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The Westchester Bank 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 Westchester Bank Savings
0.75% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Westchester Bank was founded in 2008 and has its headquarters in Yonkers, New York. The Westchester Bank handles assets of $807 million and $659 million in deposits, ranking it as a medium-size bank. The Westchester Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a superb 4.6 out of 5 stars, The Westchester Bank proves it is an excellent bank that warrants a strong look. The Westchester Bank has a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs and IRAs. The Westchester Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, The Westchester Bank's most basic checking does not carry a monthly maintenance fee. Locating a bank with free checking as well as a high interest rate savings account is your best bet for gaining the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.6/5
National Average: 4.1

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

Rates

5.0
SmartAsset Average: 3.5

The Westchester Bank features a savings rate of 0.75%, which is fair compared to the national average. Its CD rates are 2.02% and 2.73% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 1.00%. Given The Westchester Bank's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How The Westchester Bank's Savings Rates Compare

The Westchester Bank Savings 0.75 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

The Westchester Bank has typically low fees in comparison to the national average. With no monthly fee, The Westchester Bank's checking account is perfect for those who want a hassle-free banking experience. Also, The Westchester Bank has an overdraft fee of $35.00, which is on par with that of other U.S. banks. The Westchester Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will have to find a The Westchester Bank 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 $35.00 National Average: $35.00
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Service Quality

3.8
SmartAsset Average: 3.7

The Westchester Bank is a brick-and-mortar bank, with seven total branches in New York. With mobile and web apps, The Westchester Bank makes account access convenient, even on the go. The Westchester Bank's online and mobile banking services get fair scores from users. The The Westchester Bank mobile app has been given a 3.7 out of 5 (with 3 reviews on Apple and Android) compared to the national average of 3.8. You can access The Westchester Bank's app to control your bank accounts by checking account balances, transferring money and accessing support representatives. The Westchester Bank gets an excellent consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

The Westchester Bank ranks as a medium-size bank owning assets totaling $807 million as well as deposits totaling $659 million. The Westchester Bank's Texas Ratio is 0.69%, indicating that The Westchester Bank is in excellent financial well-being and far from failure. Additionally, The Westchester 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.

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Compare The Westchester Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.75% APY $100
Certificates of Deposit
  • 12 Month: 2.02% APY
  • 24 Month: 2.32% APY
  • 36 Month: 2.63% APY
  • 48 Month: 2.68% APY
  • 60 Month: 2.73% APY
$1000 for all terms
Money Market Accounts 1.0% APY 1.0% APY $10000 $15000

The Westchester Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Westchester Bank does not have the best savings rate, which means you should consider other options 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 Westchester Bank's CD rates are fair compared to other U.S. banks.

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Find a The Westchester Bank Near Me

The Westchester Bank has seven branches across the U.S.

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