30 Middlesex St.
Lowell, MA 01852
978-458-7999
www.washingtonsavings.com



In 1892, Washington Savings Bank made its first home in Lowell, MA. With the growing success of the Bank, two more branches were added in Dracut and Tyngsboro in 1997 and 1998 to help them better serve the Greater Lowell community.

Now as the community continues to grow and consumers search for more banking options, Washington Savings Bank strives to meet those needs with the community banking perspective their customers have grown to love and innovative products and services that only be found at Washington Savings Bank.

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See Rates for: Checking | Savings | Money Market | CD | IRA

Washington Savings Checking Account Rates

ApyMinMaxProduct
3.01%-$10kInterest Rewards Checking
3.01%-$10kBusiness Rewards - Qualifying
0.71%$100k-Interest Business Checking
0.05%--Tunes Rewards Checking
0.05%--Business Rewards - Non Qualifying

Washington Savings Savings Account Rates

ApyMinMaxProduct
1.51%-$15kSaver Rewards - Qualifying
0.60%-$50kBusiness eSavings
0.10%--Christmas Club
0.05%$50-Passbook Saving
0.05%$50-Statement Saving
0.05%--Vacation Club
0.05%--Saver Rewards - Non Qualifying
0.05%$50-Business Passbook Saving
0.05%$50-Business Statement Saving

Washington Savings Money Market Rates

ApyMinMaxProduct
0.71%$100k-Money Market Account
0.71%$100k-Business Money Market Account

Washington Savings CD Rates

ApyMinMaxProduct
1.74%$500-5 Year Certificate
1.74%$500-Business 5 Year Certificate
1.38%$500-3 Year Certificate
1.38%$500-Business 3 Year Certificate
1.33%$500-2½ Year Certificate
1.33%$500-Business 2½ Year Certificate
1.17%$500-2 Year Certificate
1.17%$500-Business 2 Year Certificate
0.81%$500-1½ Year Certificate
0.81%$500-Business 1½ Year Certificate
0.66%$500-12 Month Certificate
0.66%$500-Business 12 Month Certificate
0.56%$500-9 Month Certificate
0.56%$500-Business 9 Month Certificate
0.45%$2,500-6 Month Certificate
0.45%$2,500-Business 6 Month Certificate
0.10%$2,500-7-31 Day Certificate
0.10%$2,500-91 Day Certificate
0.10%$2,500-Business 7-31 Day Certificate
0.10%$2,500-Business 91 Day Certificate

Washington Savings IRA Rates

ApyMinMaxProduct
1.17%$500-2 Year Fixed Rate IRA
1.17%$500-2 Year Fixed Rate Roth IRA
1.17%$500-2 Year Fixed Rate CESA
0.81%$500-18 Month Fixed Rate IRA
0.81%$500-18 Month Variable Rate IRA
0.81%$500-18 Month Variable Rate Roth IRA
0.81%$500-18 Month Fixed Rate Roth IRA
0.81%$500-18 Month Variable Rate CESA
0.81%$500-18 Month Fixed Rate CESA

Rates updated: 2/11/2012

Data for Q3 2011


Institution Statistics


Washington Savings Bank
FDIC Certificate #90229
BankRate ReportView
Year Established1892
Employees43
Primary RegulatorFDIC

Assets and Liabilities

Assets$182.07 million
Loans$107.33 million
Deposits$141.87 million
Equity Capital$17.22 million
Loan Loss Allowance$948,000
Unbacked Noncurrent Loans$2.03 million

Historic Data - September 2010

Assets$171.08 million
Equity Capital$17.08 million
Loan Loss Allowance$808,000
Unbacked Noncurrent Loans$2.45 million

Profit Margin - Quarterly

Net Interest Margin3.03%
Return on Assets0.14%
Return on Equity1.44%
Interest Income$5.20 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio4
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2011 Washington Savings had $2.03 million in non-current loans and owned real-estate with $18.17 million in equity and loan loss allowances on hand to cover it. This gives Washington Savings a Texas Ratio of 11.15% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend4
The Texas Ratio for Washington Savings decreased slightly from 13.69% as of September 30, 2010 to 11.15% as of September 30, 2011, resulting in a positive change of 18.56%.This indicates that the balance sheet and financial strength for Washington Savings has improved slightly in recent periods.
Deposit Growth5
In the past year, Washington Savings has increased its total deposits by $10.61 million, resulting in 8.08% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Washington Savings has shown is excellent.
Capitalization3
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Washington Savings has $182.07 million in assets with $18.17 million in equity, resulting in a capitalization level of 9.98%, which is average.
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Leave a Comment (3) »
Anonymous - January 3, 2012
Bank rep said they do hard credit pull for checking accounts. Not worth it with the much easier & tax-free & more bonus cc deals out there.

Anonymous - January 4, 2012
Hard credit check only confirms identity, no credit standards for this account.  Thanks - WSB

Anonymous - January 4, 2012
Hey WSB, my credit standard is fine. My sole concern is the hard credit pull will lower my credit score, and therefore affect my "credit standard". With so many good credit card deals out there, it's hard for me to endure a hard credit pull for a $199 item after jumping through so many hoops. If your target customer is people with bad credit, then I stand corrected. I just don't understand that with so many other ways to verify people's identity, why would a modern bank still do a hard credit pull to achieve that?