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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

Founded in 1877, Bank of Washington has assets totaling $636 million along with $508 million in deposits, which makes it a medium-size bank. Bank of Washington, whose headquarters are in Washington, Missouri, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Bank of Washington is an average bank that leaves room for improvement, with a score of 3.6 stars out of 5 from the SmartAsset team. Bank of Washington provides customers with the complete slate of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Bank of Washington has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Bank of Washington's standard checking account does not have a monthly fee. Banks that offer free checking, in addition to a high savings APY are the best option for getting the highest income on your deposits alongside easy 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

Bank of Washington has a savings rate of 0.15%, which is poor as compared against the national average. Its CDs feature a rate of 0.85% and 2.12% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.30%. Given Bank of Washington's noncompetitive savings rate, you should consider looking at the competition to open savings accounts.

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 generally has extremely low fees in comparison to other U.S. banks. With no monthly fee, Bank of Washington is ideal for those who want a basic checking account. For those who will need cash in a pinch, Bank of Washington is good because it has an out-of-network ATM fee of $1.00, which is good compared to the national average. Additionally, Bank of Washington has an overdraft fee of $30.00, which is markedly less than the national average. Bank of Washington doesn't refund out-of-network ATM fees, meaning you will be required to find 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 gets fairly high praise from users for its online presence. The Bank of Washington mobile app scored a 4.0 out of 5 (with 56 ratings on iOS and Android) compared to the national average of 3.8. Bank of Washington's mobile app lets you control your accounts by reviewing monthly statements, transferring money and accessing support representatives. Bank of Washington receives a superb consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 ranks as a medium-size bank with assets totaling $636 million as well as deposits totaling $508 million. Its Texas Ratio is 57.00%, suggesting 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: 0.85% APY
  • 24 Month: 1.21% APY
  • 36 Month: 1.51% APY
  • 48 Month: 1.71% APY
  • 60 Month: 2.12% APY
$500 for all terms
Money Market Account 0.25% 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 think about 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 average U.S. bank.

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Find a Bank of Washington Near Me

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

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