Webster Bank Review 2023
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
CDs
Checking
Savings
About Bankrate Score
Overview
Webster Bank offers checking accounts, savings accounts, CDs, health savings accounts (HSAs) and lending products. Webster Bank was the 40th largest bank in the U.S., as of Sept. 30, 2022, based on consolidated assets. It is a regional bank with locations primarily from Massachusetts to New York.
Highlights
- ATM Fee Refunds
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 3.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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.
Overall
Webster Bank is a regional bank with locations primarily from Massachusetts to New York. It offers checking accounts, savings accounts, CDs, health savings accounts (HSAs) and lending products. Webster Financial Corporation and Sterling Bancorp completed its merger in February 2022.
The bank is great for those 21 or under or 65 or over who would like a free savings account, with the Webster Value Savings account. But the bank's yields are generally very low.
Pros
-
The bank lets you request a call to open an account. This is good for people who have questions before opening an account.
-
Webster’s Value Savings account is free for people under 21 or 65 or older.
Cons
-
All of the bank’s four savings accounts have very low APYs.
-
Webster Bank only has 300 ATMs.
Webster banking products
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 6/10/2023
Webster savings overview
Pros
-
You only need $5 to open Webster’s Value Savings account.
-
The monthly service fee is waived for those 20 or younger or 65 or older. Those outside of those ages only need a $300 balance to avoid being charged the $5 monthly service fee.
-
Webster offers four savings accounts.
Cons
-
All four of the savings accounts earn yields much lower than the national average.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 3.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank experience
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. Eastern during the week and 8 a.m. to 8 p.m. on weekends.
The app earned a 4.7 rating on iOS and a 4.3 score on Google Play.
About Webster Bank
Webster Bank has its headquarters in Stamford, Connecticut. Webster Bank offers checking accounts, savings accounts, CDs, health savings accounts (HSAs) and lending products.
Review methodology
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.
