Webster Bank Review: Regional Bank with Comprehensive Services for New England Customers

3.9

GBR RATING

GOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

If you want a regional bank with a full set of services catering to New England, Webster Bank will be a good fit for you. 

Webster Bank offers competitive rates and an impressive selection of products and services for a mid-size bank. Although fees are high, most can be avoided by meeting deposit or balance requirements. That makes Webster a good choice for customers able to maintain high balances -- especially those who live near one of the bank's 249 banking centers in New England. This Webster Bank review dives deeper into what makes the bank work.

Since its founding over 90 years ago, New England-based Webster Bank has grown into a serious contender among mid-sized banks. Webster Bank has more than $83 billion in assets. This Webster Bank review takes a detailed look at what the bank has to offer in terms of account types, rates, fees and other factors that can help you decide if this is the right bank for you.

Webster Bank Checking Accounts

OVERALL RATING IS 3.8

Webster Bank offers four checking accounts: Choice, Premium, Private and Webster Connect. 

Here’s a look at some key details: 

• All checking accounts require a $25 minimum deposit.
• Webster Connect has a non-waivable fee of $4.50 and no check writing privileges. 
• Webster Premium offers interest-earning checking, unlimited non-Webster ATM options and a fee of $21.95 that can be waived. 
• Webster Private checking caters to higher net worth customers and comes with free incoming and outgoing domestic wires. 
• Webster Choice checking account has no monthly fee if you’re under 25 or over 65.

Webster Bank Checking Account

Start Banking

Best For

Customer Service

Regional Banks

Multiple Account Options

Waivable Fees

Premium Checking

Best for people who want a variety of choices in their checking accounts

Webster Bank offers a diverse set of checking accounts, access to ATMs and ATM fee rebates as well as investment perks on certain checking accounts.

Fees

$4.50 to $21.95

APY

Up to .01%

Min Opening

$$25

Pros

• Low minimum deposit
• Funds are FDIC-insured
• Perks on checking accounts for higher net worth individuals

Cons

• Monthly maintenance fees are high 
•  Low interest rates 
•  High overdraft fees

Why We Like It

Webster Bank offers a Connect checking account for those who want to avoid overdrafts completely, a Premium account for those who want to earn interest and take advantage of perks, and an everyday checking account with Choice checking.

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Webster Bank Savings Accounts

Webster Bank offers two savings accounts, a Personal Savings account and a Premium Savings account available only to those who have the Premium checking account. 

• Both savings accounts require a minimum deposit of $25. 
• The Personal Savings account has a monthly fee of $5 that can be waived. 
• You must keep an average $500 balance to waive fees on the personal savings account. 
• The Premium Savings account is a companion account to Premium checking. 
• Both savings accounts pay minimal interest.

Webster Bank Savings Account

Start Banking

Best For

Customer Service

Regional Banks

Multiple Options

Low Fees

Savings Accounts

The Personal Savings account is best for everyday savers, and the Premium Savings account is only for those who have a Premium checking account

Webster Bank Personal Savings account is ideal for people who want a simple, low minimum, no-hassle savings account they can manage online. 

Fees

$5

APY

.01%

Min Opening

$25

Pros

• If you already have a Premium checking account, you’re eligible for a Premium savings account. 
• Low minimum deposit
• FDIC-insured

Cons

• Low APY 
• Monthly fees
• Better saving alternatives with higher-yielding products

Why We Like It

GOBankingRates likes that there is an option to have a Premium Savings account if you already have a Premium Checking account.

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Webster Bank CD Accounts  

OVERALL RATING IS 3.8

Webster Bank CD options include terms of 30 days to 5 years. 

• Minimum deposit for CDs is $500.
• CDs are FDIC-insured.
• Terms are from 30 days to 5 years.
• You can earn up to 3.15% APY.

Webster Bank CD Account

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Best For

Customer Service

Minimal Fees

Online Banking

Multiple Terms Available

CD Account Options

Reliable savings with terms ranging from 30 days to five years

Webster Bank offers several terms with a minimum deposit of $500, lower than most competitors. People may want to take advantage of shorter terms for a higher APY.

Fees

No monthly maintenance fees

APY

Up to 3.15%

Min Opening

$500

Pros

• Interest compounds daily
• CD rates can earn up to 3.15% APY
• Low minimum deposit 

Cons

• APYs may be lower than competitors 
• Limited liquidity 
• Early withdrawal penalty 

Why We Like It

CDs offer a way for those who have extra cash to save. Webster Bank’s rates are higher than those of a traditional savings account. 

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Banking Experience  

Webster Bank customer service offers live support by calling 800-325-2424 during the following hours: 

Monday to Friday: 7:00 a.m. to 10:00 p.m.Saturday to Sunday: 8:00 a.m. to 8:00 p.m.

When live support isn’t available, calling the same number will provide automated support. You can also make an appointment to visit a bank in person and consult with a personal banker. 

Webster Bank’s app on Google Play is rated as 4.3, while on the Apple Store the rating is 4.7.

How Does Webster Bank Compare?

Checking

Savings

CDs

SELECTED BANK

Webster Bank Checking Account

Start Banking

MOST COMPARABLE

4.6

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Bank of America, Member FDIC, Checking Account

Read Review

MOST COMPARABLE

4.5

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Chase Checking Accounts

Read Review

Fees

Fees

Fees

$4.50 to $21.95

$4.95 waivable monthly maintenance fee for Advantage Safe Banking accounts, $12 waivable monthly maintenance fee for Advantage Plus Banking accounts, $25 waivable monthly maintenance fee for Advantage Relationship Banking accounts

$0 or $15, with options to waive

APY

APY

APY

Up to .01%

to

N/A

Min Opening

Min Opening

Min Opening

$$25

$25 to $100

$0

SELECTED BANK

Webster Bank Savings Account

Start Banking

MOST COMPARABLE

Bank of America Savings Account

Read Review

MOST COMPARABLE

Chase Savings Accounts

Read Review

Fees

Fees

Fees

$5

$8 waivable monthly maintenance fee per statement cycle

$5 monthly, waivable

APY

APY

APY

.01%

to for most accounts, 5% to 20% booster for Preferred Rewards members

Min Opening

Min Opening

Min Opening

$25

$100

$0

SELECTED BANK

Webster Bank CD Account

Start Banking

MOST COMPARABLE

3.2

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Bank of America CD Account

Read Review

MOST COMPARABLE

3.3

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Chase CD Accounts

Read Review

Fees

Fees

Fees

No monthly maintenance fees

Early withdrawal fees apply

No monthly service fee

APY

APY

APY

Up to 3.15%

to

Up to

Min Opening

Min Opening

Min Opening

$500

$1,000

$1,000

Webster Bank vs. Bank of America

With branches in 37 states plus the District of Columbia, Bank of America is the better choice for people who like to bank in person and live outside of New England. But for anyone who lives near a Webster branch, a smaller regional bank may offer the hometown-bank experience some prefer.

Webster Bank vs. Commerce Bank

Commerce Bank offers a comprehensive product line that includes multi-benefit and disability insurance and student loans, which Webster Bank doesn’t offer. If you don’t need those products, you might get more value from Webster Bank’s higher rates.

Webster Bank vs. Chase

Webster Bank has more of a regional presence, while Chase has multiple nationwide locations. If you have higher balances, Chase may be a better fit. Chase has several checking account options, but if you prefer a personalized experience, though, Webster Bank is probably a better fit.

Final Take to GO

You can be hit with a lot of fees at Webster Bank, especially on the Premier accounts. In return, you get several checking and savings accounts to choose from, plus bump-rate and IRA CDs. And rates are competitive even before you add in loan discounts. If you’re looking for your first bank or are considering a change, you’d do well to visit the Webster Bank website. You can request a call from a banker by filling out a form linked to product pages.

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