Bank of New England Review

Overview

Established in 1983, Bank of New England has assets totaling $919 million and deposits totaling $798 million, 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 live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a score of 3.9 stars out of 5, Bank of New England should be near the middle of the pack in your search for a bank. Bank of New England offers a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs and IRAs. It has a fair savings rate compared to the average savings account. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same institution is the best option for getting the most income on your deposits alongside convenient 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 has a savings rate of 0.15%, which is fair as compared against the national average. Bank of New England's one-year CD earns at a rate of 1.46% and the five-year CD has a rate of 3.04%, while its highest-yielding money market account has an APY of 0.40%. Given its poor 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 its customers low fees in comparison to other U.S. banks. For those who frequently visit the ATM, Bank of New England is solid because it charges an out-of-network ATM fee of $1.00, which is solid compared to other U.S. banks. Additionally, at $25.00, Bank of New England's overdraft fee is noticeably lower than the average overdraft fee charged by U.S. banks. Bank of New England doesn't refund out-of-network ATM fees, meaning you will have to find a Bank of New England ATM or accept the ATM charge.

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 straightforward online-banking experience. 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 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 receives a superb consumer satisfaction score based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Bank of New England is currently a medium-size bank and handles $919 million in assets as well as deposits totaling $798 million. Bank of New England has an excellent Texas Ratio of 1.37%, suggesting a negligible probability of failure. 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 like 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 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. 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 branches in the U.S.