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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

Started in 1869, Avidia Bank has $2 billion in assets and deposits totaling $1 billion, which makes it a large bank. Avidia Bank, whose headquarters are in Hudson, Massachusetts, has above-average access to customer service with all-day support available, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Avidia Bank is an exceptional bank that you should seriously consider, with a score of 4.6 out of 5 stars from the SmartAsset team. Avidia Bank offers a varied selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Avidia Bank's ordinary checking account does not have a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is the best bet for accruing the most income from your deposits while maintaining convenient access to your funds.

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 CDs feature a rate of 1.66% and 2.63% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.42%. Given its poor 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

Avidia Bank generally has extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Avidia Bank unfortunately doesn't refund out-of-network ATM fees, which means you will need to search for an Avidia Bank ATM or pay the withdrawal fee.

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 bank locations in Massachusetts. With mobile and web apps, Avidia Bank makes mobile banking straightforward, even on the go. It offers all-day customer service. Avidia Bank gets positive ratings from users for its mobile platform. With 630 ratings across iOS and Android platforms, the Avidia Bank mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). You can utilize Avidia Bank's app to control your funds by checking current statements, transferring money and accessing support representatives. Avidia Bank gets an outstanding consumer satisfaction rating based on comparatively few complaints reported to 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 a large bank and handles $2 billion in assets as well as deposits totaling $1 billion. Avidia Bank's Texas Ratio is 2.89%, suggesting a negligible possibility 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 Account 0.42% APY $10000

Avidia Bank has several deposit products like 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 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. Avidia Bank's CD rates are fair compared to other U.S. banks.

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Find a Avidia Bank Near Me

Avidia Bank has 11 locations across the U.S.

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