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In February 2022, Sterling National Bank will become part of Webster Bank, which operates 130 branches and over 300 ATMs in Connecticut, Massachusetts, New York and Rhode Island.
Financial institutions currently offer a wide range of personal banking products, including: Checking When savings account, certificate of deposit When credit card.
what we like
- Regional bank branch network
- Includes access to Zelle for person-to-person payments and mobile apps
- Partial account fee waiver for users under 21 and over 65
dislike
- The Paradox of Choice — Too Many Choices to Consider
- Complex set of requirements to avoid monthly service fees
- charge high overdraft fees
- Little to no interest potential on savings accounts
Who is Webster Bank suitable for?
If you want access to face-to-face banking services and live within a regional network of bank locations, Webster Bank is the perfect fit for your financial needs. And if you want to keep all your financial services under one roof, Webster Bank also offers certain member discounts on mortgages and home equity products.
Webster bank checking account review
Webster Bank offers five different checking accounts, but they all share one thing in common. Unlike the best checking accounts available, none offer interest potential worth mentioning (for example, Premier Checking’s Annual Yield (APY) is only 0.01%). One notable service is the bank opportunity checking account. It is designed for individuals who have had trouble managing their money in the past. However, it still comes with a hefty fee of $16.95 per month ($11.95 for direct deposit).
Below is an overview of the bank’s most popular account, Webster Value Checking.
Features of Value Checking Account
APY |
none |
---|---|
minimum balance |
Deposit at least $50 to get started. To avoid monthly fees, you need to deposit an average of $1,000 or at least $500 each month. |
Monthly |
$11.95 |
Overdraft fee |
$37 |
ATMs |
300+ machines |
what we like
- Discount rates on mortgages and home equity products
- Low balance requirements to avoid monthly fees
- face-to-face banking service
dislike
- Relatively small ATM and branch network
- No interest potential
- High overdraft fees
- ATM fee refund for Premier Checking users
webster bank savings account reviews
Webster Bank offers four savings accounts, none of which offer much interest. The best APY we found here is 0.02%. Therefore, we recommend that you compare CNET accounts. Best high yield savings account. to make your money work.
Below is an overview of Webster Value Savings, the bank’s most popular savings account.
Value savings account features
APY |
0.01% |
---|---|
minimum balance |
$300 to avoid fees (minimum $5 deposit) |
monthly maintenance fee |
$5 |
what we like
- Low minimum balance requirements to avoid fees
- Small minimum deposit requirement
- Free for under 21s and over 65s
dislike
webster bank cd review
Webster’s 11 Month CDs offer a competitive 4.00% APY and are located in some of the ballparks with the highest CD rates you can find today. Plus, the minimum deposit is just $1,000. However, don’t bother with the bank’s other term lengths due to their frustratingly low APY.The bank’s early withdrawal penalty structure is different from most banks. Instead of being charged a fixed amount of interest, 1% to 3% of the amount withdrawn will be forfeited and a fee of $25 will be charged. For example, if you deposit $10,000 for a 3 year CD and need to withdraw $5,000, you will pay $175.
Features of CD accounts
CD term |
APY |
---|---|
6 months |
0.05% |
11 months |
4.00% |
36 months (3 years) |
0.20% |
60 months (5 years) |
0.30% |
Penalty for early withdrawal |
1% of the withdrawal amount plus $25 if the CD term is 1 year or less. For CDs older than 1 year, 3% of the amount withdrawn plus $25. |
what we like
- Competitive Earnings Potential for 11 Month CDs
- Minimum deposit is only $1,000
dislike
- Very low rate on most CDs
- No replacement CD provided
- Early withdrawal penalties may exceed the interest earned
banking experience
The Webster banking experience is largest bank in the countryYou can conduct business using our face-to-face branches and can use some Webster branded ATMs for free.However, some best big bank wonderful signup bonus To open a new checking account, Webster won’t give you cash to park your money. The interest potential of savings and checking accounts is not good.
In addition, Webster’s business model relies heavily on relationship banking. Those with checking and savings accounts are encouraged to purchase Webster branded mortgages and home equity products. Banks also have some reward credit cards that may be suitable, depending on your spending habits.
Overdraft fee
Webster Bank charges an overdraft fee of $37 on three accounts (Webster Value Checking, WebsterOne Relationship Checking, and Webster Premier Checking). If you’re enrolled in overdraft protection, your bank can charge you up to seven times a day for its fees. To avoid overdraft charges, you have two options:
Savings overdraft protection: Your bank will automatically transfer funds from your Webster savings account to cover the transaction. A $12 fee applies.
Overdraft line of credit: The bank will prepay the funds from the linked line of credit. Some pay the $20 annual fee for the service, but high-value members with WebsterOne Relationship Checking and Webster Premier Checking accounts can waive the fee.
customer service
To contact Webster Bank’s Customer Service Department, please call 800-325-2424 during the following hours:
Monday through Friday: 7am to 10pm ET (4am to 7pm PT)
Saturday and Sunday: 8am – 8pm (5am – 5pm ET)
About Webster Bank
Webster Bank, headquartered in Stamford, Connecticut, will acquire Sterling National Bank for $10 billion in 2022.
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