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Watertown Savings Bank Review

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Watertown Savings Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Watertown Savings Bank was founded in 1894 with headquarters located in Watertown, New York. It owns assets of $653 million along with $546 million in deposits, ranking it as a medium-size bank. Watertown Savings Bank has above-average access to customer service with all-day support available, great for getting help during the work week. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.4 out of 5 stars, Watertown Savings Bank should be solidly in contention for your choice of bank. Watertown Savings Bank has a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking does not carry a monthly fee. Using an institution with free checking and a high savings APY is your best bet for getting the highest income from your deposits while maintaining 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 0.25%, Watertown Savings Bank ranks poorly compared to the average U.S. bank. Watertown Savings Bank's CD rates are 0.76% and 1.58% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.20%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Watertown Savings Bank's Savings Rates Compare

Watertown Savings Bank Savings 0.25 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Watertown Savings Bank has typically extremely low fees in comparison to the national average. With no monthly fee, Watertown Savings Bank's checking account is perfect for those who need an easy checking account. Watertown Savings Bank does not reimburse out-of-network ATM charges, which means you will need to search for a Watertown Savings 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

Watertown Savings Bank is a brick-and-mortar bank, with 10 total bank locations in New York. With mobile and web apps, Watertown Savings Bank makes account access convenient, even on the go. It has access to all-day customer service. Watertown Savings Bank's online and mobile banking services receive reasonably high praise from customers. Out of 43 ratings across iOS and Android platforms, the Watertown Savings Bank mobile app is scored at 4.2 out of 5 (compared to the national average of 3.8). Watertown Savings Bank's mobile app lets you control your funds by monitoring account balances, sending and receiving funds as well as accessing customer service. Watertown Savings Bank gets an exceptional consumer satisfaction score based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Watertown Savings Bank ranks as a medium-size bank with $653 million in assets and $546 million in deposits. Watertown Savings Bank's Texas Ratio is 9.76%, suggesting a small chance of failure. Additionally, Watertown 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.

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Compare Watertown Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $10
Certificates of Deposit
  • 12 Month: 0.76% APY
  • 24 Month: 1.28% APY
  • 36 Month: 1.38% APY
  • 48 Month: 1.48% APY
  • 60 Month: 1.58% APY
$500 for all terms
Money Market Account 0.2% APY $100

Watertown Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Watertown Savings 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. Watertown Savings Bank's CD rates are fair compared to other U.S. banks.

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Find a Watertown Savings Bank Near Me

Watertown Savings Bank has 10 physical locations across the U.S.

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