Winchester Savings Bank

What Winchester Savings Bank does

Winchester Savings Bank is an independent, mutual, state-chartered savings bank incorporated by the Massachusetts Legislature in 1871 and headquartered at 661 Main Street in Winchester, Massachusetts. The bank operates a community banking model serving consumers, small-to-medium businesses, nonprofits, and first-time homebuyers across Northern Massachusetts through approximately five physical branches (Winchester, Woburn, Arlington, Danvers, plus a Wakefield branch under construction) complemented by 24-hour telephone banking, online account opening, a mobile banking app, and surcharge-free access to the SUM and MoneyPass ATM networks. Its product portfolio spans personal and business deposit products (free and interest-bearing checking, savings, money market, CDs up to 5 years, and IRAs), a full residential mortgage suite (conforming, jumbo, ARM 3/1 through 10/1, construction-to-permanent, plus an Affordable Housing Mortgage Program for first-time buyers at or below 120% HUD Median Income), home equity lines and loans, bridge loans, unsecured personal loans, vehicle loans, overdraft protection, and Visa debit cards integrated with Apple Pay, Google Pay, and Samsung Pay, plus CardValet-based transaction controls.

The bank generates revenue through a traditional community banking model — primarily net interest margin between loan yields (mortgages up to 6.375% APR, HELOC starting at 6.50% APR, unsecured personal loans at 16.50% APR) and deposit costs (short-term CDs promoted at 4.07% APY, Completely Free Checking with no monthly charge) — supplemented by fee-based income (overdraft, wire, safe deposit, check ordering) and revenue share from merchant services (Elavon partnership) and payroll referrals (Paychex partnership). Distribution combines physical branch relationships with local lending decisioning, digital account opening portals, financial literacy programming through the FDIC Money Smart curriculum, and aggressive community engagement including a Charitable Foundation distributing over $200,000 annually to 80+ local nonprofits. The bank holds NMLS# 404972, is an Equal Housing Lender, and deposits are insured by both FDIC and the Depositors Insurance Fund (DIF). All deposits and lending decisioning are in-house; merchant and payroll services are white-labeled via third-party partners rather than built internally.

Name

Winchester Savings Bank

Legal name

Winchester Savings Bank

Website

https://winchestersavings.com

Company type

Private

Founded year

1871

Operating status

Operating

Headcount range

51–100 employees

Short description

Winchester Savings Bank is an independent, mutual, state-chartered savings bank founded in 1871 that provides consumer and small-business deposit, lending, and mortgage products across Northern Massachusetts through a five-branch network and digital banking channels.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Depository Credit Intermediation (5221)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Savings Banks (Public/State-Owned) (FSABAKAK)

akta.pro secondary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Community banking services
• Retail deposit products
• Residential mortgage lending
• Home equity loans
• Small business banking

Headquarters

HQ city

Winchester

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Primary revenue from interest earned on mortgage loans (residential and commercial), personal loans, vehicle loans, home equity products, and construction loans
2. Deposit Interest Expense: Interest paid to depositors on checking, savings, money market accounts, and certificates of deposit; spread between loan interest earned and deposit interest paid constitutes core margin
3. Fee-Based Income: Service charges on accounts, overdraft fees, wire transfer fees, safe deposit box rental, check ordering, and other banking service fees
4. Merchant Services Revenue: Revenue share from payment processing services through partnership with Elavon for business customers

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Winchester Savings Bank is an independent mutual community bank offering personal and business deposit products (checking, savings, money market, CDs, IRAs), residential mortgage and home equity lending, and consumer/personal loans. It supplements these with digital banking, Visa debit cards with digital wallet support, merchant services via Elavon, and payroll services via Paychex for business customers across Massachusetts.

Product overview

Winchester Savings Bank is an independent, mutual, state-chartered savings bank founded in 1871, offering a comprehensive suite of personal and business banking products and financial services. The bank's core offerings center on deposit products (checking, savings, money market, CDs, and IRAs) for both personal and business customers, and a full spectrum of lending products including residential mortgages (conforming and jumbo fixed-rate and adjustable-rate), home equity lines and loans, construction-to-permanent loans, and consumer/personal loans including auto loans. Supporting these core products, the bank provides digital banking services through online and mobile platforms, merchant services (via Elavon partnership), payroll services (via Paychex partnership), Visa debit cards with digital wallet integration (Apple Pay, Google Pay, Samsung Pay), overdraft protection, and financial planning tools including loan/mortgage calculators, retirement calculators, savings calculators, and investment calculators. The bank also operates a Charitable Foundation and provides community financial literacy programs through the FDIC Money Smart curriculum.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Personal checking accounts including Completely Free Checking (no monthly charge, no minimum balance), Easy Interest Checking, Premier Interest Checking (tiered APY), and 50+ Advantage Checking. Each account includes a free Visa Debit Card, Zelle transfers, free online and mobile banking, mobile deposit, and surcharge-free ATM access.
• Personal Savings Accounts Personal savings options including Statement Savings, Money Market Special (up to 1.50% APY), High Yield Savings, Certificates of Deposit (91 days to 5 years), Club Account, and Traditional and Roth IRA CDs and SEP accounts for retirement planning.
• Business Checking Accounts Business checking options include Completely Free Business Checking (no minimum balance, no monthly charge, 1,000 free monthly transactions), Business Interest Checking, Commercial Checking (with earnings credit allowance), and IOLTA Checking for attorney/client trust accounts. Each account includes a free business Visa Debit Card, online and mobile banking, Bill Pay, eStatements, and ATM access.
• Business Savings Accounts Business savings products include Business Statement Savings ($1,000 minimum, tiered interest), Business High Yield Savings, Certificates of Deposit (91 days to 5 years, $500 minimum), and Business Money Market ($25,000 opening deposit).
• Fixed-Rate Mortgages Conforming and jumbo fixed-rate mortgages available in 10, 15, 20, and 30-year terms with 0 points. Rates range from 5.750% (10-year) to 6.375% (30-year, 6.422% APR). Maximum loan amount is $832,750 conventional, up to $1,750,000 jumbo. All rates based on 20% down, owner-occupied, single-family, credit score 775+.
• Adjustable-Rate Mortgages (ARM) Adjustable-rate mortgage programs including 3-1 ARM (5.625% introductory), 5-1 ARM (5.750%), 7-1 ARM (5.875%), and 10-1 ARM (6.000%). Introductory rates last 3, 5, 7, or 10 years then adjust annually. Rate discounts available for CRA assessment area properties, first-time homebuyers, WSB Affordable Program participants, and automatic payments from WSB checking.
• Home Equity Line of Credit (HELOC) A variable-rate home equity line of credit with lines from $25,000 to $1,000,000. Features include a 10-year draw period with interest-only payments, followed by a 15-year repayment period. Introductory APR of 5.49% for six months; current APR ranges from 6.50% to 7.00%.
• Home Equity Fixed Rate Loan A fixed-rate home equity loan with terms of 5, 10, 15, or 20 years. Interest rates range from 8.000% (5-year) to 8.375% (20-year). Closing costs limited to trust document reviews, recording costs, and certain appraisal or discharge costs.
• Bridge Loan Short-term loan enabling borrowers to access equity in current primary residence to purchase a new primary residence financed by WSB, with intent to sell current residence within 12 months. Variable rate based on Prime Rate with 1% point at closing. Lines from $25,000 to $1,000,000.
• Construction-to-Permanent Loan A combined construction and permanent financing loan for building a new home or completing major rehabilitation on an existing home. One closing covers both construction and permanent financing.
• Affordable Housing Mortgage Program Mortgage program for first-time homebuyers with household income at or below 120% HUD Median Income. Loan amounts from $100,000 to $766,550. Features include as little as 3% down, 0-point product, appraisal and credit report fees refunded at closing, 100% gift allowed, and 0.50-0.75% rate discount.
• First-Time Homebuyer Program A mortgage program specifically for first-time homebuyers, offering no points, no appraisal fee (refunded at closing if loan closes), no credit report fee (refunded at closing if loan closes), a 30-year loan term, generous qualifying ratios, and low down payment requirements.
• Consumer/Personal Loans Personal loan products include unsecured personal loans ($1,000-$10,000 at 16.50% APR, 36-month term max), overdraft protection lines ($1,000-$5,000 at 15.75% APR), and collateral loans (12.00% APR). Vehicle loans for new 2025-2026 models range from 10.00% (36-month) to 11.00% (84-month) APR, with new vehicle maximum of $100,000.
• Online and Mobile Banking Winchester Savings Bank's digital banking platform providing 24/7 online account access, mobile banking with mobile deposit, and the WSB Mobile app for iOS and Android. Customers can manage accounts, transfer funds, pay bills, view statements, and access account information through secure web and mobile interfaces.
• Visa Debit Card A Visa Debit Card accepted at millions of locations worldwide, offering surcharge-free cash access at WSB ATMs and within SUM and MoneyPass networks. Features include Visa Zero Liability fraud protection, 24/7 fraud monitoring, instant issue card replacement at any branch, and compatibility with Apple Pay, Google Pay, and Samsung Pay.
• Merchant Services Payment processing solutions offered through a partnership with Elavon for business customers. Supports acceptance of all major credit and debit cards, ACH, electronic checks, and digital wallet payments. Includes EMV terminals, mobile wallet acceptance, omni-channel platform, tablet-based POS solutions, 24/7 customer service, dedicated account manager, online reporting, and same-day funding options. Safe-T suite security provides encryption and tokenization.
• Payroll Services Payroll and HR services provided through a partnership with Paychex for business customers. Services include flexible payroll reporting via phone, online (Paychex Flex), and mobile app; multiple employee pay options; payroll tax administration; 24/7 dedicated payroll specialist support; 401(k) plan management; group health insurance; business insurance; and workers' compensation insurance.
• Overdraft Protection Services Overdraft protection options including automatic account overdraft protection (transfer from savings to checking), overdraft protection line of credit (covers overdrafts up to available credit limit), and discretionary overdraft privilege service. Personal and business-specific options available.
• Certificates of Deposit and IRA Accounts Certificates of Deposit and Individual Retirement Accounts with terms from 91 days to 5 years. CD rate tiers include 91-Day ($500 min, 0.30% APY), 7-Month featured ($500 min, 4.07% APY), 18-Month ($500 min, 2.75% APY), Variable Rate Retirement IRA ($10 min, 2.65% APY), and additional terms up to 5 years.
• Financial Literacy Programs Financial literacy programs offered to students from elementary school to college. The bank provides FDIC Money Smart financial education curriculum, including the Money Smart News for Kids series (9 chapters covering earning, saving, borrowing), interactive games, and educational videos on budgeting, credit scores, buying a home, and kids and money topics.

Quantifiable outcome

• $200,000+ in community sponsorships and donations to 80+ nonprofits in 2024
• +1 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• ElavoncoreTechnology or IntegrationPayment processing partnership where Elavon provides payment technology solutions for business customers. Elavon offers credit/debit card processing, ACH, electronic checks, digital wallet payments, EMV terminals, mobile payment acceptance, and 24/7 customer support. Partnership enables Winchester Savings Bank to offer merchant services to business customers.
• PaychexcoreTechnology or IntegrationPayroll and HR services partnership for business customers. Paychex provides payroll processing, tax administration, HR solutions, employee benefits administration, 401(k) plan services, and insurance products. Winchester Savings Bank refers business customers to Paychex for outsourcing payroll and HR functions.
• Wolf & Company, P.C.coreOthersExternal auditing firm conducting annual audit of customer accounts. Auditors select random samples of customers to compare account information with bank records as part of annual audit procedures.
• Winchester Community Music SchoolminorStrategic or Co-development PartnerWinchester Savings Bank provided financing for the expansion of Winchester Community Music School including a new performance hall and expanded programmatic wing. Bank supports the school with necessary funding for construction project.
• Mission of DeedsminorStrategic or Co-development PartnerLocal charity providing beds to children in need. WSB employees and customers raised over $2,500 through annual Buy-A-Bed fundraiser to purchase new beds for children.
• Woburn Chamber of CommerceminorGTM or Marketing PartnerWinchester Savings Bank participates in Woburn Chamber of Commerce Annual Gala and community events. Partnership supports local business community and visibility.
• YMCA (Danvers, Mystic Valley, North Suburban)minorGTM or Marketing PartnerWSB participates in YMCA Healthy Kids Day events at multiple locations. Bank sponsors youth wellness and fitness programming.

Scale indicators3 records

Recent moves7 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/sharer/sharer.php?u=/events/shred-day-2026

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Winchester Savings Bank