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The Washington Trust Company Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
The Washington Trust Company Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1800, The Washington Trust Company Bank has $5 billion in assets and $3 billion in deposits, classifying it as a large bank. The Washington Trust Company, whose headquarters are in Westerly, Rhode Island, lacks premium access to support representatives, 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 offerings. With a score of 4.3 stars out of 5, The Washington Trust Company should be solidly in contention for your choice of bank. The Washington Trust Company provides customers with a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Washington Trust Company has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, The Washington Trust Company's ordinary checking account does not have a monthly fee. Finding a bank with free checking and a high savings APY is your best bet for getting the highest income from your deposits while maintaining convenient 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

The Washington Trust Company has a savings rate of 0.05%, which is poor compared to the average U.S. bank. Its one-year CD has a rate of 0.10% and the five-year CD earns at a rate of 0.90%, while its highest-yielding money market account has a rate of 0.10%. Given its noncompetitive savings rate, you should think about choosing another bank 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 generally has extremely low fees in comparison to the national average. The Washington Trust Company's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. The Washington Trust Company does not reimburse out-of-network ATM charges, meaning you will have to locate a The Washington Trust Company ATM or eat the ATM charge.

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 branches in Connecticut. It also offers access to mobile and web apps for straightforward access and banking on the go. The Washington Trust Company's online and mobile banking platforms get high praise from customers. The The Washington Trust Company mobile app scored a 4.6 out of 5 (out of 720 ratings on iOS and Android) compared to the national average of 3.8. The Washington Trust Company's mobile app allows you to manage your accounts by looking at current statements, transferring money as well as accessing customer service. The Washington Trust Company gets an exceptional consumer satisfaction score due to comparatively few consumer complaints brought to 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 ranks as a large bank with $5 billion in assets as well as deposits totaling $3 billion. The Washington Trust Company's Texas Ratio is 3.34%, suggesting that the bank is in outstanding financial condition and improbable 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 Accounts 0.1% APY 0.1% APY $10000 $15000

The Washington Trust Company Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you 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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