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Washington Trust Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Washington Trust Bank Savings
0.10% APY

Overview

Our Rating: 4.2/5 How we calculated this rating

Established in 1902, Washington Trust Bank has assets totaling $6 billion along with deposits totaling $5 billion, which makes it a large bank. Washington Trust Bank, whose headquarters are in Spokane, Washington, does not have the access to customer service other banks offer. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. Coming in at a commendable 4.2 stars out of 5, Washington Trust Bank proves it is a great choice and should warrant serious consideration. 

Washington Trust Bank has a complete choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate, which means other popular banks have higher rates. The bank's standard checking account features a $3.00 monthly fee, which is not too bad compared to the average U.S. bank. Why keep checking and savings accounts with one bank? Quick transferring of funds between the two accounts means you can still get better interest rates in your savings account but still use your funds from your checking.

Service Quality

Washington Trust Bank is a brick-and-mortar bank, with 43 total bank locations in Idaho, Oregon and Washington. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 9:00 p.m. PT; Saturday, 8:00 a.m. to 7:00 p.m. PT; Sunday, 10:00 a.m. to 7:00 p.m. PT. 

Washington Trust Bank gets moderately high marks from users for its mobile platform: the Washington Trust Bank mobile app rates a 3.6 out of 5 (out of 140 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Washington Trust Bank's mobile app to manage your funds by looking at account balances, transferring funds as well as reaching customer service. Washington Trust Bank gets an excellent consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $50 Compare Offers
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.70% APY
  • 36 Month: 0.95% APY
  • 48 Month: 1.15% APY
  • 60 Month: 1.30% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.20% APY
  • 25K tier: 0.25% APY
  • $10,000
  • $25,000
Compare Offers
Checking Accounts 0.05% APY $1 Compare Offers

Washington Trust Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Washington Trust Bank does not have the best savings rate, which means you should think about other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Washington Trust Bank's CD rates are competitive in comparison to the national average.

Rates

With a savings rate of 0.10%, Washington Trust Bank ranks below the mean compared to other U.S. banks. Its one-year CD has a rate of 0.35% and the five-year CD has a rate of 1.30%, while its highest-yielding money market account has an APY of 0.25%. It has a fair savings rate, which means you can find higher rates with other banks. Think about taking a look at other banks for savings accounts.

Compare Washington Trust Bank to Other Competitive Offers

Fees

Washington Trust Bank charges customers extremely low fees in comparison to the national average. At $3.00 per month, Washington Trust Bank is average for those who want a basic banking experience. For those who frequently visit the ATM, it is ideal because it offers no ATM fees. Additionally, at $30, its overdraft fee is considerably lower than that of other U.S. banks. 

Financial Health

Washington Trust Bank is a large bank and manages $6 billion in assets as well as $5 billion in deposits. Its Texas Ratio is 1.57%, signifying a very small chance of failure. Additionally, Washington Trust Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Washington Trust Bank Near Me

Washington Trust Bank has 43 branches in the U.S.

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