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Bay State Savings Bank Review

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Bay State Savings Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Bay State Savings Bank started in 1895 with its headquarters in Worcester, Massachusetts. It has $397 million in assets as well as $305 million in deposits, which makes it a small bank. Bay State Savings Bank lacks premium access to customer service, 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 apps. Coming in at a superb 4.5 stars out of 5, Bay State Savings Bank is an exceptional bank that you should seriously consider. Bay State Savings Bank offers a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Bay State Savings Bank's most basic checking account does not have a monthly maintenance fee. Finding a bank with no-fee checking as well as a high interest rate savings account is the best option for gaining the highest income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

With a savings rate of 0.15%, Bay State Savings Bank ranks poorly compared to other U.S. banks. Bay State Savings Bank's CD rates are 1.50% and 1.40% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 1.15%. Given Bay State Savings Bank's poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Bay State Savings Bank's Savings Rates Compare

Bay State Savings Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Bay State Savings Bank charges customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Bay State Savings Bank is ideal for those who want a simple checking account. For those who regularly visit the ATM, it is perfect because it charges no out-of-network ATM fees. Bay State Savings Bank reimburses their out-of-network ATM charges, making getting cash a free and easy process.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.5
SmartAsset Average: 3.7

Bay State Savings Bank is a brick-and-mortar bank, with eight total branches in Massachusetts. With mobile and web apps, Bay State Savings Bank makes mobile banking easy, even on the go. Bay State Savings Bank gets positive ratings from customers for its mobile platform. The Bay State Savings Bank mobile app scored a 5.0 out of 5 (out of 1 customer reviews on Apple and Android) compared to the national average of 3.8. Bay State Savings Bank's mobile app allows you to manage your bank accounts by reviewing current statements, sending and receiving funds as well as accessing support representatives. Bay State Savings Bank receives a superb consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

4.8
SmartAsset Average: 4.8

Bay State Savings Bank is currently a small bank with assets totaling $397 million as well as deposits totaling $305 million. Bay State Savings Bank's Texas Ratio is 5.95%, denoting that Bay State Savings Bank is in fine financial well-being and far from failure. Additionally, Bay State Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.95%
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 Bay State Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 0.70% APY
  • 36 Month: 0.90% APY
  • 60 Month: 1.40% APY
$1000 for all terms
Money Market Accounts 1.15% APY 1.15% APY $10000 $15000

Bay State Savings Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Bay State Savings Bank 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. Bay State Savings Bank's CD rates are fair compared to the national average.

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Find a Bay State Savings Bank Near Me

Bay State Savings Bank has eight physical locations in the U.S.

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