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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

Ballston Spa National Bank first started operating in 1838 and is headquartered in Ballston Spa, New York. It has $499 million in assets as well as $406 million in deposits, ranking it as a medium-size bank. Ballston Spa National Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Ballston Spa National Bank is a good bank that gets the job done, with a rating of 3.9 stars out of 5 from the SmartAsset experts. Ballston Spa National Bank provides customers with the complete selection of banking products, 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. The bank's standard checking product features a $3.00 monthly fee, which is acceptable compared to the national average. Banks that offer no-fee checking, in addition to a high interest rate savings account are your best bet for returning the highest income on your deposits while maintaining convenient access to your money.

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

With a savings rate of 0.10%, Ballston Spa National Bank ranks poorly in comparison 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 has a rate of 0.10%. Given Ballston Spa National Bank's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

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

Ballston Spa National Bank charges its customers above-average fees in comparison to the average U.S. bank. At $3.00/month, Ballston Spa National Bank's checking account is not the best product for people who need a hassle-free banking experience. Ballston Spa National Bank reimburses any incurred out-of-network ATM fees (with conditions), making getting cash 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 offer all-day customer service with 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 get fairly high marks from customers. The Ballston Spa National Bank mobile app rates a 4.2 out of 5 (with 73 ratings on iOS and Android) compared to the national average of 3.8. Ballston Spa National Bank's mobile app lets you control your funds by checking monthly statements, sending and receiving money and accessing support representatives. Ballston Spa National Bank gets an outstanding consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government 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 a medium-size bank owning assets totaling $499 million and $406 million in deposits. Its Texas Ratio is 8.70%, denoting a small likelihood 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 Accounts 0.1% APY 0.1% APY $10000 $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 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. Ballston Spa National Bank's CD rates are fair in comparison to the national average.

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Find a Ballston Spa National Bank Near Me

Ballston Spa National Bank has 13 physical branches in the U.S.

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