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The Westchester Bank Review

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


Founded in 2008, The Westchester Bank has $807 million in assets along with deposits totaling $659 million, which makes the institution a medium-size bank. The Westchester Bank, whose headquarters are in Yonkers, New York, lacks premium access to customer service, with no live chat or all-day service options available. 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 4.6 out of 5 stars, The Westchester Bank should be near the top of your list for your bank search. The Westchester Bank has a full selection of banking products, which include 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 looking for a checking account for everyday use, the bank's most basic checking does not have a monthly charge. Finding a bank with free checking as well as a high interest rate savings account is your best option for getting the highest income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

The Westchester Bank has a savings rate of 0.75%, which is poor in comparison to the average U.S. bank. The Westchester Bank's one-year CD earns at a rate of 2.02% and the five-year CD has a rate of 2.73%, while its highest-yielding money market account earns at an APY of 1.00%. Given its poor savings rate, you should consider choosing another bank 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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SmartAsset Average: 4.4

The Westchester Bank has typically low fees in comparison to other U.S. banks. With no monthly fee, The Westchester Bank is perfect for people who want a basic checking account. Additionally, at $35.00, The Westchester Bank has a lower overdraft fee compared to the average U.S. overdraft fee. The Westchester Bank unfortunately does not refund out-of-network ATM charges, which means you'll have to find a The Westchester Bank ATM or accept the cost of withdrawal.

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

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 easy, even on the go. The Westchester Bank receives fair feedback from users for its mobile app. Out of 3 ratings across iOS and Android platforms, the The Westchester Bank mobile app rates a 3.7 out of 5 (compared to the national average of 3.8). The Westchester Bank's mobile app allows you to control your finances by checking monthly statements, transferring funds as well as accessing support representatives. The Westchester Bank gets a superb consumer satisfaction rating based on relatively few consumer complaints filed with 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

SmartAsset Average: 4.8

The Westchester Bank is a medium-size bank owning assets totaling $807 million as well as $659 million in deposits. The Westchester Bank's Texas Ratio is 0.69%, denoting that The Westchester Bank is in superb 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 Account 1.0% APY $25000

The Westchester 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 Westchester 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. 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 physical branches in the U.S.

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