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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 first started operating in 1895 and its headquarters are located in Worcester, Massachusetts. Bay State Savings Bank owns $397 million in assets as well as $305 million in deposits, classifying it as a small bank. Bay State Savings Bank lacks premium access to support representatives, 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 offerings. SmartAsset has rated Bay State Savings Bank 4.5 stars out of 5, suggesting it is an excellent bank that warrants a serious look. Bay State Savings Bank offers a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Bay State Savings Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Bay State Savings Bank's most basic checking does not have a monthly maintenance charge. Using a bank with free checking as well as a high interest rate savings account is the best bet for returning the highest income from your deposits alongside convenient 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 in comparison to other U.S. banks. Its 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 earns at an APY of 1.15%. Given Bay State Savings Bank's noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

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 the average U.S. bank. With no monthly fee, Bay State Savings Bank is perfect for people who want a basic banking experience. For those who use cash often, Bay State Savings Bank is perfect because it charges no out-of-network ATM fees. Bay State Savings Bank refunds any incurred out-of-network ATM charges, which means convenient access to cash at any time.

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 bank locations in Massachusetts. With mobile and web apps, Bay State Savings Bank makes mobile banking convenient, even on the go. Bay State Savings Bank gets positive scores from users for its mobile banking services. With 1 ratings across both Apple and Android platforms, the Bay State Savings Bank mobile app is scored at 5.0 out of 5 (compared to the national average of 3.8). You can use Bay State Savings Bank's mobile app to manage your bank accounts by looking at account balances, sending and receiving funds as well as accessing customer service. Bay State Savings Bank receives a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 ranks as a small bank and handles assets totaling $397 million as well as $305 million in deposits. It has a strong Texas Ratio of 5.95%, indicating that Bay State Savings Bank is in good financial well-being and improbable to fail. 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 Account 1.15% APY $500

Bay State Savings Bank has several deposit products like 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 think about 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. Bay State Savings Bank's CD rates are fair in comparison to the national average.

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Find a Bay State Savings Bank Near Me

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

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