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Wayne Bank Review

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Wayne Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Wayne Bank started in 1871 and its headquarters are located in Honesdale, Pennsylvania. Wayne Bank has assets of $1 billion and $934 million in deposits, ranking it as a medium-size bank. Wayne Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Wayne Bank is a solid contender in your bank search, with a score of 4.2 stars out of 5 from our team. Wayne Bank has a mixture of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Wayne Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly charge. Institutions that offer free checking as well as a high savings APY are your best bet for accruing the most income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

Wayne Bank has a savings rate of 0.05%, which is fair in comparison to the national average. Its one-year CD has a rate of 0.65% and the five-year CD has a rate of 1.50%, while its highest-yielding money market account earns at an APY of 0.10%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Wayne Bank's Savings Rates Compare

Wayne Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Wayne Bank has typically extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is ideal because it charges no out-of-network ATM fees. Wayne Bank unfortunately does not reimburse out-of-network ATM fees, which means you will have to search for a Wayne Bank ATM or pay the ATM charge.

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

3.8
SmartAsset Average: 3.7

Wayne Bank is a brick-and-mortar bank, with 26 total bank locations in New York and Pennsylvania. With mobile and web apps, Wayne Bank makes account access convenient, even on the go. Wayne Bank gets moderate marks from users for its online presence. The Wayne Bank mobile app has been given a 3.7 out of 5 (with 32 reviews on Apple and Android) compared to the national average of 3.8. Wayne Bank's mobile app allows you to manage your funds by looking at account balances, transferring funds and reaching support representatives. Wayne Bank gets a superb consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.7/5
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

Wayne Bank is currently a medium-size bank owning assets totaling $1 billion as well as deposits totaling $934 million. Its Texas Ratio is 3.51%, indicating that the bank is in superb financial shape and improbable to fail. Additionally, Wayne Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.51%
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 Wayne Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $50
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.65% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.06% APY
  • 48 Month: 1.40% APY
  • 60 Month: 1.50% APY
$500 for all terms
Money Market Account 0.1% APY $2500

Wayne Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Wayne Bank does not have the best savings rate, which means you should consider 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. Wayne Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Wayne Bank Near Me

Wayne Bank has 26 locations in the U.S.

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