Webster Bank is a Northeastern region bank offering a variety of accounts that earns high interest rates from checking, savings and CDs! To find out if Webster Bank is right for you, continue reading the review below.
For those who are struggling to find a basic checking account to open due to the lack of funds or bad credit history, check out the Opportunity Checking account designed for customers who are looking for a second-chance.
With about 169 branches located throughout the Northeast, Webster Bank is dedicated to those who are seeking higher interest rates.
If you’re starting and looking for a good bank then check out what Webster Bank has to offer! They offer a wide variety of checking and savings accounts for a low minimum opening deposit.
Table of Contents
- 1 Checking Account Options
- 2 Compare Checking Accounts
- 3 Savings Account Options
- 4 Compare Savings Accounts
- 5 Money Market Account Options
- 6 Compare Money Market Accounts
- 7 CD Account Options
- 8 Compare CD Accounts
- 9 Reasons to Bank with Webster Bank
- 10 Reasons Not to Bank with Webster Bank
- 11 Webster Bank Routing Number
- 12 Contact Customer Service
- 13 How Webster Bank Compares
- 14 Bottom Line
Checking Account Options
Webster Bank has 5 checking accounts to choose from, helping to make it easy to find the account the meets your needs.
Each checking account comes with a free Webster Bank Visa debit card, online and mobile banking and free online bill pay.
This basic checking account doesn’t earn any interest, but it does require a $1,000 balance in order to avoid the $10 monthly fee.
However, you can get the fee waived by making at least 10 debit card transactions if you don’t have the minimum balance requirement of $300.
This is the top-tier checking account offered. You won’t have to pay a fee for using a non-Webster Bank ATM and Webster Bank will also reimburse any fees you get charged from third-part banks.
This account also includes free incoming wire transfers and earns the highest interest rates.
In order to waive the $5 monthly fee, you’ll need an overall minimum balance of $10,000 in all your accounts.
This account offers a fixed interest rate and requires a minimum balance of $5,000 in your Webster deposit accounts.
They won’t charge you for using a third party ATM, but you may pay a fee to the host bank.
In addition to those, this account also gives you access to as WebsterOne Savings account.
There is a monthly fee of $5, but you can waive it by having at least $300 as your account balance.
If you are a college student, this bank account may be just what you need.
This won’t charge monthly fees, and it provides you with four ATM fee waivers for using non-Webster Bank ATM’s each month.
After five years, Webster transfers the account to a standard checking account.
If you’ve had trouble getting a normal checking account, then consider the Opportunity Checking that Webster Bank has to offer.
You only need $50 to open this account and it comes with all previous benefits offered by the other Webster checking accounts.
There is an exception of only spending up to $250 per day via your Visa debit card.
Compare Checking Accounts
Savings Account Options
Webster has several savings accounts available to partner with any of their checking accounts.
You can also opt for the Premier Savings, if you have a Premier Checking account.
This account doesn’t have a monthly service fee, but the interest rates are slightly lower than the Premier Savings Extra account.
You can open a WebsterOne Savings account if you already have the Webster One Checking account.
To avoid the monthly service fee, you will need a $300 balance.
You’ll earn tiered interest rates on this account, so the more money you have, the more interest you’ll earn with it.
If you have a Premier Checking account, you are eligible to open a Premier Savings account.
You’ll need a balance of at least $10,000 to waive the monthly service fee.
This is another tiered interest account so the higher your balance, the more interest you’ll earn as this account offers tiered interest rates.
This basic savings account requires a $300 average monthly balance to waive the monthly service fee.
The best thing about this checking account is you’ll earn a fixed interest rate no matter how much you have in the account!
Compare Savings Accounts
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
With the American Express® High Yield Savings Account:
• Earn 3.30% APY as of 12/22/22 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB323 by 03/15/2023
• Earn high interest rate of 3.30% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard. Webster Bank offers a savings account that functions as a money market instead, which means it can earn tiered interest rates.
Premium Money Market:
- This money market is good if you want to consistently earn tiered interest rates
- Doesn’t require a preexisting checking or savings account
- You will need at least $1,500 as an opening deposit
Compare Money Market Accounts
• Earn 0.25% APY with the Axos Bank High Yield Money Market
• FDIC Insured
• Check writing privileges
• No monthly maintenance fees
• No minimum balance requirements
• Debit card transactions
• Minimum Balance Required to Open the Account: $ 1000.00
• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 3.25% APY balances $100,000 and over
• Earn 3.20% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 1.55% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
CD Account Options
You can choose from a variety of maturity dates and earn a fixed rate interest on your money.
If you have a Premier or WebsterOne account, you’ll have access to higher interest rates.
To open this CD, you will need a minimum opening deposit of $1,000.
If you worry about the rates increasing or you missing out, the 3-Year-Bump-Up CD allows you to bump up your rate one time in a 3 year period.
You must have a WebsterOne or Premier account to be eligible for this CD.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 1.50% APY up to 4.40% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn up to 4.65% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 4.10% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
Reasons to Bank with Webster Bank
- Students can open a checking account with as little as $50, this can make it easy to open a checking account.
- You can open a savings account with just $5.
- The Holiday Club Savings helps you save money for the holidays by setting up automatic payments to the account.
- You can deposit checks with the mobile app. Al you need to do is take a picture of the front and back of your check in the Webster Bank app.
- If you have a Webster Bank Savings account, you can link it to you checking account for overdraft protection.
- Online Bill Pay allows you to set up recurring payments or future date payments
- You can conduct your online banking on you computer, mobile, phone, or tablet with the Webster Bank app.
- Webster Bank offers special deals for veterans retired or on active duty.
- Webster Bank is FDIC insured up to $250,000.
- You can open an HSA (Health Savings Account) at Webster Bank. Your pretax dollars can be used for your medical expenses.
Reasons Not to Bank with Webster Bank
- Webster only has two savings accounts. If you don’t have a Webster Checking account, you won’t be able to open any savings account, except the Webster Value Savings or the Premium Money Market account.
- Webster Bank is only located in five states. A majority of the branches are located in Connecticut. The remaining branches are located throughout Massachusetts, New York, and Rhode Island.
Webster Bank Routing Number
Webster’s routing number varies depending on state. You can find your routing number on the lower left corner of your Webster Bank check, or check out their Locator.
Contact Customer Service
Customer Service 800-325-2424 24 hours a day, 7 days a week.
- For questions about Webster Pay, please contact at 1-844-847-2642.
- Video Relay Services (VRS) calls accepted 24 hours a day, 7 days a week.
- Telecommunications Device for the Deaf (TDD) 800-929-9871, 24 hours a day, 7 days a week.
How Webster Bank Compares
- Bank of America: As one of the larger banks in the U.S. Many may choose BoA for the convenience of locations through out 35 states. However, BoA offers limited account options.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
- TD Bank: TD Bank has similar options to PNC Bank, and they also offer bonuses for signing up for a checking account. They have various account options that suit all kinds of consumers as well.
With its large variety of checking accounts and the ability to earn competitive interest rates on your savings, Webster Bank is ideal for high spenders and those who are looking for redemption for their bad credit history.
The Opportunity Checking account doesn’t require too much for an opening deposit either.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with Webster Bank, see what they have to offer through Webster Bank Promotions! And while you’re here on HMB, check our full list of Best Bank Promotions for more options!