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Watertown Savings 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
Watertown Savings Bank Savings
0.05% APY

Overview

Our Rating: 4.2/5 How we calculated this rating

Established in 1870, Watertown Savings Bank has $1 billion in assets and $1 billion in deposits, classifying the institution as a medium-size bank. Watertown Savings Bank, whose headquarters are in Watertown, Massachusetts, does not have the customer service bells and whistles of other banks. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.2 out of 5 stars, Watertown Savings Bank proves it is a solid contender in your bank search. 

Watertown Savings Bank offers a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate, which means you can find higher rates with other banks. Perfect for basic banking needs, Watertown Savings Bank's most basic checking does not have a monthly fee. Keeping both checking and savings accounts in the same place is best when you want to get the most return on your deposits while retaining access to your money without having to wait for money to transfer between accounts.

Service Quality

Watertown Savings Bank is a brick-and-mortar bank, with 10 total branches in Massachusetts. It also offers access to mobile and web apps for easy access and banking 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 Wednesday, 8:30 a.m. to 4:00 p.m. ET; Thursday, 8:30 a.m. to 6:00 p.m. ET; Friday, 8:30 a.m. to 5:00 p.m. ET; Saturday, 8:30 a.m. to 12:30 p.m. ET. 

Watertown Savings Bank receives fairly positive reviews from users for its mobile banking services: the Watertown Savings Bank mobile app is rated at 3.4 out of 5 (with 48 reviews on iOS and Android) compared to the national average of 3.8. Watertown Savings Bank's mobile app allows you to manage your bank accounts by reviewing current statements, transferring money as well as accessing support representatives. Watertown Savings Bank gets an excellent consumer satisfaction score based on relatively few consumer complaints registered 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 0.05% APY $50 Compare Offers
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.10% APY
  • 36 Month: 0.20% APY
  • 48 Month: 0.20% APY
  • 60 Month: 0.20% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.10% APY $2,500 Compare Offers
Checking Accounts 0.05% APY $50 Compare Offers

It offers several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Watertown Savings Bank does not have the best savings rate, which means you should think about taking a look elsewhere 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. Watertown Savings Bank's CD rates are competitive in comparison to the average U.S. bank.

Rates

With a savings rate of 0.05%, Watertown Savings Bank ranks below the mean as compared against the national average. Its one-year and five-year term lengths CD's earn at a rate of 0.10% and 0.20%, respectively, while its highest-yielding money market account earns at an APY of 0.10%. Watertown Savings Bank has a fair savings rate, which means other popular banks have higher rates. Consider taking a look at other banks for savings accounts.

Compare Watertown Savings Bank to Other Competitive Offers

Fees

Watertown Savings Bank charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Watertown Savings Bank is ideal for those who want a basic checking account. For those who will need cash in a pinch, Watertown Savings Bank is ideal because it offers no ATM fees. Also, at $10, Watertown Savings Bank's overdraft fee is markedly lower than the average U.S. overdraft fee, making it perfect for those who spend a lot of money on their debit card. 

Financial Health

Watertown Savings Bank ranks as a medium-size bank owning assets totaling $1 billion and deposits totaling $1 billion. Watertown Savings Bank has an excellent Texas Ratio of 1.53%, signifying that Watertown Savings Bank is in superb financial health and exceedingly 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.

Find a Watertown Savings Bank Near Me

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

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