Established in 1883, Washington Savings Bank has assets totaling $368 million and $287 million in deposits, making it a small bank. Washington Savings Bank, whose headquarters are in Effingham, Illinois, 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. On the whole, Washington Savings Bank is a superb bank that warrants a serious look, with a rating of 4.5 out of 5 stars from our team. Washington Savings Bank has an array banking products, which include savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Washington Savings Bank offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best option for gaining the most income on your deposits while having easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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 1.50% and the five-year CD earns at a rate of 3.00%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.
How Washington Savings Bank's Savings Rates Compare
Washington Savings Bank has typically low fees compared to other U.S. banks. With no monthly fee, Washington Savings Bank is perfect for those who want a basic banking experience. For those who will need cash in a pinch, it is fair because it has an out-of-network ATM fee of $2.00, which is reasonable compared to the national average. Additionally, at $30.00, Washington Savings Bank has a significantly lower overdraft fee compared to the national average. Washington Savings Bank doesn't refund out-of-network ATM charges, meaning you'll be required to find a Washington Savings Bank ATM or eat the cost of withdrawal.
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 gets high marks from customers for its online presence. The Washington Savings Bank mobile app is rated at 4.6 out of 5 (out of 10 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Washington Savings Bank's mobile app to manage your bank accounts by checking current statements, sending and receiving funds as well as reaching support representatives. Washington Savings Bank receives a superb consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Washington Savings Bank is a small bank and has $368 million in assets and $287 million in deposits. Its Texas Ratio is 3.23%, indicating that the bank is in superb financial shape and improbable to fail. 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
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
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.4% APY||$1|
|Checking Account||0.4% APY||$2500|
|Certificates of Deposit|| ||$1000 for all terms|
Washington Savings Bank has several deposit products like savings accounts, checking accounts and CDs that provide you with 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 national average.Back to Overview
Find a Washington Savings Bank Near Me
Washington Savings Bank has three physical branches across the U.S.Back to Overview