Webster Bank Review
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At a glance
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 RefundsHighlights:
CDs
Checking
Savings
MMA
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
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 = 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 = 4.6/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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.
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.
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.
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.
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.
Overall
With a full suite of deposit products, Webster Bank offers the opportunity to consolidate your banking under one roof. However, generally low yields and hefty fees bog down the overall experience, making Webster Bank difficult to recommend. That noted, you’ll find some solid yields on a handful of Webster CDs.
Pros
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Several CDs offer competitive yields.
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Full-service bank with a wide range of financial products.
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Webster Bank offers four checking account options.
Cons
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Checking, savings and money market rates are below average.
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Most accounts come with monthly fees.
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Webster still charges expensive overdraft and non-sufficient funds fees.
Webster banking products
Webster savings overview
Pros
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Only $25 is required to open Webster’s Personal Savings account.
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The monthly fee can be waived by maintaining an average balance of $500.
Cons
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The Personal Savings account offers a very low yield.
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There’s a $5 monthly fee.
Webster CD overview
Pros
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Webster Bank has the term lengths most savers need.
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The required minimum deposit is just $500, which is lower than other banks require.
Cons
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Most of the terms offer low yields.
Rate history for Webster Bank's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
Webster money market overview
Pros
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No limits on the number of withdrawals.
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Accessible online or through the mobile app.
Cons
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A $2,500 opening deposit is required.
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Higher yields can be found elsewhere.
Webster checking overview
Pros
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The Premium Checking account reimburses ATM surcharge fees.
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Monthly fees can be waived.
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The Choice Checking account comes with unlimited check writing.
Cons
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Webster Bank has a $35 overdraft fee.
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Most of Webster’s checking accounts charge monthly fees.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $35 |
| Non-sufficient funds fee | $35 |
| Monthly maintenance fees | $5 – $15 |
| Out-of-network ATM fee | $3 |
| Excessive transaction fee | None |
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. Customers also have access to Zelle.
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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.
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