Webster Bank

Overview / Commentary
145 Bank St
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.

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.

Small and Friendly

Several years ago, I was banking with one of the big banks. I won't mention the name. I felt, though, like I was just another account for them. I didn't have any major problems with the bank, but I always felt like I was just a number. Their branches always seemed crowded and busy, too. So one day when I was running errands, I noticed a new bank in town, Webster Bank. It looked like the branch had just opened so I decided to stop in. I had been wanting to open another account anyway because I don't like to keep all of my business in one place. I think it is good to have accounts in more than one bank so you can make comparisons and use the one that benefits you, the customer, the most. So I stopped in and opened a savings account and a checking account. I found the people at Webster to be friendly, and the branch was not crowded! Just what I had been looking for. I still have an account at the "big" bank, but I do most of my business with the friendly people at 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.

Webster Bank - Professional Service

I have had Webster Bank ever since I started working with a Dunkin Donuts Franchisee. The company did payroll through Webster, so the bank offered me a free premium checking and savings account, completely waiving all fees for the account. The people at the two bank locations I frequent are very professional, and have always been able to help me with issues. I lost my Debit card recently and they were extremely courteous during the whole process of getting a new one. They offered to print up a temporary one, while a replacement was mailed out to me. Another occasion that Webster was able to service me was when I had an issue with Sprint. Sprint had taken additional payments, after being canceled and were refusing to return the funds. A few minutes on the phone with an employee at Webster Bank and I had my debits returned, and future debits from Sprint frozen. Their online banking options are another reason I have stuck with them for more than five years, as I can handle all my business needs right from my computer without speaking to anyone. The portal is simple to use and doesn't have extra fluff that makes it confusing, as well they have a app for my tablet and phone that make it very convenient to bank on the go.



Health Grade Components

FDIC Certificate #18221
Year Established1870
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.29%
Return on Equity - YTD12.8%
Annual Interest Income$710.7MM
Assets and Liabilities
AssetsQ3 2021vs Q3 2020$35.35B$33.03B
LoansQ3 2021vs Q3 2020$21.29B$21.52B
DepositsQ3 2021vs Q3 2020$30.34B$27.25B
Equity CapitalQ3 2021vs Q3 2020$3.47B$3.30B
Loan Loss AllowanceQ3 2021vs Q3 2020$314.9MM$369.8MM
Unbacked Noncurrent LoansQ3 2021vs Q3 2020$93.6MM$147.1MM
Real Estate OwnedQ3 2021vs Q3 2020$2.4MM$4.5MM
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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

0.05%*$250k*-Premier Savings Extra
OTHER TIERS: 0.02% Up to $250k
0.02%--Premier Savings
0.01%--WebsterOne Savings
0.01%--Webster Value Savings
0.01%--Holiday Club Savings
0.01%$300-Webster Business Value Savings

Webster Bank Money Market Rates

0.05%*$100k*-Premier Business Money Market
OTHER TIERS: 0.02% Up to $100k
0.02%--Business Money Market
0.01%--Premium Money Market

Webster Bank Checking Account Rates

0.01%--WebsterOne (Relationship) Checking
0.01%--Premier Checking

Webster Bank CD Rates

0.30%$1k-5 Year CD
0.20%$1k-3 Year CD
0.20%$1k-3 Year Bump Up CD
0.10%$1k-2 Year CD
0.05%$1k-8 Month CD


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