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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

Overview

Walden Savings Bank first started operating in 1872 with headquarters in Montgomery, New York. Walden Savings Bank handles $543 million in assets and $491 million in deposits, ranking 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 conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Walden Savings Bank is a good bank that gets the job done, with a rating of 4.0 out of 5 stars from the SmartAsset experts. Walden Savings Bank provides customers with a full choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. Walden Savings Bank has a fair savings rate; other popular banks have higher rates. 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 option for accruing the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

Walden Savings Bank has a savings rate of 0.10%, which is fair compared to the average U.S. bank. Its CDs feature a rate of 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 taking a look at other banks for savings accounts.

How Walden Savings Bank's Savings Rates Compare

Walden Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

Walden Savings Bank has generally low fees compared to the average U.S. bank. Additionally, at $34.00, Walden Savings Bank has a markedly lower overdraft fee compared to the national average overdraft fee. Walden Savings Bank doesn't refund out-of-network ATM charges, meaning you will need to search for a Walden Savings Bank ATM or pay the ATM charge.

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

3.7
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 account access straightforward, even on the go. It does not offer all-day customer service with representatives. You can get help during its 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. Walden Savings Bank also offers a live chat feature, which may provide helpful service without getting on the phone. Walden Savings Bank gets poor feedback from users for its online presence. Out of 81 ratings on Apple and Android platforms, the Walden Savings Bank mobile app rates a 3.1 out of 5 (compared to the national average of 3.8). Walden Savings Bank's mobile app lets you manage your accounts by reviewing account balances, sending and receiving funds as well as reaching customer service. Walden Savings Bank receives a superb consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

4.7
SmartAsset Average: 4.8

Walden Savings Bank ranks as a medium-size bank with $543 million in assets as well as deposits totaling $491 million. Its Texas Ratio is 7.43%, suggesting a tiny possibility of failure. 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

7.43%
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 Accounts 0.25% APY 0.25% APY $10000 $15000

Walden Savings Bank has several deposit products like 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 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. Walden Savings Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Walden Savings Bank Near Me

Walden Savings Bank has 11 branches across the U.S.

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