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Webster Bank Review 2023

Updated January 20, 2023
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.7 stars out of 5

Checking

Rating: 3.7 stars out of 5

Savings

Rating: 2.5 stars out of 5

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
Compare offers
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.50
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.25
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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

  • Checkmark

    The bank lets you request a call to open an account. This is good for people who have questions before opening an account.

  • Checkmark

    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 bank products

2.5
Rating: 2.5 stars out of 5
Bankrate Score

Webster savings overview

Webster Bank offers four savings accounts. Its Value Savings account had a very low yield of 0.01 percent APY during Bankrate’s review. That’s well below the national average yield for savings accounts. None of the savings accounts at Webster Bank pay a competitive yield.

Pros

  • Checkmark

    You only need $5 to open Webster’s Value Savings account.

  • Checkmark

    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.

  • Checkmark

    Webster offers four savings accounts.

Cons

  • All four of the savings accounts earn yields much lower than the national average.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

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

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.