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Webster Bank Review 2024

Updated February 16, 2024
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At a glance

3.6
Rating: 3.6 stars out of 5
Bankrate Score
Caret Down

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

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

  • Checkmark

    Some CDs offer competitive yields.

  • Checkmark

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

  • Checkmark

    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 Bank Logo

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Webster banking products

2.2
Rating: 2.2 stars out of 5
Bankrate Score

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

  • Checkmark

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

  • Checkmark

    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
    Info
    National average APY
    How do we get this data?
    Info
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Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/28/2024
Rating: 4.4 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $35
Non-sufficient funds fee $35
Monthly maintenance fees $5 – $25
Out-of-network ATM fee $3
Excessive transaction fee None

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.