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Wellesley Bank Review

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


Started in 1911, Wellesley Bank has assets totaling $803 million and deposits totaling $617 million, which makes the institution a medium-size bank. Wellesley Bank, whose headquarters are in Wellesley, Massachusetts, lacks premium access to customer service, with no options for live chat or all-day service. 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. With a score of 4.1 stars out of 5, Wellesley Bank should be solidly in contention for your choice of bank. Wellesley Bank provides customers with a diverse array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's standard checking account does not carry a monthly charge. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same institution is the best bet for returning the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more


SmartAsset Average: 3.5

Wellesley Bank has a savings rate of 0.05%, which is poor as compared against the national average. Wellesley Bank's one-year CD earns at a rate of 1.75%, while its highest-yielding money market account earns at an APY of 0.40%. Given its below average savings rate, you should consider other options to earn more on your deposits.

How Wellesley Bank's Savings Rates Compare

Wellesley Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Wellesley Bank charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, Wellesley Bank's checking account is perfect for people who want a hassle-free checking account. For those who will need cash in a pinch, it is ideal because it has no out-of-network ATM fees. Wellesley Bank unfortunately does not refund out-of-network ATM fees, meaning you'll have to locate a Wellesley Bank ATM or pay 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

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. Wellesley Bank's mobile app allows you to manage your accounts by monitoring account balances, transferring funds as well as accessing customer service. Wellesley Bank receives an excellent consumer satisfaction rating due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

SmartAsset Average: 4.8

Wellesley Bank is currently a medium-size bank with $803 million in assets and deposits totaling $617 million. Its Texas Ratio is 0.80%, signifying that Wellesley Bank is in terrific financial condition and improbable to fail. 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 Account 0.35% APY $5000

Wellesley Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Wellesley 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. Wellesley Bank's CD rates are fair compared to the national average.

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Find a Wellesley Bank Near Me

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

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