BankNewport Review

BankNewport Savings

0.05% APY

Started in 1819, BankNewport has assets totaling $2.7 billion as well as deposits totaling $2.18 billion, making the institution a large bank. BankNewport, whose headquarters are in Newport, Rhode Island, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset experts rated BankNewport 4 stars out of 5, suggesting it is a good bank that warrants your consideration. 

BankNewport has a full 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; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly charge. Using the same bank for checking and savings can be best when you want to get the highest return on your income while keeping convenient control over your money.

Service Quality

BankNewport is a brick-and-mortar bank, with 19 total branches in Rhode Island. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. ET; Saturday, 8:00 a.m. to 2:00 p.m. ET. 

BankNewport receives poor reviews from customers for its online presence: with 16 ratings on Apple and Android platforms, the BankNewport mobile app rates a 3.3 out of 5 (compared to the national average of 3.8). You can access BankNewport's app to control your bank accounts by monitoring current statements, transferring money and reaching support representatives. BankNewport gets a superb consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

BankNewport has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. BankNewport does not have the best savings rate, which means you should think about other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. BankNewport's CD rates are fair compared to the average U.S. bank.

Rates

BankNewport has a savings rate of 0.05%, which is fair in comparison to the national average. Its one-year CD has a rate of 0.25% and the five-year CD earns at a rate of 0.75%, while its highest-yielding money market account has an APY of 0.20%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

Fees

BankNewport charges its customers low fees compared to other U.S. banks. With no monthly fee, BankNewport's checking account is perfect for those who need an easy banking experience. For those who often withdraw money from the ATM, it is fair because it charges an ATM fee of $2.00, which is fair compared to the average U.S. bank. Also, BankNewport has an overdraft fee of $35, which is on par with the national average overdraft fee, making it good for those who spend a lot of money on their debit card. 

Financial Health

BankNewport is a large bank owning $2.7 billion in assets as well as deposits totaling $2.18 billion. It has a very good Texas Ratio of 4.69%, denoting that BankNewport is in fine financial shape and far from failure. Additionally, BankNewport is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a BankNewport Near Me

BankNewport has 19 branches across the U.S.