Bankwell Bank Review

Overview

Bankwell Bank was founded in 2002 and its headquarters are located in New Canaan, Connecticut. It owns assets of $3.25 billion as well as $2.78 billion in deposits, which makes it a large bank. Bankwell Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, Bankwell Bank is an exceptional bank that you should seriously consider, with a score of 4.6 stars out of 5 from the SmartAsset experts. Bankwell Bank offers a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs and IRAs. Bankwell Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Bankwell Bank's standard checking does not have a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same institution is the best bet for gaining the most income on your deposits alongside easy access to your money.

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

With a savings rate of 3.50%, Bankwell Bank ranks poorly as compared against the national average. Bankwell Bank's six-month CD earns at a rate of 5.00% and the one-year CD earns at a rate of 5.50%, while its highest-yielding money market account earns at a rate of 4.25%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Bankwell Bank's Savings Rates Compare

On average, Bankwell Bank charges customers extremely low fees compared to the average U.S. bank. With no monthly fee, Bankwell Bank is perfect for those who want a basic checking account. For those who frequent the ATM, it is perfect because it has no out-of-network ATM fees. Bankwell Bank reimburses their out-of-network ATM charges, making getting cash a free and simple process.

Bankwell Bank is a brick-and-mortar bank, with 9 total branches in Connecticut. With mobile and web apps, Bankwell Bank makes mobile banking convenient, even on the go. Bankwell Bank's online and mobile banking platforms get relatively high scores from users. With 29 customer reviews on iOS and Android platforms, the Bankwell Bank mobile app has an overall rating of 4.4 out of 5 (compared to the national average of 3.8). Bankwell Bank's mobile app allows you to control your finances by reviewing monthly statements, transferring funds as well as accessing customer service. Bankwell Bank receives an exceptional consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Bankwell Bank is a large bank owning assets totaling $3.25 billion and deposits totaling $2.78 billion. It has an excellent Texas Ratio of 11.03%, signifying that Bankwell Bank is in excellent financial health and far from failure. Additionally, Bankwell Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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.

Products Offered

Bankwell Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Bankwell Bank does not have the best savings rate, which means you should consider taking a look 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. Bankwell Bank's CD rates are fair compared to the national average.

Find a Bankwell Bank Near Me

Bankwell Bank has 9 locations in the U.S.