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Wayne Savings Community Bank Review

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

Overview

Started in 1899, Wayne Savings Community Bank has $441 million in assets along with $375 million in deposits, making it a medium-size bank. Wayne Savings Community Bank, whose headquarters are in Wooster, Ohio, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Wayne Savings Community Bank is a respectable bank that deserves your consideration, with a rating of 4.1 stars out of 5 from the SmartAsset experts. Wayne Savings Community Bank offers a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Wayne Savings Community Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Wayne Savings Community Bank's standard checking account does not have a monthly fee. Banks that offer no-fee checking, in addition to a high savings APY are your best bet for returning the highest income from your deposits alongside convenient access to your money.

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 as compared against the national average. Its CD rates are 0.50% and 1.40% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given Wayne Savings Community Bank's 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
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Fees

5.0
SmartAsset Average: 4.4

Wayne Savings Community Bank has generally extremely low fees compared to other U.S. banks. Wayne Savings Community Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. Wayne Savings Community Bank doesn't refund out-of-network ATM fees, which means you'll be required to search for a Wayne Savings Community Bank ATM or eat 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

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 an easy mobile-banking experience. Wayne Savings Community Bank's online and mobile banking platforms get fair scores from users. With 25 ratings on Apple and Android platforms, the Wayne Savings Community Bank mobile app has an overall rating of 3.6 out of 5 (compared to the national average of 3.8). You can use Wayne Savings Community Bank's app to control your funds by monitoring current statements, sending and receiving funds as well as accessing support representatives. Wayne Savings Community Bank gets an excellent consumer satisfaction score due to comparatively 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
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Financial Health

4.8
SmartAsset Average: 4.8

Wayne Savings Community Bank is a medium-size bank with assets totaling $441 million and deposits totaling $375 million. Wayne Savings Community Bank's Texas Ratio is 4.46%, suggesting that Wayne Savings Community Bank is in terrific financial condition and improbable 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.

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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 Account 0.12% APY $10000

Wayne Savings Community Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Wayne Savings Community Bank does not have the best savings rate, which means you should think about other options 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 as compared against the national average.

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Find a Wayne Savings Community Bank Near Me

Wayne Savings Community Bank has 11 branches in the U.S.

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