Webster Bank Review 2024 | Bankrate (2024)

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Webster Bank Review 2024 | Bankrate (1)

3.6

Rating: 3.6 stars out of 5

Bankrate Score

CDs

Rating: 3.6 stars out of 5

Checking

Rating: 3.8 stars out of 5

Savings

Rating: 2.2 stars out of 5

MMA

Rating: 3.2 stars out of 5

About Bankrate Score

Overview

Webster Bank is a regional bank with locations primarily in the New England area. It offers a wide variety of banking products, including a full suite of deposit accounts including checking accounts, savings accounts and certificates of deposit (CDs) in addition to health savings accounts (HSAs) and lending products.

Highlights

  • ATM Fee Refunds

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Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Webster Bank Review 2024 | Bankrate (2)

Member FDIC.

Savings Account

5.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/26/2024

Rating: 5 stars out of 5

Bankrate Savings rating = 5/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offerArrow Right

Promoted offer: No fees. Easy deposits and quick withdrawals.

Webster Bank Review 2024 | Bankrate (4)

Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/26/2024

Rating: 4.9 stars out of 5

Bankrate Savings rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$1

Min. balance for APY

View offerArrow Right

Promoted offer:

Webster Bank Review 2024 | Bankrate (6)

Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/26/2024

Rating: 4.4 stars out of 5

Bankrate Savings rating = 4.4/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offerArrow Right

Promoted offer: It only takes about 5 minutes to open a fee-free account.

Overall

With a full suite of deposit products, Webster Bank offers the opportunity to consolidate your banking under one roof. However, low yields and hefty fees bog down the overall experience, making Webster Bank difficult to recommend. That noted, you’ll find some solid yields, including a handful of Webster CDs and its money market account.

Pros

  • Some CDs offer competitive yields.

  • The money market account offers a robust rate, even if it’s not the best rate in the market.

  • Webster Bank offers five checking account options.

Cons

  • Webster Bank only has 300 ATMs.

  • Most accounts come with monthly fees.

  • Webster still charges expensive overdraft and non-sufficient funds fees.

Webster banking products

2.2

Rating: 2.2 stars out of 5

Bankrate Score

Compare top savings rates

FEATURES

Webster savings overview

Webster Bank’s base savings account, called Personal Savings, requires a $25 minimum deposit to open. The account comes with a monthly maintenance fee of $5, which can be waived if you maintain an average balance of $500 across deposit accounts. The base APY is a rock-bottom rate, so you’ll easily find better offerings elsewhere.

Customers who have a Premium Checking account will get bumped up to the Premium Savings account, which waives the monthly fee and boosts the APY.

Pros

  • Only $25 is required to open Webster’s Personal Savings account.

  • The monthly fee can be waived by maintaining an average balance of $500.

Cons

  • The Personal Savings account offers a very low yield.

  • There’s a $5 monthly fee.

  • See how rates for this account have changed over time.Interact with the trend lines to view APY by date.

    Webster

    APY

    APY

    National average APY

    How do we get this data?

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Webster Bank Review 2024 | Bankrate (18)

Member FDIC.

Savings Account

5.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/26/2024

Rating: 5 stars out of 5

Bankrate Savings rating = 5/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min balance for APY

View offerArrow Right

Promoted offer: No fees. Easy deposits and quick withdrawals.

3.6

Rating: 3.6 stars out of 5

Bankrate Score

Compare top CD rates

FEATURES

Webster CD overview

Webster Bank offers CDs with terms ranging from one to five years. The seven-month CD offers the highest rate, with most other terms offering paltry yields. That noted, the one-year CD is offering a solid rate. You’ll need at least $500 to open a Webster Bank CD.

Pros

  • Webster Bank has the term lengths most savers need.

  • The required minimum deposit is just $500, which is lower than other banks require.

Cons

  • Most of the terms offer low yields.

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Webster Bank Review 2024 | Bankrate (20)

Member FDIC

CD

4.90

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/26/2024

Rating: 4.9 stars out of 5

Bankrate CD rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$500

Min. deposit

1yr

Term

View offerArrow Right

Promoted offer:

3.2

Rating: 3.2 stars out of 5

Bankrate Score

Compare top money market rates

Webster money market overview

Webster Bank is now offering a money market account that earns a higher balance than the base savings account. The yield is solid, but still falls short of top-notch rates offered at other banks. You’ll need $2,500 to open the account, and there’s an $8 monthly fee, which can be waived if you maintain $2,500 in the account.

You can boost your APY by opening Webster’s Advantage Money Market instead, but you’ll need at least $10,000 to open the account.

Pros

  • The money market account offers a higher yield than most other deposit products at Webster Bank.

  • The monthly fee can be waived.

Cons

  • There’s an $8 monthly fee.

  • You must maintain a $2,500 balance to waive the monthly fee.

  • Higher yields can be found elsewhere.

3.8

Rating: 3.8 stars out of 5

Bankrate Score

Compare top checking rates

Webster checking overview

Webster Bank has five different checking accounts.

The Choice Checking account, scored for this review, requires a $25 minimum deposit to open. It also comes with a $25 monthly fee, but it can be waived by: maintaining a $1,500 balance in the savings account; maintaining $3,000 across deposit accounts (including savings and CDs); setting up direct deposit or recurring ACH transactions; or by making at least 10 debit card purchases per statement cycle.

The account comes with unlimited check writing and reimbursed up to $20 a month in ATM surcharge fees.

Of note, the Webster’s Premier Checking account offers unlimited reimbursem*nts for ATM surcharge fees — fees charged by other banks when using an out-of-network ATM. And it doesn’t charge Premier Checking customers for using out-of-network ATMs throughout the world.

Pros

  • The Choice Checking and Premier Checking accounts reimburse ATM surcharge fees.

  • Monthly fees can be waived.

  • The Choice Checking account comes with unlimited check writing.

Cons

  • Webster Bank has a $35 overdraft fee.

  • Most of Webster’s checking accounts charge monthly fees.

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Webster Bank Review 2024 | Bankrate (22)

Banking services provided by Coastal Community Bank, Member FDIC

Checking Account

5.00

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/26/2024

$0

To open

$0

To avoid fees

View offerArrow Right

Bank fees

FeeCharged?
Overdraft fee$35
Non-sufficient funds fee$35
Monthly maintenance fees$5 – $25
Out-of-network ATM fee$3
Excessive transaction feeNone

About Webster Bank

Webster Bank has its headquarters in Stamford, Connecticut with nearly 200 branches across four states. Webster Bank offers checking accounts, savings accounts, CDs, health savings accounts (HSAs) and lending products.

Customer experience

Customer service. The bank doesn’t have 24/7 customer service, but its hours make it easy for most people to reach the bank. You can call a customer service representative 7 a.m. to 10 p.m. ET during the week and 8 a.m. to 8 p.m. ET on weekends.

Digital experience. Webster Bank offers a mobile app on the Apple App and Google Play stores. Both versions of the app received high marks, with the iOS version having the higher rating. Customers have access to Zelle.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Webster Bank Review 2024 | Bankrate (2024)
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