Webster Bank’s checking account options
WebsterOne Relationship Checking
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
- Minimum opening deposit: $50
- Monthly account maintenance fee: $14.95 if you set up direct deposit and $16.95 otherwise. Read below to find out how you can avoid this fee.
- ATM fee: None
- ATM fee refund: None
- Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.
Webster Bank’s maintenance fees are a bit steep, but there are ways to reduce or avoid paying them. For WebsterOne Relationship Checking, you get a couple of dollars knocked off the maintenance fee if you set up direct deposit. The fee can be eliminated, though, if you have a combined total of $4,000 across your Webster Bank checking, savings and money market accounts. Another way to get the fee to $0 is to have $20,000 in business with Webster Bank across your checking account, savings account, money market account, certificates of deposit (CDs), home equity loan and installment loans.
While WebsterOne Relationship Checking comes with only a sliver of interest, it also comes with no fees when you use an ATM outside of Webster Bank’s network. The same cannot be said of most of the other deposit accounts offered by this bank.
How to get WebsterOne Relationship Checking account
You can apply online or in person using your employment information, Social Security number and driver’s license number.
Webster Value Checking
- Minimum opening deposit: $50
- Monthly account maintenance fee: $11.95. Read more below to learn how to avoid this fee. Separately, there is a $2 monthly fee if you do not receive monthly statements electronically.
- ATM fee: $2.50 for non-Webster Bank ATM transactions
- ATM fee refund: None
- Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.
Webster Value Checking has a slightly lower account maintenance fee than the WebsterOne Relationship Checking option, and getting around the fee is much easier, too. For this account, you have three options to avoid the fee: You can keep a $1,000 average monthly balance in your Webster Value Checking account, make at least 10 non-ATM transactions with your debit card or be 65 and older and have direct deposit set up.
This account bears no interest, comes with ATM fees and will incur a $2 fee per month if you don’t opt into electronic statements. The $2 fee is waived for those 65 and older or 18 and younger.
How to get Webster Value Checking account
Apply online or in person using your driver’s license, Social Security number and employment information.
Webster Opportunity Checking
- Minimum opening deposit: $50
- Monthly account maintenance fee: $11.95 if you set up direct deposit and $16.95 otherwise. Separately, there is a $2 monthly fee if you do not receive monthly statements electronically, unless you are 65 and older or 18 and younger.
- ATM fee: $2.50 for non-Webster Bank ATM transactions
- ATM fee refund: None
- Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.
Webster Opportunity Checking may look nearly identical to Webster Value Checking, but it’s not. Webster Opportunity Checking is built for those who may have been forced out of the traditional banking system by past financial mistakes or misfortunes. When this happens, many financial institutions will turn you away, making it difficult to manage your money and avoid predatory financial services.
You can earn a clean slate, though, by opening a Webster Opportunity Checking account. There is no way to avoid the monthly maintenance fee with this account.
How to get Webster Opportunity Checking account
You can only open this account by visiting a branch. Be sure to bring a valid government-issued ID and a copy of your Social Security card.
Webster Premier Checking
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.01% | $0.01 |
| 0.01% | $50,000 |
- Minimum opening deposit: $500
- Monthly account maintenance fee: $21.95 (this can be waived)
- ATM fee: None
- ATM fee refund: All charges from outside ATM owners will be returned to you the same day
- Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.
Webster Premier Checking is an expensive way to access marginally better interest rates. First, it has the largest of all Webster Bank’s maintenance fees, and it can only be waived if you keep $10,000 across your checking, savings and money market accounts, or if you have a combined $50,000 across your Webster Bank checking, savings and money market account, CDs, home equity loans and installment loans.
There is no fee for using another financial institution’s ATM, though. When an ATM owner imposes a fee on its end, Webster Bank will return it to you the same day. Other perks include free wire transfers, free checks and a reduction in interest rates on loan products. You must have this account to take full advantage of the Webster Premier Savings account, which we will talk about shortly.
How to get Webster Premier Checking account
Gather your driver’s license, Social Security number and employment information before applying in person or online.
Webster Student Checking
- Minimum opening deposit: $50
- Monthly account maintenance fee: None for five years
- ATM fee: First four non-Webster ATM transactions per month are free; each after that incurs a $2.50 fee
- ATM fee refund: One fee charged by a non-Webster Bank ATM owner will be returned to you per month
- Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.
Aimed at college students, the Webster Student Checking account doesn’t bear any interest, but it does come with several other perks. For example, with this type of account you won’t have any maintenance fees for five years. You’ll also get four free transactions per month at non-Webster Bank ATMs, though each transaction after that will cost you a couple of dollars.
You’ll get the first fee that another financial institution charges you to use its ATM returned to you with this account. But that refund will only happen once per month. After that, you’re stuck paying outside ATM owners whatever fee they’re charging with no reimbursement. On top of that potential refund, you can get one overdraft fee refunded to you each academic year.
How to get Webster Student Checking account
Open your account online or in person with your student ID card.
How Webster Bank’s checking accounts compare
The fee structure on Webster Bank’s checking accounts is a lot to keep up with. While it’s wonderful that there are ways to avoid many of the fees, each one comes with an added asterisk that you’ll have to remember throughout every month. Individually, the fee waivers are simple, but when considered holistically it’s likely to be difficult to keep up with them.
On top of that, Webster Bank’s checking account rates are not anywhere near competitive. We highly recommend shopping around for other checking accounts before deciding to open your account here. Because there are so few options for shopping around when you’ve been booted from the traditional banking system, Webster Opportunity Checking may still be a desirable account if you’ve gone through that experience. But otherwise, you can find better rates elsewhere.
Webster Bank’s savings account options
Webster Value Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.02% | $0.01 |
- Minimum opening deposit: $5
- Minimum balance to earn APY: 1 cent
- Monthly account maintenance fee: $5 unless you have a consumer checking account with Webster Bank or maintain an account balance of $300
- ATM fee: $2.50 for non-Webster Bank ATM transactions
- ATM fee refund: None
- Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.
Webster Value Savings is very similar to Passbook Savings, except it can be accessed online. The other difference is that besides age and balance potentially getting you out of the monthly maintenance fee, you can also dodge this fee by having a checking account with Webster Bank. Remember that you cannot make more than six withdrawals per month as this is a savings account.
How to get Webster Value Savings account
You can apply online or in person with your employment information, Social Security number and driver’s license.
WebsterOne Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.05% | $0.01 |
| 0.05% | $25,000 |
| 0.15% | $100,000 |
- Minimum opening deposit: $5
- Minimum balance to earn APY: Varies depending on desired APY
- Monthly account maintenance fee: $5 unless you maintain a balance of at least $300
- ATM fee: $2.50 for non-Webster Bank ATM transactions
- ATM fee refund: None
- Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.
With WebsterOne Savings, you start to see interest rates creeping up, but they are still low compared to the rest of the market. Besides that, the minimum balance requirements for the higher interest rates are quite steep. To earn these interest rates, you must have a WebsterOne Relationship Checking account. If you don’t, your WebsterOne Savings account will only pay the going interest rate of a Webster Value Savings account.
To get out of paying the monthly maintenance fee, you must maintain a balance of $300. The only other way out if it is age: Those younger than 21 or 65 and older do not have to pay this fee. But they are still subject to the rule of six withdrawals per month.
How to get WebsterOne Savings account
Gather your driver’s license, Social Security number and employment information so that you can apply in person or online.
Premier Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.05% | $0.01 |
| 0.05% | $10,000 |
| 0.10% | $25,000 |
| 0.15% | $50,000 |
| 0.25% | $100,000 |
- Minimum opening deposit: $5
- Minimum balance to earn APY: Varies depending on desired APY
- Monthly account maintenance fee: None
- ATM fee: $2.50 for non-Webster Bank ATM transactions
- ATM fee refund: None
- Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.
While Webster Bank’s Premier Savings account offers higher rates, they are still low. To earn these interest rates, you will have to have a Webster Premier Checking account in your name, too. Otherwise, you’ll only be rewarded with the marginal Webster Value Savings rate.
This account comes with no maintenance fee and a limit of six withdrawals per month.
How to get Webster Bank’s Premier Savings account
Use your driver’s license, Social Security number and employment information to open this account online or in person.
Premier Savings Extra
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.15% | $0.01 |
| 0.30% | $25,000 |
| 0.40% | $50,000 |
| 0.50% | $100,000 |
| 0.55% | $250,000 |
- Minimum opening deposit: $5
- Minimum balance to earn APY: Varies depending on desired APY
- Monthly account maintenance fee: $10 (this can be waived)
- ATM fee: $2.50 for non-Webster Bank ATM transactions
- ATM fee refund: None
- Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.
If you want to earn about half a percentage point more, you can do so with Premier Savings Extra. This account has slightly higher interest rates, and the monthly maintenance fee can be waived if you maintain a balance of $10,000 or more. You will also need a Webster Premier Checking account. Otherwise, you’ll only earn the rate offered for Webster Value Savings.
How to get Webster Bank’s Premier Savings Extra account
Come prepared with your driver’s license, Social Security number and employment information when you apply for this account online or in person.
Passbook Savings
- Minimum opening deposit: $5
- Minimum balance to earn APY: 1 cent
- Monthly account maintenance fee: $5 unless you maintain a balance of $300
- Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.
Passbook Savings is an in-person savings account. That means you will not have access to online banking, and every transaction you want to make will have to be completed at a brick-and-mortar location. Also, you’ll have to call the bank to check for the current rates. This may be no big deal if online banking makes you uncomfortable, or if you want to make it harder to get money out of your account for self-disciplinary reasons. But for most other people, it’s an inconvenience.
This account does come with a monthly maintenance fee, but it can be waived if you maintain a balance of $300 or more. It can also be waived if you are younger than 21 or 65 and older – even if you have less than $300 in your account.
Savings accounts fall under certain federal rules, including Regulation D. This regulation states that you are allowed up to six certain withdrawals per month. If you do and it is your first offense, Webster Bank will send you a warning letter. If your behavior persists, the bank will be forced to shut your account down.
How to get Webster Bank’s Passbook Savings account
To open this account, bring employment information, your Social Security number and your driver’s license to your local branch. This account cannot be opened online.
Holiday Club Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.02% | $0.01 |
- Minimum opening deposit: $5
- Minimum balance to earn APY: 1 cent
- Monthly account maintenance fee: None
- Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.
Holiday Club Savings accounts help you save for holiday spending by automatically transferring some money from one of your other accounts every month. This set-it-and-forget-it method ensures that you’ll be socking money away even if you forget.
Every year during the third week of October, Webster Bank will issue you a physical check for the amount you have saved in your Holiday Club Savings account. From there, all you have to do is deposit it and get shopping.
How to get Webster Bank’s Holiday Club Savings account
You can get the process started in person or online with your employment information, Social Security number and driver’s license.
How Webster Bank’s savings accounts compare
Webster Bank’s savings accounts don’t hold a candle to some of the best savings rates on the market. These higher rates can be found at traditional banks and credit unions, but the majority of them are offered by online-only financial institutions that do not have to pay the overhead costs of maintaining brick-and-mortar location.
If the idea of a Holiday Club Savings account sounds appealing to you, know that Webster Bank is not the only one to offer it. Typically, you’ll find these accounts at credit unions. If you shop around, you’re likely to find one with a far higher interest rate.
Webster Bank’s CD rates
Traditional CDs
| Term | APY |
|---|---|
| 11 months | 2.25% |
| 16 months | 2.40% |
| 24 months | 1.50% |
| 36 months | 1.65% |
| 60 months | 1.50% |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: 1 cent
- Early withdrawal penalty: Early withdrawals on 11-month CDs incur a $25 fee plus 1% of the amount you withdraw; all other CDs incur a $25 fee plus 3% of the amount you withdraw.
Webster Bank’s traditional CDs don’t have the worst rates around, but they’re not the best, either. Be sure to shop around for the top CD rates to ensure your money has a chance to grow quickly.
A relatively unique feature of these traditional CDs is that you can withdraw money even if it puts your balance below the minimum opening deposit amount. Your fees are structured a bit differently, too.
Most CDs have early withdrawal penalties based on the amount of interest your certificate has accrued. But Webster Bank charges a flat-rate fee plus a percentage of the amount you withdraw. It’s still never a great idea to withdraw money from a CD as withdrawal penalties — however they’re formulated — can eat away at your earnings.
How to get Webster Bank’s traditional CDs
You can open your traditional CD with your employment information, Social Security number and driver’s license online or in person.
Bump Up CD
| Term | APY |
|---|---|
| 36 Months | 1.50% |
- Minimum opening deposit: $1,000
- Minimum balance amount to earn APY: 1 cent
- Early withdrawal penalty: $25 plus 3% of the amount you withdraw
The Bump Up CD is offered in a 36-month term. You may notice that the rate on this 36-month CD is slightly lower than a traditional 36-month CD. But with the Bump Up CD, you have the option to “bump up” your interest rate once during your term. That means if rates go up, you’ll be able to take advantage and potentially score a higher rate than even the traditional CD for the remainder of your term. It’s not a guarantee, though — rates could go down or stay stagnant, in which case you’re not going to want to bump your rate at all.
To get this kind of CD, you must have either a Webster Premier Checking or WebsterOne Relationship Checking account.
How to get Webster Bank’s Bump Up CDs
You’ll need your employment information, driver’s license and Social Security number when you go to open this CD in person or online.
How Webster Bank’s CD rates compare
Webster Bank’s CD rates aren’t horrible, but they aren’t the best CDs on our list, either. They also come with some unique features you aren’t likely to find at other financial institutions. These features can be bad, such as the mandatory nature of certain checking accounts, or good, such as the ability to withdraw money beyond the floor of the minimum opening deposit.
Shop around to make sure you’re finding those better rates, keeping these CDs’ unique features in mind.
Webster Bank’s money market account option
Premium Money Market Savings
| APY | Minimum Balance to Earn APY |
|---|---|
| 0.02% | $0.01 |
| 0.02% | $10,000 |
| 0.05% | $25,000 |
| 0.15% | $100,000 |
- Minimum opening deposit: $1,500
- Minimum balance to earn APY: Varies depending on desired APY
- Monthly account maintenance fee: $12 waivable fee
- ATM fee: $2.50 for non-Webster Bank ATM transactions
- ATM fee refund: None
- Overdraft fee: $37 on overdrafts more than $5. If your account remains overdrawn for more than five days, you will be charged an extra $5 fee each day it remains overdrawn.
Webster Bank’s Premium Money Market Savings account doesn’t earn a high rate of return, regardless of which tier your balance places you in. There is also a maintenance fee, which not all money market accounts have when competitors offer them. But this fee can be waived if you maintain a balance of $2,500 or more.
Money market accounts fall into the savings account category, which means that they are also subject to federal Regulation D. You are allowed up to six certain withdrawals per month without risking getting your account closed shut down by the bank.
How to get Webster Bank’s Premium Money Market Savings account
Open your account in person or online with your Social Security number, driver’s license and employment information.
How Webster Bank’s money market account compares
The rates offered by Webster Bank fall entire percentage points behind the competition. Money market accounts were originally meant to offer much higher rates than your typical savings account. You can still get that benefit today if you shop for money market accounts. Unfortunately, you won’t find competitive rates at Webster Bank.
Overall review of Webster Bank’s banking products
All the deposit accounts offered by Webster Bank fall behind the competition. Many of them also require high balances or tandem accounts to avoid monthly maintenance fees or score a slightly higher APY.
The only account that may be worth checking out is Webster Opportunity Checking. But that account is only useful to consumers who are having trouble finding a financial institution that will allow you to open an account. Everyone else should shop the competition to potentially nab higher interest rates and lower fees.
