
  • 48 Month: 2.27% APY
  • 60 Month: 2.53% APY
$5000 for all terms
Money Market Account 0.3% APY $1

Bank of Washington has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Bank of Washington does not have the best savings rate, which means you should consider looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank of Washington's CD rates are fair in comparison to the national average.

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Find a Bank of Washington Near Me

Bank of Washington has six branches across the U.S.

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