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Webster Five Cents Savings Bank Review

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

Overview

Webster Five Cents Savings Bank first started operating in 1868 and is headquartered in Webster, Massachusetts. Webster Five Cents Savings Bank handles assets of $805 million as well as deposits totaling $590 million, making it a medium-size bank. Webster Five Cents Savings Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We gave the bank a 4 stars out of 5, suggesting Webster Five Cents Savings Bank is a good bank that warrants your consideration. Webster Five Cents Savings Bank provides customers with a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account features a $3.00 monthly fee, which is not too high in comparison to the average U.S. bank. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best option for gaining the most income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
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 0.05%, Webster Five Cents Savings Bank ranks poorly in comparison to the national average. Webster Five Cents Savings Bank's one-year CD earns at a rate of 1.20%, while its highest-yielding money market account has a rate of 0.10%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.

How Webster Five Cents Savings Bank's Savings Rates Compare

Webster Five Cents Savings Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.3
SmartAsset Average: 4.4

Webster Five Cents Savings Bank typically has low fees compared to other U.S. banks. At $3.00 per month, Webster Five Cents Savings Bank's checking account is not ideal for those who want a hassle-free banking experience. For those who withdraw money frequently, Webster Five Cents Savings Bank is ideal because it charges no out-of-network ATM fees. Webster Five Cents Savings Bank does not refund out-of-network ATM fees, meaning you will have to find a Webster Five Cents Savings Bank ATM or pay the cost of withdrawal.

Monthly Fee $3.00 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

3.5
SmartAsset Average: 3.7

Webster Five Cents Savings Bank is a brick-and-mortar bank, with seven total bank locations in Massachusetts. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 8:00 a.m. to 1:00 p.m. ET. Webster Five Cents Savings Bank gets inferior reviews from customers for its mobile platform. Out of 82 ratings on both iOS and Android platforms, the Webster Five Cents Savings Bank mobile app is scored at 3.2 out of 5 (compared to the national average of 3.8). You can use Webster Five Cents Savings Bank's app to control your finances by checking current statements, transferring money and accessing customer service. Webster Five Cents Savings Bank gets a superb consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
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

Webster Five Cents Savings Bank is currently a medium-size bank owning assets totaling $805 million as well as $590 million in deposits. Webster Five Cents Savings Bank has an excellent Texas Ratio of 4.23%, suggesting a minute possibility of failure. Additionally, Webster Five Cents 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

4.23%
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 Webster Five Cents Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $10
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 1.20% APY
  • 24 Month: 1.66% APY
  • 36 Month: 1.85% APY
  • 48 Month: 2.00% APY
$10 for all terms
Money Market Account 0.1% APY $2500

Webster Five Cents Savings Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Webster Five Cents 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. Webster Five Cents Savings Bank's CD rates are fair compared to the average U.S. bank.

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Find a Webster Five Cents Savings Bank Near Me

Webster Five Cents Savings Bank has seven physical locations in the U.S.

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