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Winchester Savings Bank Review

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Winchester Savings Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Winchester Savings Bank was founded in 1871 with headquarters located in Winchester, Massachusetts. Winchester Savings Bank has $529 million in assets as well as deposits totaling $453 million, classifying it as a medium-size bank. Winchester Savings Bank 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 in-person service, in addition to its online and mobile offerings. SmartAsset has rated the bank 4.2 stars out of 5, suggesting Winchester Savings Bank is a solid pick to be your bank. Winchester Savings Bank provides customers with a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking account does not have a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best bet for gaining the most income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.15%, Winchester Savings Bank ranks poorly in comparison to the average U.S. bank. Winchester Savings Bank's CD rates are 1.90% and 2.65% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 1.15%. Given Winchester Savings Bank's below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Winchester Savings Bank's Savings Rates Compare

Winchester Savings Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Winchester Savings Bank typically has extremely low fees as compared against the national average. With no monthly fee, Winchester Savings Bank is perfect for people who want a basic banking experience. Winchester Savings Bank reimburses any incurred out-of-network ATM fees (with conditions), making finding an ATM a free and easy process.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Winchester Savings Bank is a brick-and-mortar bank, with four total branches in Massachusetts. It also offers access to mobile and web apps for easy access and banking on the go. Winchester Savings Bank's online and mobile banking platforms get moderate feedback from customers. With 7 customer reviews across iOS and Android platforms, the Winchester Savings Bank mobile app is scored at 3.9 out of 5 (compared to the national average of 3.8). You can access Winchester Savings Bank's mobile app to manage your accounts by checking monthly statements, sending and receiving money and accessing customer service. Winchester Savings Bank gets an excellent consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Winchester Savings Bank is a medium-size bank and manages assets totaling $529 million and deposits totaling $453 million. Its Texas Ratio is 2.46%, signifying a negligible possibility of failure. Additionally, Winchester 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

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 Winchester Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.01% APY $10
Certificates of Deposit
  • 12 Month: 1.90% APY
  • 24 Month: 2.35% APY
  • 36 Month: 2.50% APY
  • 48 Month: 2.55% APY
  • 60 Month: 2.65% APY
$10 for all terms
Money Market Accounts 1.15% APY 1.15% APY $10000 $15000

Winchester Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Winchester 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. Winchester Savings Bank's CD rates are fair as compared against the national average.

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Find a Winchester Savings Bank Near Me

Winchester Savings Bank has four physical locations across the U.S.

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