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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 was founded in 1868 with headquarters located in Webster, Massachusetts. It has $805 million in assets along with $590 million in deposits, classifying it as 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 access to service representatives at a physical location, in addition to its online and mobile apps. With a commendable 4 out of 5 stars, Webster Five Cents Savings Bank proves it is a good bank that should be given a look. Webster Five Cents Savings Bank offers the full slate of banking products, 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 monthly fee of $3.00, which is not too high compared to other U.S. banks. Finding a bank with free checking as well as a high interest rate savings account is your best option for getting the most income on your deposits while having easy access to your money.

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

Webster Five Cents Savings Bank features a savings rate of 0.05%, which is poor compared to other U.S. banks. Its one-year CD has a rate of 1.20%, while its highest-yielding money market account earns at a rate of 0.10%. Given its below average savings rate, you should think about 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 has typically low fees as compared against the national average. Its checking account has a monthly fee of $3.00, making it slightly worse for anyone looking for a simple account. For those who will need cash in a pinch, it is ideal because it charges no out-of-network ATM fees. Webster Five Cents Savings Bank doesn't refund out-of-network ATM fees, meaning you will be required to find a Webster Five Cents Savings Bank ATM or accept the ATM charge.

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 branches in Massachusetts. With mobile and web apps, Webster Five Cents Savings Bank makes mobile banking straightforward, even on the go. It does not have all-day customer service with 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 receives poor reviews from users for its mobile platform. With 82 ratings across 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). Webster Five Cents Savings Bank's mobile app lets you control your bank accounts by checking monthly statements, transferring money as well as reaching customer service. Webster Five Cents Savings Bank gets an exceptional consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial 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 a medium-size bank and handles $805 million in assets as well as deposits totaling $590 million. Webster Five Cents Savings Bank has an excellent Texas Ratio of 4.23%, denoting a minute chance 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 Accounts 0.1% APY 0.1% APY $10000 $15000

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 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. Webster Five Cents Savings Bank's CD rates are fair compared to the national average.

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Find a Webster Five Cents Savings Bank Near Me

Webster Five Cents Savings Bank has seven physical branches across the U.S.

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