Bank of New England Review

Overview

Founded in 1983, Bank of New England has assets totaling $919 million along with $798 million in deposits, ranking it as a medium-size bank. Bank of New England, whose headquarters are in Salem, New Hampshire, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, Bank of New England is a good bank that deserves your consideration, with a rating of 3.9 stars out of 5 from our team. Bank of New England has a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs and IRAs. Bank of New England has a fair savings rate compared to the average savings account. Locating a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best option for getting the most income on your deposits while having easy access to your money.

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

Bank of New England features a savings rate of 0.15%, which is poor compared to the national average. Bank of New England's one-year CD has a rate of 1.46% and the five-year CD has a rate of 3.04%, while its highest-yielding money market account earns at an APY of 0.20%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Bank of New England's Savings Rates Compare

Bank of New England charges customers low fees compared to the average U.S. bank. For those who use cash often, it is solid because it has an out-of-network ATM fee of $1.00, which is solid in comparison to the average U.S. bank. Also, Bank of New England has an overdraft fee of $25.00, which is noticeably lower than that of other U.S. banks. Bank of New England unfortunately does not reimburse out-of-network ATM charges, meaning you will need to locate a Bank of New England ATM or pay the cost of withdrawal.

Bank of New England is a brick-and-mortar bank, with nine total bank locations in Massachusetts and New Hampshire. It also offers access to a web app, for a simple online-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Wednesday, 8:00 a.m. to 5:00 p.m. ET; Thursday and Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 8:00 a.m. to 12:00 p.m. ET. Bank of New England gets a superb consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Bank of New England is a medium-size bank with $919 million in assets and $798 million in deposits. Bank of New England's Texas Ratio is 1.37%, suggesting that the bank is in outstanding financial health and unlikely to fail. Additionally, Bank of New England 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.

Products Offered

Bank of New England has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Bank of New England does not have the best savings rate, which means you should consider 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. Bank of New England's CD rates are fair in comparison to the national average.

Find a Bank of New England Near Me

Bank of New England has nine locations across the U.S.