Watertown Savings Bank Rates & Review

Watertown Savings Bank Review

Based in New York state, Watertown Savings Bank has the rare distinction of having both an A rating from the Better Business Bureau, and a five-star ranking from Bauer Financial.

It's not often that a bank manages to be highly rated both by the general public and by independent financial rating institutions. But Watertown Savings Bank has achieved just that.

At the time of writing, it has an A rating with the Better Business Bureau, and a five-star rating (the best possible) with Bauer Financial, an independent organization that ranks financial institutions on the basis of the information they provide to regulators.

Yesterday and today

Watertown Savings Bank was founded in 1894 by a small group of businessmen in Watertown, N.Y. Its growth was steady and sustained for most of its history, but was boosted in the 1990s when a local competitor, Jefferson National Bank, closed its doors.

By the end of 2009, Watertown Savings Bank had total assets of $381 million. Today, it operates from nine New York sites, including its 22,500-square-foot headquarters building, which opened in 2001. The bank's 10th "site" is its website, which provides access to a richly functional online banking service.

Personal banking

The bank offers both a savings account and a money market account in passbook or statement configurations. The bank's highest savings account rates are paid on vacation and Christmas club accounts. There are two free checking accounts, neither of which pay interest. CD accounts and IRAs are available with maturities from six months to five years.

A variety of loans are offered, including home mortgages, home equity lines of credit, auto loans and consumer loans. Debit and ATM cards are available.

Commercial banking

For its business customers, the bank offers a free checking account, cash management services, commercial mortgages, SBA loans, debit/ATM card services, and more.

Watertown Savings Bank works with local economic development agencies to assist commercial customers in obtaining access to financial and tax relief programs in Jefferson County, N.Y.

Deposit insurance

Watertown Savings Bank is a member FDIC, meaning that all deposits are insured up to at least $250,000 per depositor.