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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

Overview

WaterStone Bank first started operating in 1921 and its headquarters are located in Wauwatosa, Wisconsin. WaterStone Bank owns assets of $2 billion along with deposits totaling $1 billion, ranking it as a large bank. WaterStone Bank lacks premium access to support representatives, with no live chat or all-day service options available. 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. We ranked the bank at a 4.1 stars out of 5, suggesting WaterStone Bank is a respectable bank that deserves your consideration. WaterStone Bank provides customers with a full choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. WaterStone Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, WaterStone Bank's most basic checking does not have a monthly charge. Finding an institution with no-fee checking and a high interest rate savings account 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

4.1/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

WaterStone Bank features a savings rate of 0.02%, which is fair compared to the national average. WaterStone Bank's one-year CD has a rate of 0.25% and the five-year CD has a rate of 1.10%, while its highest-yielding money market account earns at a rate of 0.15%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

How WaterStone Bank's Savings Rates Compare

WaterStone Bank Savings 0.02 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

WaterStone Bank typically has extremely low fees compared to the national average. With no monthly fee, WaterStone Bank's checking account is perfect for those who need an easy banking experience. WaterStone Bank unfortunately does not reimburse out-of-network ATM fees, which means you will have to locate 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

3.6
SmartAsset Average: 3.7

WaterStone Bank is a brick-and-mortar bank, with 13 total branches in Wisconsin. With mobile and web apps, WaterStone Bank makes mobile banking straightforward, even on the go. 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, 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 services receive mediocre feedback from users. Out of 16 ratings on both Apple and Android platforms, the WaterStone Bank mobile app has an overall rating of 3.3 out of 5 (compared to the national average of 3.8). WaterStone Bank's mobile app allows you to manage your finances by monitoring current statements, transferring funds as well as accessing customer service. WaterStone Bank gets a superb consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial 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

4.9
SmartAsset Average: 4.8

WaterStone Bank is currently a large bank owning $2 billion in assets and deposits totaling $1 billion. WaterStone Bank has an excellent Texas Ratio of 2.65%, suggesting that WaterStone Bank is in excellent financial shape and improbable to fail. 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 Accounts 0.1% APY 0.15% APY $10000 $15000

WaterStone Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. WaterStone Bank does not have the best savings rate, which means you should think about looking 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 in comparison to the national average.

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Find a WaterStone Bank Near Me

WaterStone Bank has 13 branches across the U.S.

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