About Webster Bank
Webster Bank was founded in 1935 under the name First Federal Savings of Waterbury. It was renamed Webster Bank in 1995 in honor of its founder, Harold Webster Smith. The bank is based in Stamford, Connecticut, and operates more than 200 branches and close to 400 ATMs in Connecticut, Massachusetts, Rhode Island, New Jersey, and New York.
Webster Bank Overview
Webster Bank is a regional bank serving the New England region. It offers a wide range of personal and business banking products and services, including checking accounts, CDs, money market accounts, and savings accounts. Like most national and regional banks, most of their products offer yields at or below the national average.
| Competitive APY on its 7-Month CD. | Only about 400 ATMs available. |
| Numerous checking and savings account to choose from. | Only about 200 branches. |
| Most monthly service charges can be waived by meeting account requirements. | High overdraft fee. |
| Low APY on most of its banking products. |
Webster Bank Product Offerings
Savings Accounts
Webster Bank offers several savings accounts with low opening deposits and monthly service charges that can be waived with minimal requirements but offer low yields that are at or below the national average. Here are the latest savings account details for April 2025:
Checking Accounts
Webster Bank has several different personal and business checking accounts. Most of the checking accounts offer APYs below the national average of 0.01% for checking accounts. All accounts have a no or low monthly service charge that can be waived by maintaining a minimum average daily balance, and all have a low to no minimum opening deposit requirement. Here are the latest account details for April 2025:
CDs
A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period, known as a term. Webster Bank offers CDs ranging from one month up to five years. It only offers a competitive APY on its 7-month CD and a moderately competitive APY on a few other CDs, but the rest are at or below the national average. Here are some of their best CD offerings for the April 2025:
Money Market Accounts
A money market account is an interest-bearing hybrid between a savings account and a checking account. Webster Bank offers a personal and business money market accounts, both of which offer check-writing privileges, six monthly withdrawals, and low APYs. Here are the account details for April 2025:
Bank Fees
Overdraft fee: $35 per overdraft
Savings and Money Market Account withdrawals: $10 for Business MMA checks
Account closure fee: $25 if account is closed within 90 days of account opening.
Wire transfer fee: Domestic - Incoming is $15 and outgoing is $35; International - Incoming is $15 and outgoing is $45
Non-network ATM fee: $3
Monthly service charge: $5-$25 depending on the type of account
Stop payment fee: $30
Paper statement fee: $2
Webster Bank Features
Webster Bank's customer service line is available Monday through Friday from 7 a.m. to 10 p.m. EST and on Saturdays from 8 a.m. to 8 p.m. The bank offers a comprehensive and easy-to-use website and mobile map to make managing your account as easy as possible.
Webster Bank FAQs
Our Take
Webster Bank is a convenient option for residents of Connecticut, Massachusetts, Rhode Island, New Jersey, and New York, which are the states it operates in. It only offers a little more than 200 branches and slightly less than 400 ATMs, which is considerably less than what one of the big national banks offers in terms of branches and ATMs available. Although the bank does offer several different checking, savings, and money market accounts, it only offers one CD, the 7-month CD, that offers a competitive APY. Most accounts have monthly service charges that can be waived if certain requirements are met. There is nothing particularly special about the accounts offered or their features. It may be more convenient to bank with a larger regional or national bank that offers similar products but operates more branches and has a larger ATM network.
Methodology
Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.