Webster Bank


Overview / Commentary
203-578-2230
Webster Plaza
Waterbury, CT 06702

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.

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Friendly and generous service from webster bank

Posted by: |

I have been a Webster client for...about 15 years now and although I hear about many horror stories from my family and friends about their experiences with their own personal banks, I have nothing but good things to say about Webster bank. I cannot even count how many times I have overdrafted my account and had the fee's returned to me the next day. The service is speedy and courteous. Any time I had a major concern would needed to go in to speak with their representatives, I am always met with extremely professional care. Although I know they are businessmen at heart, they do a great job of making it seem that your satisfaction is their primary concern. In conclusion I would recommend them over just about any other bank I see no reason not to stay with them forever.

Stellar All Around

Posted by: |

Meriden branch has consistently gone above and beyond in terms of service and accomodations on checking, savings, ancillary issues. Presently moving our accounts from troubled, non-responsive BofA to Webster.

Debit Card

Posted by: |

About 2 years ago when everyone was issued card with chips, my chip didn’t work from the moment I activated the card. In most places, after some drama about removing and inserting it 3-5 times, you are allowed to swipe. In some places, if the chip doesn’t work you can’t use that card. I called immediately and was told I would be sent a new card. I never got it. I’ve been getting by with swiping my card most of the time until now, when my card is old and worn out and no longer swipes. I called for a replacement card only to be told one was already being sent. I told the woman multiple times that card was sent years ago, I haven’t requested another since then, and I never even received it nor activated it. She kept insisting it wouldn’t be in the system for that long until she eventually contacted someone else who said it was “a hiccup in the system and we pushed another card through” and she assured me I could still use my old card until I got the new one in 5-7 business days and activated it. I went to use the card and it was declined. I called again to get a man who not only did not apologize, but just kept saying “well this shouldn’t happen” as if that helps the situation at all. He told me I was free to apply for the credit card in the mean time or I could go to a branch and get an ATM card. I work 3rd shift and have no choice but to sleep during banking hours or I will not be able to function at my job. It’s been since Saturday evening with no access to my checking account at all, and I didn’t even get so much as an apology from customer service.

Holds On Payroll Checks

Posted by: |

Went to the bank with my wife to cash her paycheck. After depositing her check on Thursday morning we went to pay bills and take my dog to the vet. Only to find out that the check didn’t clear. I have been banking for over 30 yrs and never have i had to wait an extra 2 days to get money out of a payroll check. This policy of waiting for 2 days is the dumbest thing ive ever heard. Thanks for nothing Webster Bank now that all the payment arrangements i made are now no good. I will be closing this account ASAP.

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Health

Health Grade Components

Overall
FDIC Certificate #18221
Year Established1870
Employees3294
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.39%
Return on Equity - YTD13.53%
Annual Interest Income$1.16B
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$30.41B$27.61B
LoansQ4 2019vs Q4 2018$19.87B$18.27B
DepositsQ4 2019vs Q4 2018$23.84B$22.18B
Equity CapitalQ4 2019vs Q4 2018$3.08B$2.63B
Loan Loss AllowanceQ4 2019vs Q4 2018$209.1MM$212.4MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$141.9MM$145.3MM
Real Estate OwnedQ4 2019vs Q4 2018$6.2MM$6.5MM
Rates
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Always verify rates and promotions with the bank or credit union. We are not Webster Bank; 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.

Webster Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.35%*$250k*-Premier Savings Extra
OTHER TIERS: 0.05% Up to $25k | 0.15% $25k - $50k | 0.20% $50k - $100k | 0.25% $100k - $250k
0.12%*$100k*-Premier Savings
OTHER TIERS: 0.02% Up to $25k | 0.05% $25k - $50k | 0.08% $50k - $100k
0.05%*$50k*-WebsterOne Savings
OTHER TIERS: 0.02% Up to $50k
0.02%--Webster Value Savings
0.02%--Holiday Club Savings
0.02%$300-Webster Business Value Savings

Webster Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%*$100k*-Premier Business Money Market
OTHER TIERS: 0.02% Up to $25k | 0.05% $25k - $50k | 0.10% $50k - $100k
0.05%*$50k*-Business Money Market
OTHER TIERS: 0.02% Up to $50k
0.02%*$10k*-Premium Money Market
OTHER TIERS: 0.01% Up to $10k

Webster Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.01%--WebsterOne Checking
0.01%--Premier Checking

Webster Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%$1k-5 Year CD
0.70%$1k-3 Year CD
0.70%$1k-3 Year Bump Up CD
0.60%$1k-2 Year CD
0.45%$1k-11 Month CD
Locations

Availability



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