WSFS Bank Review

WSFS Bank Savings

0.20% APY

WSFS Bank offers a multitude of personal and business banking services, but also other financial products, like mortgages, student loans, lines of credit and personal loans. Most branches are located in Pennsylvania, but New Jerseyans will find a few locations sprinkled across the state as well.

The bank is known for its well-built set of interest rates, particularly for certificates of deposit (CDs), IRAs and savings accounts. WSFS Bank also uniquely offers three checking packages that are angled toward different types of customers.

Products Offered

WSFS Bank Interest Rate Comparison

WSFS Bank Overview

WSFS Bank can trace its roots all the way back to 1853, when it was originally called the Beneficial Saving Fund Society of Philadelphia, making it the city’s oldest bank. It also holds the title of largest bank in the City of Brotherly Love, as it currently holds $5.9 billion in assets.

WSFS Core Savings Account

With a 0.20% APY, the Core Savings account also has a $25 minimum opening deposit and $500 minimum to avoid the $5 monthly fee. You can also avoid the fee by having at least one recurring monthly deposit into your account, and it only needs to be $25 or more. The account offers a 0.20% APY regardless of your balance size.

Everyday Banking

The Everyday Banking checking account is exactly how it sounds: a basic, straightforward account that requires just $100 to open. There is a $6 monthly fee on the account, though it's waived fairly easily. In fact, all you need to do is either maintain a balance of $500, or set up direct deposit within three months of account opening. The account does not earn interest, though.

WSFS Bank Personal Money Market Account

Although it has become increasingly popular for banks to offer multiple styles of money market accounts (MMAs), WSFS Bank has chosen to stick to the basics with the Personal Money Market account. In the case of this account, rates start at a solid 0.10%, but only jump to 0.50% if your account is a massive $500,000 or larger.

If you cannot maintain the $5,000 minimum daily balance, your account will be charged a monthly service fee of $12, which will take a significant bite out of your savings in the long run. This hopefully shouldn’t be a difficult task to complete, though, as federal law forbids account holders from making more than six withdrawals a month.

WSFS Bank CDs

Whether you choose a shorter term certificate of deposit (CD), or one with a term as high as seven years, WSFS Bank will set you up with some of the best APYs on the market. Whereas most similar banks will offer an interest rate below 1.00% for CDs of less than a year, WSFS Bank's APYs stretch more than half of the way towards 5.00%. So although CDs sometimes get a bad rap because they lock away your money for the length of their term, interest rates like these should make them much more viable.

WSFS Bank IRAs

IRAs, or individual retirement accounts, are a solid way to supplement any existing retirement savings you may have. At WSFS Bank, these work in essentially the same way as CDs, meaning there is a $2,500 minimum deposit and tiered interest rates. The longer the term you select, the better the APY you will receive, so try to find what works best for you depending on the rate you want and when you’ll need the money by.

Where Can I Find WSFS Bank?

Most WSFS Bank's physical locations are in Pennsylvania, but it also has more than 20 branches in New Jersey. Altogether, Beneficial runs about 60 brick and mortar offices.

Every branch of WSFS has an ATM, although there are no other ATM networks that it belongs to. While this may seemingly make it tough for customers who go on vacation elsewhere in the country to get cash fee-free, the bank does institute a partial out-of-network fee refund policy.

What Can You Do Online With WSFS Bank?

WSFS Bank's mobile app, BenMobile, doesn’t have a very good reputation on the Apple and Android app stores, as its rating currently sits at just under two stars. Through this app you can utilize the ATM/branch locator tool, set up automatic bill pay, remotely deposit checks and check your transaction histories and current account balances. Touch ID is supported through the app, and you can redeem any earned rewards here too.

The online banking website at WSFS offers many of the same programs and services. However, it does add in some extra perks, with internal and external account transfers being one of the best. More specifically, this means you can move funds between your own accounts and send payments to the accounts of your friends, family and anyone else you have an account and routing number for.

How Do I Access My Money?

There’s no simpler way to check on your accounts at WSFS Bank than to log onto either its online banking website or mobile app for Android and Apple phones. You can also check to see where any nearby ATMs are located through this platform, making it very easy to get your hands on cash whenever you need it. Debit cards come standard with most accounts at WSFS Bank, and they can be added to any one of the Apple Pay, Google Pay and Samsung Pay programs, depending on the type of mobile device you use.

As old-fashioned as it may sound, dropping by a local WSFS Bank branch might be the fastest way to do what you need to do. There are no restrictions placed on what you can do in-person, so no matter whether you have a question or want to withdraw/deposit money, it will be taken care of.

How Can I Save More Money With a WSFS Bank Account?

The more “committed” you are to WSFS Bank, the higher your interest rates will be. For interest checking, savings and money market accounts, this comes in the form of APY tiers that reward those with more significant balances.

Depositing that much money may be tough for some prospective customers, but the bank’s CDs offer similar benefits, so long as you can deposit at least $2,500. The lowest rate on a WSFS Bank CD is 0.50% on a three- to five-month account. However, you can get a 0.75% on a 60-month CD.

What’s the Process For Opening an Account With WSFS Bank?

WSFS Bank employs a very simplified application system online, allowing visitors to open any account they want without having to leave their computer. A customer service phone line and email are displayed on the bank’s website, and a callback form is available as well. Should your prefer someone to walk you through the application process or have have specific questions about an account, employees are waiting at all branches to help you out.

What’s the Catch?

Many of the deposit accounts (besides CDs and IRAs) call for fairly high monthly service fees. Not only is it a nuisance to have to pay for an account, but it can also take a significant chunk out of your long-term interest-earning capabilities, and by default, your savings. The bank does institute fee waivers if you can meet them, but sometimes even they are a bit difficult to get a handle on.

Bottom Line

If you know where to look, WSFS Bank offers some fantastic opportunities to earn interest. Its CDs, IRAs and high-balance savings accounts are near the top of the market in terms of APY. Even with this enormous perk, the minimum opening deposits associated with these accounts are fairly low, making them available to just about anyone. The only issue to look out for is the sometimes high monthly fees, but if you meet some basic requirements, you can avoid them.