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Avidia Bank Review

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Avidia Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1869, Avidia Bank has $2 billion in assets as well as deposits totaling $1 billion, which makes it a large bank. Avidia Bank, whose headquarters are in Hudson, Massachusetts, has above-average customer service access with all-day support available, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated Avidia Bank 4.6 stars out of 5, which means it is among the best banks, and should be given strong consideration. Avidia Bank provides customers with a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Avidia Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Avidia Bank's most basic checking account does not have a monthly maintenance fee. Locating a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is the best bet for gaining the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.6/5
National Average: 4.1

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

Rates

4.1
SmartAsset Average: 3.5

Avidia Bank has a savings rate of 0.25%, which is fair in comparison to other U.S. banks. Avidia Bank's one-year and five-year term lengths CDs earn at a rate of 1.66% and 2.63%, respectively, while its highest-yielding money market account earns at a rate of 0.42%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Avidia Bank's Savings Rates Compare

Avidia Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Avidia Bank charges its customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Avidia Bank's checking account is perfect for those who need a hassle-free checking account. Avidia Bank does not refund out-of-network ATM fees, meaning you will have to search for an Avidia Bank ATM or eat the ATM charge.

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

4.5
SmartAsset Average: 3.7

Avidia Bank is a brick-and-mortar bank, with 11 total branches in Massachusetts. It also offers access to mobile and web apps for a simple mobile-banking experience. It provides all-day access to representatives. Avidia Bank's online and mobile banking services receive positive scores from customers. With 630 customer reviews on Apple and Android platforms, the Avidia Bank mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). You can utilize Avidia Bank's mobile app to manage your accounts by reviewing monthly statements, transferring funds and reaching customer service. Avidia Bank receives a superb consumer satisfaction score due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Avidia Bank is currently a large bank owning assets totaling $2 billion as well as deposits totaling $1 billion. Avidia Bank's Texas Ratio is 2.89%, signifying a low probability of failure. Additionally, Avidia Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Avidia Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $10
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 1.66% APY
  • 24 Month: 2.17% APY
  • 36 Month: 2.28% APY
  • 48 Month: 2.48% APY
  • 60 Month: 2.63% APY
$1000 for all terms
Money Market Accounts 0.42% APY 0.42% APY $10000 $15000

Avidia Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Avidia Bank does not have the best savings rate, which means you should think about looking elsewhere 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. Avidia Bank's CD rates are fair as compared against the national average.

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Find a Avidia Bank Near Me

Avidia Bank has 11 locations in the U.S.

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