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Walden Savings Bank Review

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Walden Savings Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Walden Savings Bank first started operating in 1872 and its headquarters are located in Montgomery, New York. It owns assets of $543 million along with deposits totaling $491 million, classifying it as a medium-size bank. Walden Savings Bank has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at a commendable 4 out of 5 stars, Walden Savings Bank proves it is a good bank that deserves your consideration. Walden Savings Bank has a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; other popular banks have higher rates. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best option for gaining the most income on your deposits while having easy 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

Walden Savings Bank features a savings rate of 0.10%, which is fair in comparison to the national average. Walden Savings Bank's CD rates are 0.75% and 1.75% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.25%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Walden Savings Bank's Savings Rates Compare

Walden Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Walden Savings Bank has typically low fees in comparison to the national average. Also, at $34.00, Walden Savings Bank's overdraft fee is significantly lower than that of other U.S. banks. Walden Savings Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you will have to search for a Walden Savings Bank ATM or pay the cost of withdrawal.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $34.00 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Walden Savings Bank is a brick-and-mortar bank, with 11 total branches in New York. With mobile and web apps, Walden Savings Bank makes mobile banking convenient, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Wednesday, 8:30 a.m. to 5:00 p.m. ET; Thursday and Friday, 8:30 a.m. to 6:00 p.m. ET; Saturday, and 8:30 a.m. to 12:00 p.m. ET. Additionally, Walden Savings Bank offers a live chat feature, giving customers an easy access point throughout the day. Walden Savings Bank gets poor feedback from customers for its mobile banking services. Out of 81 ratings on Apple and Android platforms, the Walden Savings Bank mobile app has an overall rating of 3.1 out of 5 (compared to the national average of 3.8). Walden Savings Bank's mobile app allows you to control your accounts by monitoring monthly statements, transferring money as well as reaching customer service. Walden Savings Bank gets an outstanding consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

SmartAsset Average: 4.8

Walden Savings Bank ranks as a medium-size bank and has $543 million in assets and $491 million in deposits. Walden Savings Bank's Texas Ratio is 7.43%, suggesting that Walden Savings Bank is in good financial well-being and unlikely to fail. Additionally, Walden Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Walden Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Checking Account 0.05% APY $5000
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.20% APY
  • 36 Month: 1.40% APY
  • 48 Month: 1.55% APY
  • 60 Month: 1.75% APY
$1000 for all terms
Money Market Account 0.25% APY $2500

Walden Savings 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. Walden Savings 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. Walden Savings Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Walden Savings Bank Near Me

Walden Savings Bank has 11 physical branches in the U.S.

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