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Wellesley Bank Review

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

Overview

Started in 1911, Wellesley Bank has assets totaling $803 million along with deposits totaling $617 million, making the institution a medium-size bank. Wellesley Bank, whose headquarters are in Wellesley, Massachusetts, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We gave the bank a 4.1 out of 5 stars, indicating that Wellesley Bank is a respectable bank that warrants your consideration. Wellesley Bank has a complete array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Wellesley 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, Wellesley Bank's standard checking account does not carry a monthly maintenance fee. Banks that offer free checking and a high savings APY are the best option for accruing the most income from your deposits while maintaining convenient 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

3.8
SmartAsset Average: 3.5

Wellesley Bank features a savings rate of 0.05%, which is fair compared to the national average. Its one-year CD has a rate of 1.75%, while its highest-yielding money market account earns at an APY of 0.40%. Given Wellesley Bank's poor savings rate, you should think about looking at the competition to open savings accounts.

How Wellesley Bank's Savings Rates Compare

Wellesley Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Wellesley Bank typically has extremely low fees as compared against the national average. With no monthly fee, Wellesley Bank's checking account is ideal for those who want an easy banking experience. For those who will need cash in a pinch, Wellesley Bank is perfect because it charges no out-of-network ATM fees. Wellesley Bank does not refund out-of-network ATM charges, meaning you'll be required to find a Wellesley Bank ATM or accept the withdrawal fee.

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

2.5
SmartAsset Average: 3.7

Wellesley Bank is a brick-and-mortar bank, with six total branches in Massachusetts. It also offers access to mobile and web apps for a simple mobile-banking experience. You can access Wellesley Bank's mobile app to manage your bank accounts by looking at monthly statements, sending and receiving money and reaching customer service. Wellesley Bank gets a superb consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Wellesley Bank ranks as a medium-size bank and manages assets totaling $803 million as well as $617 million in deposits. Its Texas Ratio is 0.80%, indicating that the bank is in excellent financial well-being and far from failure. Additionally, Wellesley Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Wellesley Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $10
Checking Account 0.03% APY $10
Certificates of Deposit
  • 12 Month: 1.75% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.15% APY
$250 for all terms
Money Market Accounts 0.35% APY 0.4% APY $10000 $15000

Wellesley Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Wellesley 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. Wellesley Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Wellesley Bank Near Me

Wellesley Bank has six physical branches across the U.S.

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