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WaterStone Bank Review

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WaterStone Bank Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Established in 1921, WaterStone Bank has $2 billion in assets and $1 billion in deposits, making the institution a large bank. WaterStone Bank, whose headquarters are in Wauwatosa, Wisconsin, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a commendable 4.1 out of 5 stars, WaterStone Bank proves it is a good bank that should be given a look. WaterStone Bank offers a full choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, WaterStone Bank's standard checking account does not have a monthly fee. Institutions that offer free checking and a high savings APY are your best option for gaining the highest income from your deposits while having convenient 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 0.02%, WaterStone Bank ranks poorly compared to the average U.S. bank. Its CD rates are 0.25% and 1.10% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.15%. Given its noncompetitive savings rate, you should think about other options to earn more on your deposits.

How WaterStone Bank's Savings Rates Compare

WaterStone Bank Savings 0.02 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

WaterStone Bank has generally extremely low fees compared to the average U.S. bank. WaterStone Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. WaterStone Bank does not refund out-of-network ATM charges, which means you will have to find a WaterStone Bank ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

WaterStone Bank is a brick-and-mortar bank, with 13 total branches in Wisconsin. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:30 a.m. to 5:30 p.m. CT; Saturday, and 8:30 a.m. to 12:00 p.m. CT. WaterStone Bank's online and mobile banking platforms get mediocre feedback from customers. The WaterStone Bank mobile app has an overall rating of 3.3 out of 5 (out of 16 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize WaterStone Bank's mobile app to manage your accounts by looking at account balances, transferring money and reaching support representatives. WaterStone Bank gets an excellent consumer satisfaction rating due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

WaterStone Bank ranks as a large bank and manages $2 billion in assets as well as deposits totaling $1 billion. It has an excellent Texas Ratio of 2.65%, suggesting a negligible possibility of failure. Additionally, WaterStone 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.

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Compare WaterStone Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $1000
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.70% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.10% APY
$1000 for all terms
Money Market Account 0.1% APY $1

WaterStone 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. WaterStone 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. WaterStone Bank's CD rates are fair compared to the average U.S. bank.

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Find a WaterStone Bank Near Me

WaterStone Bank has 13 branches across the U.S.

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