Loading
Tap on the profile icon to edit
your financial details.

Wayne Savings Community Bank Review

Your Details Done
by Updated
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
Wayne Savings Community Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Wayne Savings Community Bank was founded in 1899 with headquarters in Wooster, Ohio. It handles $441 million in assets as well as deposits totaling $375 million, ranking it as a medium-size bank. Wayne Savings Community Bank lacks premium access to customer service, 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. With a commendable 4.1 stars out of 5, Wayne Savings Community Bank is a respectable bank that gets the job done. Wayne Savings Community Bank provides customers with a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking account does not have a monthly charge. Banks that offer no-fee checking, in addition to a high savings APY are your best bet for getting the highest 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

3.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, Wayne Savings Community Bank ranks poorly in comparison to other U.S. banks. Its one-year CD earns at a rate of 0.50% and the five-year CD has a rate of 1.40%, while its highest-yielding money market account earns at an APY of 0.15%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Wayne Savings Community Bank's Savings Rates Compare

Wayne Savings Community Bank Savings 0.10 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

Wayne Savings Community Bank generally has extremely low fees as compared against the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Wayne Savings Community Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll have to search for a Wayne Savings Community Bank ATM or accept the 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
Back to Overview

Service Quality

3.7
SmartAsset Average: 3.7

Wayne Savings Community Bank is a brick-and-mortar bank, with 11 total bank locations in Ohio. It also offers access to mobile and web apps for straightforward access and banking on the go. Wayne Savings Community Bank gets fair marks from users for its mobile platform. The Wayne Savings Community Bank mobile app is rated at 3.6 out of 5 (out of 25 ratings on iOS and Android) compared to the national average of 3.8. You can use Wayne Savings Community Bank's app to manage your finances by reviewing monthly statements, transferring money and reaching customer service. Wayne Savings Community Bank gets a superb consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.8
SmartAsset Average: 4.8

Wayne Savings Community Bank is a medium-size bank owning $441 million in assets as well as $375 million in deposits. Wayne Savings Community Bank has an excellent Texas Ratio of 4.46%, denoting that the bank is in terrific financial condition and unlikely to fail. Additionally, Wayne Savings Community Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.46%
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.

Back to Overview

Compare Wayne Savings Community Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $2500
Checking Account 1.0% APY $1
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.80% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.20% APY
  • 60 Month: 1.40% APY
$500 for all terms
Money Market Accounts 0.12% APY 0.15% APY $10000 $15000

Wayne Savings Community Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Wayne Savings Community Bank does not have the best savings rate, which means you should consider taking a look 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 Savings Community Bank's CD rates are fair compared to the average U.S. bank.

Back to Overview

Find a Wayne Savings Community Bank Near Me

Wayne Savings Community Bank has 11 locations across the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure