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Ballston Spa National Bank Review

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Ballston Spa National Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1838, Ballston Spa National Bank has $499 million in assets along with $406 million in deposits, making it a medium-size bank. Ballston Spa National Bank, whose headquarters are in Ballston Spa, New York, 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 access to service representatives at a physical location, in addition to its online and mobile apps. Overall, Ballston Spa National Bank is a good bank that gets the job done, with a score of 3.9 stars out of 5 from the SmartAsset experts. Ballston Spa National Bank provides customers with a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account carries a $3.00 monthly fee, which is not too high compared to the average U.S. bank. Banks that offer no-fee checking, in addition to a high savings APY are the best bet for getting the most income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

Ballston Spa National Bank has a savings rate of 0.10%, which is fair compared to the average U.S. bank. Its one-year CD has a rate of 0.35% and the five-year CD has a rate of 0.60%, while its highest-yielding money market account earns at an APY of 0.10%. Given Ballston Spa National Bank's noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How Ballston Spa National Bank's Savings Rates Compare

Ballston Spa National Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.8
SmartAsset Average: 4.4

On average, Ballston Spa National Bank charges its customers above-average fees compared to the average U.S. bank. Its checking account has a monthly fee of $3.00, rating it slightly worse for anyone looking for a hassle-free account. Ballston Spa National Bank refunds their out-of-network ATM charges (with conditions), making ATM withdrawals a free and easy process.

Monthly Fee $3.00 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

4.1
SmartAsset Average: 3.7

Ballston Spa National Bank is a brick-and-mortar bank, with 13 total bank locations in New York. It also offers access to mobile and web apps for easy access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 3:00 p.m. ET. Ballston Spa National Bank's online and mobile banking platforms receive fairly high scores from customers. The Ballston Spa National Bank mobile app rates a 4.2 out of 5 (with 73 ratings on Apple and Android) compared to the national average of 3.8. Ballston Spa National Bank's mobile app lets you manage your accounts by reviewing account balances, transferring money as well as accessing support representatives. Ballston Spa National Bank gets a superb consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Ballston Spa National Bank is currently a medium-size bank owning $499 million in assets and deposits totaling $406 million. Its Texas Ratio is 8.70%, suggesting a tiny opportunity of failure. Additionally, Ballston Spa National Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.7%
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 Ballston Spa National Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $2500
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.50% APY
  • 48 Month: 0.60% APY
  • 60 Month: 0.60% APY
$500 for all terms
Money Market Account 0.1% APY $15000

Ballston Spa National Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Ballston Spa National Bank does not have the best savings rate, which means you should think about taking a look 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. Ballston Spa National Bank's CD rates are fair compared to the national average.

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Find a Ballston Spa National Bank Near Me

Ballston Spa National Bank has 13 locations in the U.S.

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