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The Washington Trust Company Review

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The Washington Trust Company Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Washington Trust Company Bank was founded in 1800 with its headquarters in Westerly, Rhode Island. It manages assets of $5 billion and deposits totaling $3 billion, ranking it as a large bank. The Washington Trust Company lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a commendable 4.3 out of 5 stars, The Washington Trust Company is a great choice and should warrant serious consideration. The Washington Trust Company has a diverse array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking account does not have a monthly maintenance charge. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is the best bet for getting the most income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, The Washington Trust Company ranks poorly in comparison to the average U.S. bank. The Washington Trust Company's one-year and five-year term lengths CDs earn at a rate of 0.10% and 0.90%, respectively, while its highest-yielding money market account has a rate of 0.10%. Given The Washington Trust Company's below average savings rate, you should consider other options to earn more on your deposits.

How The Washington Trust Company's Savings Rates Compare

The Washington Trust Company Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Washington Trust Company Bank has generally extremely low fees in comparison to the national average. With no monthly fee, The Washington Trust Company is ideal for those who want a simple banking experience. The Washington Trust Company unfortunately doesn't reimburse out-of-network ATM charges, which means you will be required to search for a The Washington Trust Company ATM or pay the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

The Washington Trust Company Bank is a brick-and-mortar bank, with 24 total bank locations in Connecticut. It also offers access to mobile and web apps for a simple mobile-banking experience. The Washington Trust Company's online and mobile banking platforms receive great ratings from users. With 720 customer reviews across both iOS and Android platforms, the The Washington Trust Company mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). The Washington Trust Company's mobile app allows you to manage your bank accounts by looking at current statements, transferring funds and accessing support representatives. The Washington Trust Company receives a superb consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

The Washington Trust Company is a large bank owning assets totaling $5 billion and $3 billion in deposits. It has an excellent Texas Ratio of 3.34%, signifying that The Washington Trust Company is in superb financial well-being and unlikely to fail. Additionally, The Washington Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.34%
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 The Washington Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $2500
Checking Account 0.05% APY $1500
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.35% APY
  • 36 Month: 0.50% APY
  • 48 Month: 0.75% APY
  • 60 Month: 0.90% APY
$500 for all terms
Money Market Account 0.1% APY $25000

The Washington Trust Company 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. The Washington Trust Company 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. The Washington Trust Company's CD rates are fair in comparison to the national average.

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Find a The Washington Trust Company Near Me

The Washington Trust Company has 24 locations in the U.S.

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