Webster Bank was founded in 1870 as Bristol Savings Bank in Bristol, Connecticut. Now based in Waterbury, Connecticut, Webster Bank offers a complete range of financial services to customers throughout the northeastern United States. Its banking centers are located from Boston to greater New York City.
Webster Bank’s personal deposit accounts include checking accounts, savings accounts, money market accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs). In addition to interest bearing checking accounts that offer perks related to loan rates, CD rates, and access to special savings accounts, the bank provides checking accounts for students and for those with poor banking history. Webster Bank also offers savings accounts for special purposes (like holiday spending) and tax-advantaged Health Savings Accounts (HSAs), which can be used to pay for qualified medical expenses. Its money market accounts do not require a separate checking account to open, and they yield better interest rates with larger account balances.
As for CDs, Webster Bank offers traditional CDs with terms ranging from 1 year to 5 years. It also provides short term CDs with penalty-free monthly withdrawals, as well as bump-up CDs, which offer the opportunity to increase the CD rate once during the term. Webster Bank also provides both Traditional and Roth IRA products, and some of its CD options are available as IRAs.
Webster Bank also offers business checking accounts, business savings accounts, business money market accounts, and business CDs. Its business checking accounts offer a variety of perks, some of which are related to being able to open other business accounts for free. Furthermore, the bank offers specific checking accounts for law firms (IOLTA and IOLA) and real estate brokers (IOREBTA). In addition to its business savings accounts, Webster Bank also provides Health Savings Account (HSA) options for employers, in collaboration with the corporation’s insurance company. Webster Bank’s business money market accounts yield tiered interest rates, depending upon the account balance, and they require a business checking account to open. Finally, the bank’s business CD options range in terms from 1 month to 60 months, although it also offers flexible, short-term “Jumbo” business CDs for large deposits.
How I Was Able To Get It Back
SCAM !! beware from them I lost all my savings to this company, trick me into investing with them hoping for a great return which all turn out to be lies. I feel so much pain when I realized they have no intention of keeping their problems. I am telling you for free to stay far far from here and never engage yourself because it's not worth investing in ; this web should be shut down by the authorities, help prevent others away from this site before they got ripped too and those who're ready victims like myself to contact; nick jover 4 @ gmaiI com to get rightful justice and a refund as well. NOTE : STAY AWAY FROM THIS COMPANY.....
Nightmare Adding A Linked External Account
After adding and verifying a new linked external account, and completing the online form to transfer funds into Webster, I was notified that a hold was put on the transfer until I verified my identity.
Verification took more than half an hour on the phone, at which point I was told that the transfer was authorized. Eight hours later, I received an email telling me that the transfer was once again put on hold. In addition, I am now locked out of online access to my account.
A service rep asked me if I had emailed my driver's license and a statement from the external account to Webster. I said, "No, because no one ever asked me to do so." I told her to cancel the transfer request and unfreeze my online access. She said, "I can't do that."
No other bank I deal with makes external transfers this difficult. So, after the next interest payment, I'm closing the account.
UPDATE: Account closed!
Horrible Bank-Stay Away
Opened an account with them. Transferred money in via ACH. They put a 10 day hold on the funds. Asked them to release the funds and they refused. Wish I had read these reviews as it seems like others have had similar issues.
Reg CC AND Webster's own funds availability policies state electronic funds must be available within two business days. They are in clear violation of the law and do not seem to care.
Had To Open FDIC Complaint To Get Matured CD Funds Back
I wish I had seen this thread before making my CD deposit with BrioDirect/ Webster bank. They are scamsters and the two reps I talked to looked for pretenses to not release my funds. The first guy Eric verified me with my SSN, address and last 4 of CD#. He then wanted to know the full CD#. I asked if it is located somewhere online that he can tell me, because I could see only last 4. Or he can verify me in another way. He refused to help and alleged that I was being hostile. I called again and spoke to someone called LL. She didnt need the full CD# to verify, but told me that she cant close my CD. Asked to send secure message through their portal, which I did. After 3 days, got a response that I will have to call.
I had to open an FDIC complaint. Still waiting for funds. it appears to me that Webster seems to running a scheme of coming up with names like BioDirect/ BrioAlto, advertising online for stellar rates, and then holding on to the CD for as long as unethically, but legally allowed.
I wish I had read these comments here opening my CD
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 18221 |
| Year Established | 1870 |
| Employees | 4408 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.18% |
| Return on Equity - YTD | 9.85% |
| Annual Interest Income | $975MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $80.21B$76.09B |
| Loans | Q1 2025vs Q1 2024 | $52.41B$50.7B |
| Deposits | Q1 2025vs Q1 2024 | $65.84B$61.07B |
| Equity Capital | Q1 2025vs Q1 2024 | $9.63B$9.13B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $713.3MM$641.4MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $612.8MM$298.4MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$102K |
