Washington Savings Bank Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon

Pros:

  • Low opening required amounts
  • Variety of bank accounts
  • Online Rewards checking account
  • Checking and CDs offer competitive rates

Cons:

  • Must meet requirements to earn interest
  • Not competitive rates for savings and MMA
  • Accounts have monthly fees
  • Not everyone can open accounts

What You Need to Know

Accounts at Washington Savings Bank have low required opening amounts. All the checking and money market accounts only require $10 to open. The savings account opening balances range from $1 to $50, depending on the account. All the CD terms require $500 to open.

Washington Savings Bank has a variety of personal deposit and business accounts. They offer three personal checking accounts and a variety of savings accounts. They also offer CDs, business accounts, and lending options.

Washington Savings Bank offers an Online Rewards checking account. This account is available to U.S. citizens across the country. You earn debit card cash rewards for purchases. You must have a direct deposit into this account. There is a monthly fee of $9.95. This is a checking account for those who need a second chance. After one year of good accounts history, you can receive a lower monthly fee.

The Washington Savings Bank checking accounts and CDs offer competitive interest rates. Not all CDs offer competitive rates. There are five special CD terms that have competitive rates. The checking account does have tiered interest rates. The most competitive rate is for balances between $0 and $10,000. Some qualifications must be met to earn the competitive rate.

The checking account has set requirements to earn the competitive interest rate. Those qualifications include having at least 12 debit card purchases post and clear. You must receive eStatements. You must also have one automatic payment, direct deposit, or bill pay post and clear. If these qualifications are met each month, you earn the competitive interest rate.

The savings and money market account do not have competitive interest rates. Washington Savings Bank offers a variety of savings accounts, but the rates are low. These account rates are not competitive with other online accounts.

Some Washington Savings Bank accounts have a monthly maintenance fee. Those fees range from $3 to $10 depending on the account. To waive the fees requires a set amount be in the accounts. Those balances range from $50 to $2,500. The Online Rewards checking has a monthly fee of $9.95.

Not everyone can open Washington Savings Bank accounts. Savings accounts are only for residents of Massachusetts or New Hampshire. Two of the checking accounts are only offered to those residents as well. The Online Rewards checking account is available for anyone. That account has a $9.95 monthly fee.

Cool Things

PopMoney

Send money from your Washington Savings Bank checking or savings account to others. An email or text notifies them of the money. The recipient receives the money through a bank account or Popmoney.com.

Prize Savings Account

This account only requires $1 to open and has no fee or minimum balance. Each month there is a $250 monthly drawing. You receive one entry for every $25 you increase your balance. You can have ten entries per month. To open this account, you must be a resident of Massachusetts or New Hampshire.

History

Washington Savings Bank started in 1892 in Lowell, Massachusetts. In 1997, a second branch location opened. They offer a variety of accounts. Those include personal deposit accounts as well as business accounts. Most of these accounts are only for residents of Massachusetts and New Hampshire.

Washington Savings Bank offers an Online Rewards checking account. This account is for any U.S. citizen across the country. This account is a way for customers to rebuild good relationships with a bank. This account has a monthly fee of $9.95. If, after 12 months of good account history, the monthly fee could be lowered.

Awards and Recognition

  • Top Pick by NerdWallet
  • Rated 5 stars by Bauer Financial
  • Best Massachusetts Savings Bank

Giving Back

Washington Savings Bank gives back to the communities in their area. Throughout the years, they have donated money, as well as employees time. They support a variety of charities. Some of those include Big Brother Big Sister, Rotary Clubs, and The Salvation Army. They support athletic associations, music series, and area high schools. There are many other charities Washington Savings Bank helps support.

Frequently Asked Questions

Is Washington Savings Bank FDIC insured?

Yes. Washington Savings Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

By ATM or debit cards, checks, electronic transfers, or bill pay.

Does Washington Savings Bank offer mobile banking?

Yes. With the mobile app, you can upload check deposits or turn your debit card on and off. You can check account balances, pay bills, and make transfers.

Is Washington Savings Bank free?

Some accounts have monthly fees. The fees range from $3 to $10 each month. Waive most of those fees by keeping a set amount in the account. Those balance vary from $50 to $2,500 depending on the account.

Is Washington Savings Bank a good bank?

They offer a wide variety of accounts. Only the Online Rewards checking account is available to residents out of Massachusetts or New Hampshire. The interest rates for checking accounts and CDs are competitive. Other accounts offer low-interest rates.

Is Washington Savings Bank secure online?

They offer security measures that comply with federal law. They have computer safeguards and secure files and buildings.

Does Washington Savings Bank offer competitive interest rates?

Some Washington Savings Bank accounts offer competitive rates. The checking account offers competitive rates for balances from $0 to $10,000. To earn that rate requires meeting set requirements each month. CDs also have competitive interest rates. The savings and money market accounts do not have competitive interest rates.

Can I use Washington Savings Bank for my business accounts?

Yes. Washington Savings Bank offers checking, savings, and money market accounts for businesses. They offer CDs, loans, and merchant card services as well.

How is Washington Savings Bank online banking different from the online banking my bank offers?

It is the same. Some accounts offer more competitive rates. You have to be a resident of Massachusetts or New Hampshire to open most accounts.

Do Washington Savings Bank checking accounts pay interest?

Yes. Washington Savings Bank checking account earns interest. Some qualifications must be met to earn the interest rate. Those qualifications include a balance of $10 and have 12 debit card purchases. You must also receive eStatements and a direct deposit or bill pay in the account.

How do I reach customer service?

By phone, fax, or email. You can visit a local branch location.

Does Washington Savings Bank offer bill pay?

Yes. Bill pay is free with a Washington Savings checking account.

Can I deposit cash?

Yes, at a local branch location. The Online Rewards checking account allows electronic or direct deposits, but no cash. You can also mail a check, deposit money through a wire, or a money order check.

How long do transfers take?

Mobile deposits into the Online Rewards checking account are held for five days.

Can I sign up for direct deposit to Washington Savings Bank accounts?

Yes. Some accounts require a direct deposit into the account.

Bank Contact Information

30 Middlesex St.
Lowell, MA 01852
(978) 458-7999

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