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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

Overview

Watertown Savings Bank was founded in 1894 with its headquarters in Watertown, New York. Watertown Savings Bank manages $653 million in assets and $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, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 4.4 stars out of 5, Watertown Savings Bank should be solidly in contention for your choice of bank. Watertown Savings Bank has a varied choice 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, Watertown Savings Bank offers an option without a maintenance or monthly fee. Using a bank with free checking and a high interest rate savings account is your best bet for accruing the highest income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.5
SmartAsset Average: 3.5

With a savings rate of 0.25%, Watertown Savings Bank ranks poorly compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 1.02% and 2.05%, respectively, while its highest-yielding money market account earns at an APY of 0.20%. Given Watertown Savings Bank's 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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Fees

5.0
SmartAsset Average: 4.4

Watertown Savings Bank charges its customers extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Watertown Savings Bank doesn't reimburse out-of-network ATM fees, which means you'll need to search for a Watertown Savings Bank ATM or eat the withdrawal fee.

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

4.3
SmartAsset Average: 3.7

Watertown Savings Bank is a brick-and-mortar bank, with 10 total bank locations in New York. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It offers all-day access to representatives. Watertown Savings Bank receives fairly good scores from users for its mobile app. The Watertown Savings Bank mobile app has been given a 4.2 out of 5 (with 43 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Watertown Savings Bank's mobile app to control your bank accounts by monitoring monthly statements, sending and receiving money and reaching customer service. Watertown Savings Bank receives an outstanding consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

4.6
SmartAsset Average: 4.8

Watertown Savings Bank is currently a medium-size bank owning $653 million in assets as well as $546 million in deposits. Watertown Savings Bank's Texas Ratio is 9.76%, signifying that the bank is in fine financial condition and far from 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

9.76%
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: 1.02% APY
  • 24 Month: 1.53% APY
  • 36 Month: 1.64% APY
  • 48 Month: 1.74% APY
  • 60 Month: 2.05% APY
$500 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

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 the average U.S. bank.

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Find a Watertown Savings Bank Near Me

Watertown Savings Bank has 10 branches across the U.S.

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