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Haven Savings Bank Review

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Haven Savings Bank Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Haven Savings Bank first started operating in 1938 and its headquarters are located in Hoboken, New Jersey. It owns $964 million in assets and deposits totaling $757 million, ranking it as a medium-size bank. Haven Savings Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. SmartAsset has rated the bank 4.7 stars out of 5, suggesting Haven Savings Bank is among the top banks, and should be given serious consideration. Haven Savings Bank has a full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Haven Savings Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Haven Savings Bank's ordinary checking account does not have a monthly fee. Locating an institution with no-fee checking and a high interest rate savings account is your best option for accruing the highest income on your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.7/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.8
SmartAsset Average: 3.5

With a savings rate of 0.50%, Haven Savings Bank ranks poorly compared to the national average. Haven Savings Bank's one-year CD has a rate of 2.65% and the five-year CD earns at a rate of 1.60%, while its highest-yielding money market account earns at a rate of 0.20%. Given Haven Savings Bank's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Haven Savings Bank's Savings Rates Compare

Haven Savings Bank Savings 0.50 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Haven Savings Bank generally has extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Additionally, Haven Savings Bank has an overdraft fee of $30.00, which is significantly lower than the national average overdraft fee. Haven Savings Bank does not reimburse out-of-network ATM fees, which means you'll have to locate a Haven Savings Bank ATM or accept the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

Haven Savings Bank is a brick-and-mortar bank, with nine total bank locations in New Jersey. It also offers access to mobile and web apps for easy access and banking on the go. Haven Savings Bank receives positive feedback from users for its mobile app. The Haven Savings Bank mobile app scored a 4.5 out of 5 (with 13 customer reviews on iOS and Android) compared to the national average of 3.8. Haven Savings Bank's mobile app allows you to control your finances by monitoring monthly statements, sending and receiving money and reaching support representatives. Haven Savings Bank gets an excellent consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Haven Savings Bank is a medium-size bank with assets totaling $964 million as well as $757 million in deposits. Haven Savings Bank's Texas Ratio is 4.42%, denoting that the bank is in superb financial well-being and far from failure. Additionally, Haven Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.42%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Haven Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $2500
Checking Account 0.1% APY $100
Certificates of Deposit
  • 12 Month: 2.65% APY
  • 24 Month: 2.75% APY
  • 36 Month: 1.10% APY
  • 60 Month: 1.60% APY
$100 for all terms
Money Market Account 0.2% APY $1000

Haven Savings Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Haven Savings Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Haven Savings Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Haven Savings Bank Near Me

Haven Savings Bank has nine physical branches across the U.S.

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