Washington Savings Bank (MA)

Overview / Commentary
30 Middlesex St.
Lowell, MA 01852

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.

Reviews (6)

Best Staff And Accessible During Pandemic

I opened an account here when I moved to Lowell but then everyone told me to switch to a credit union. Well it only took a few months to realize the CU was a parking lot for useless people so I went back to Washington Savings Bank and the staff were super helpful in setting up my personal and business accounts as well as giving me a BETTER rate on my mortgage.

Most importantly, even while the pandemic was at its peak, the downtown branch stayed open (with protections) and the staff stayed accessible - even when working from home they would call / email back in a few minutes. They are great.

Great Rewards Checking, But Not The Best

I signed up for WSB's interest rewards account three years ago. At the time, they were doing 3% on 10k and 1.5% on the next 15k. Since then, their rates have gone down, other's have gone up, and my account has become inactive.

Besides the fact that they don't have the "best rate in America" anymore, I've got nothing but good things to say about them. They refund other bank's ATM fees, send checks for free and answer calls. One time I wrote a $1000 check to a scammer, and they stayed on the phone with me for an hour and figured out a way to stop the check even though it was Saturday and their system was down.

I've only had to visit the physical branch in Lowell once. I needed a couple of bank checks on short notice. They wrote them up for free.

WSB- you could get my business back so easily! My new bank is giving me 4% on 20k, but they're totally 19th century. Raise your rates!

Great Rates- Beware Hard Credit Inquiry!

This is a great bank with great customer service and the best checking accounts in the country.  Even if you aren't a saver, they offer other excellent rewards checking accounts based on debit card or itunes bonuses.

No real complaints about this bank, but beware of the hard credit inquiry.  I've heard of those for getting loans, but who ever heard of them for giving?

Also, you have to be a resident of MA or NH to qualify.  Highly reccomend this bank.

Great Accounts

Posted by: |

I am new to Lowell, MA, and thought Washington Savings Bank had the best deal on their free Interest Rewards checking. If I meet the requirements I get 3% and ATM refunds. Nice friendly people too. I wish their Lowell location had a drive up window though, but I guess that's what you get for a city branch. Saturday hours are great too.

Be Careful

Posted by: |

Washigton Savings bank is the worse bank around
staffs Most of them are rude and fees are way to high, check deposit over $5000 takes 5 days to clear ATM is only on site and ATM deposit still envelopes (hello this is 2019) I think for all the fees they charge me by now they would have new ATM machines, please stay away from these bank ,I had Business accounts and personal accounts they all suck

Good Luck!

Posted by: |

Small bank which decides when to be open and when to close on their own terms. No ATM access, except on site. ATM deposits and teller deposits (non cash), not available for days on end, resulting in a check to check persons' nightmare.

I had dealt with this bank because the interest on their savings accounts were great (2%), though learned the hard way that a check to check lifestyle is not the one to enjoy this wonderful interest.

Receiving numerous fees from me, you would think this bank would greet me with champagne each time I actually make it to their door. Not the case! I deposited a payroll check from someone I had 1099 work with, to this ultimately bouncing 5 days later. The bank vice president proceeds to threaten me with "check fraud" and that he would notify the police and other authorities. I worked out a payment arrangement in the interim, since I had caught up on bills with thsi money. I was also given a 5 paragraph letter ending with the vice president himself suggesting that I switch banks once my balance is paid.

As a small bank, you would think they would have a heart for people. Not the case with large or small banks, lesson learned.

My suggestion: if you are not an established saver, keep your money under your mattress. You will save more that way than with this bank- besides, you won't be insulted along the way either.


Health Grade Components

FDIC Certificate #90229
Year Established1892
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.55%
Return on Equity - YTD6.09%
Annual Interest Income$4.4MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$272.4MM$268.5MM
LoansQ2 2022vs Q2 2021$221.8MM$213.8MM
DepositsQ2 2022vs Q2 2021$234.5MM$232.1MM
Equity CapitalQ2 2022vs Q2 2021$23.2MM$24.7MM
Loan Loss AllowanceQ2 2022vs Q2 2021$1.9MM$1.9MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$925.00K$1.8MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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Always verify rates and promotions with the bank or credit union. We are not Washington Savings Bank (MA); we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Washington Savings Bank (MA) Savings Account Rates

0.10%$10-Christmas Club
0.10%--Rewards Savings
0.05%$10-Passbook Savings
0.05%$10-Statement Savings
0.05%$10-Vacation Club
0.05%$10-Prize Savings (eStatement Account)

Washington Savings Bank (MA) Money Market Rates

0.15%*$100k*-Money Market Account
OTHER TIERS: 0.05% $10 - $25k | 0.10% $25k - $100k
0.15%*$100k*-IRA Money Market
OTHER TIERS: 0.05% $10 - $25k | 0.10% $25k - $100k

Washington Savings Bank (MA) Checking Account Rates

0.20%-$10kInterest Rewards Checking
0.20%-$10kBusiness Rewards Checking
0.15%*$50k*-Interest Business Checking
OTHER TIERS: 0.10% $10 - $50k

Washington Savings Bank (MA) CD Rates

2.25%$500-18 Month Certificate Special
2.00%$500-15 Month Certificate Special
1.75%$500-13 Month Certificate Special
0.75%$500-60 Month Certificate
0.65%$500-49 Month Certificate
0.55%$500-36 Month Certificate
0.50%$500-30 Month Certificate
0.50%$500-26 Month Bump Certificate Special
0.40%$500-24 Month Certificate
0.35%$500-7 Month Certificate
0.30%$500-10 Month Certificate
0.25%$500-9 Month Certificate
0.25%$500-12 Month Certificate
0.20%$500-6 Month Certificate
0.15%$500-7-31 Day Certificate
0.15%$500-91 Day Certificate

Washington Savings Bank (MA) IRA Rates

2.25%$500-18 Month IRA Certificate
0.75%$500-60 Month IRA Certificate
0.65%$500-48 Month IRA Certificate
0.55%$500-36 Month IRA Certificate
0.40%$500-24 Month IRA Certificate
0.25%$500-12 Month IRA Certificate

Washington Savings Bank (MA) Locations
Dracut Branch100 Broadway RoadDracut, MA 01826
Washington Savings Bank30 Middlesex StLowell, MA 01852

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