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Westfield Bank (MA) 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
Westfield Bank Savings
0.10% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

Westfield Bank was founded in 1853 and its headquarters are located in Westfield, Massachusetts. Westfield Bank handles assets totaling $2 billion as well as $2 billion in deposits, which makes it a large bank. Westfield Bank does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. With a score of 4.1 stars out of 5, Westfield Bank should be solidly in contention for your choice of bank. 

Westfield Bank has a full array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Westfield Bank has a fair savings rate compared to the average savings account. Perfect for basic banking needs, Westfield Bank's standard checking account does not carry a monthly maintenance fee. Using the same bank for checking and savings is best for getting the highest interest rates on your money while maintaining easy access to your funds.

Service Quality

Westfield Bank is a brick-and-mortar bank, with 23 total bank locations in Connecticut and Massachusetts. It also offers access to mobile and web apps for an easy mobile-banking experience.  

Westfield Bank gets fair reviews from users for its mobile app: the Westfield Bank mobile app has an overall rating of 2.5 out of 5 (with 74 reviews on Apple and Android) compared to the national average of 3.8. Westfield Bank's mobile app allows you to control your finances by reviewing account balances, sending and receiving money as well as accessing customer service. Westfield Bank receives an excellent consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $10 Compare Offers
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.00% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.10% APY $10,000 Compare Offers
Checking Accounts 0.10% APY $10 Compare Offers

Westfield Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should think about taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Westfield Bank's CD rates are competitive in comparison to the national average.

Rates

Westfield Bank features a savings rate of 0.10%, which is fair compared to the national average. Westfield Bank's one-year CD has a rate of 0.30%, while its highest-yielding money market account has a rate of 0.10%. Westfield Bank has a fair savings rate, which means you can find higher rates with other banks. Consider looking elsewhere to open savings accounts.

Compare Westfield Bank to Other Competitive Offers

Fees

On average, Westfield Bank charges its customers extremely low fees in comparison to other U.S. banks. Westfield Bank's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Also, at $30, it has a noticeably lower overdraft fee compared to the national average overdraft fee, making it perfect for those who frequently overdraft. 

Financial Health

Westfield Bank ranks as a large bank and handles assets totaling $2 billion and deposits totaling $2 billion. Westfield Bank has a very good Texas Ratio of 5.21%, signifying a small possibility of failure. Additionally, Westfield Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Westfield Bank Near Me

Westfield Bank has 23 physical branches in the U.S.

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