Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Washington Savings Bank Review

Your Details Done
by Updated
Washington Savings Bank Savings
0.40% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Founded in 1883, Washington Savings Bank has $368 million in assets along with $287 million in deposits, ranking the institution as a small bank. Washington Savings Bank, whose headquarters are in Effingham, Illinois, 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 in-person service, in addition to its online and mobile apps. Coming in at a superb 4.5 out of 5 stars, Washington Savings Bank proves it is an outstanding bank that you should strongly consider. Washington Savings Bank offers a choice of product offerings, including savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Washington Savings Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Washington Savings Bank's most basic checking does not have a monthly fee. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is the best bet for gaining the most income on your deposits alongside 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

With a savings rate of 0.40%, Washington Savings Bank ranks poorly in comparison to other U.S. banks. Washington Savings Bank's one-year CD has a rate of 1.25% and the five-year CD has a rate of 3.00%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Washington Savings Bank's Savings Rates Compare

Washington Savings Bank Savings 0.40 National Average 0.26 Compare Offers
Back to Overview


SmartAsset Average: 4.4

Washington Savings Bank has typically low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. For those who frequent the ATM, Washington Savings Bank is fair because it has an out-of-network ATM fee of $2.00, which is reasonable in comparison to the average U.S. bank. Additionally, Washington Savings Bank has an overdraft fee of $30.00, which is markedly less than that of other U.S. banks. Washington Savings Bank doesn't reimburse out-of-network ATM charges, meaning you will have to search for a Washington Savings Bank ATM or eat the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
Back to Overview

Service Quality

SmartAsset Average: 3.7

Washington Savings Bank is a brick-and-mortar bank, with three total branches in Illinois. With mobile and web apps, Washington Savings Bank makes mobile banking easy, even on the go. Washington Savings Bank's online and mobile banking platforms receive high praise from customers. The Washington Savings Bank mobile app scored a 4.6 out of 5 (with 10 customer reviews on Apple and Android) compared to the national average of 3.8. You can use Washington Savings Bank's app to control your bank accounts by checking current statements, transferring money as well as accessing support representatives. Washington Savings Bank gets a superb consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

SmartAsset Average: 4.8

Washington Savings Bank ranks as a small bank with $368 million in assets as well as $287 million in deposits. Washington Savings Bank has an excellent Texas Ratio of 3.23%, signifying a low possibility of failure. Additionally, Washington 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.

Back to Overview

Compare Washington Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.4% APY $1
Checking Account 0.4% APY $2500
Certificates of Deposit
  • 12 Month: 1.25% APY
  • 24 Month: 1.75% APY
  • 36 Month: 1.80% APY
  • 48 Month: 2.10% APY
  • 60 Month: 3.00% APY
$1000 for all terms

Washington Savings Bank has several deposit products including savings accounts, checking accounts and CDs to give you many options to manage your money. Washington 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. Washington Savings Bank's CD rates are fair in comparison to the average U.S. bank.

Back to Overview

Find a Washington Savings Bank Near Me

Washington Savings Bank has three physical locations across the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure