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Westfield Bank (OH) 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: 4.3/5 How we calculated this rating

Founded in 2001, Westfield Bank has assets totaling $1 billion as well as deposits totaling $1 billion, which makes the institution a medium-size bank. Westfield Bank, whose headquarters are in Westfield Center, Ohio, does not have the access to customer service other banks offer. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. On the whole, Westfield Bank is a great choice and should warrant serious consideration at a rating of 4.3 stars out of 5 from our team. 

Westfield Bank offers a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Westfield Bank's ordinary checking account does not have a monthly fee. Keeping both checking and savings accounts in one place can be best when you want to get the highest return on your deposits while keeping access to your money without getting penalized for withdrawing.

Service Quality

Westfield Bank is a brick-and-mortar bank, with eight total bank locations in Ohio. With mobile and web apps, Westfield Bank makes mobile banking convenient, even on the go.  

Westfield Bank receives relatively positive scores from users for its mobile platform: out of 11 ratings on both Apple and Android platforms, the Westfield Bank mobile app is scored at 3.8 out of 5 (compared to the national average of 3.8). You can utilize Westfield Bank's app to control your accounts by looking at current statements, transferring funds as well as accessing support representatives. Westfield Bank receives an outstanding consumer satisfaction score based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.90% APY
  • 24 Month: 1.11% APY
  • 36 Month: 1.21% APY
  • 48 Month: 1.36% APY
  • 60 Month: 1.51% APY
$2,500 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.15% APY $10,000 Compare Offers
Checking Accounts 0.10% APY $1 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 other options 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 average U.S. bank.

Rates

Westfield Bank features a savings rate of 0.10%, which is fair compared to other U.S. banks. Westfield Bank's one-year CD earns at a rate of 0.90% and the five-year CD earns at a rate of 1.51%, while its highest-yielding money market account earns at an APY of 0.15%. It has a fair savings rate, which means other popular banks have higher rates. Think about choosing another bank to earn more on your deposits.

Compare Westfield Bank to Other Competitive Offers

Fees

Westfield Bank charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Westfield Bank's checking account is perfect for people who want an easy checking account. For those who will need cash in a pinch, it is perfect because it has no ATM fees. Additionally, at $35, Westfield Bank has a lower overdraft fee compared to the national average. Westfield Bank refunds any incurred ATM fees (with conditions), which gives easy access to cash at any time.

Financial Health

Westfield Bank is a medium-size bank with assets totaling $1 billion and $1 billion in deposits. Its Texas Ratio is 2.94%, suggesting an exceptionally low likelihood 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 eight branches across the U.S.

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