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BayCoast Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
BayCoast Bank Savings
0.10% APY

Overview

Our Rating: 4.2/5 How we calculated this rating

Established in 1851, BayCoast Bank has assets totaling $1 billion and $1 billion in deposits, which makes the institution a large bank. BayCoast Bank, whose headquarters are in Swansea, Massachusetts, lacks premium access to customer service, with no options of live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.2 out of 5 stars, BayCoast Bank should be solidly in contention for your choice of bank. 

BayCoast Bank provides customers with a mixture of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. BayCoast Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking account carries a $3.00 monthly fee, which is acceptable in comparison to the national average. Opening accounts in one place can be best when you want to get the highest interest rates on your deposits while retaining convenient control over your money.

Service Quality

BayCoast Bank is a brick-and-mortar bank, with 19 total branches in Massachusetts and Rhode Island. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:30 a.m. to 5:00 p.m. ET; Saturday, 9:00 a.m. to 1:00 p.m. ET. 

BayCoast Bank's online and mobile banking platforms receive high marks from users: with 430 customer reviews across both Apple and Android platforms, the BayCoast Bank mobile app is scored at 4.8 out of 5 (compared to the national average of 3.8). You can utilize BayCoast Bank's app to manage your accounts by reviewing account balances, transferring money and accessing customer service. BayCoast Bank receives a superb consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $10 Compare Offers
Certificates of Deposit
  • 12 Month: 1.20% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.15% APY
  • 48 Month: 1.90% APY
  • 60 Month: 1.90% APY
$10 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.15% APY $10,000 Compare Offers
Checking Accounts 0.10% APY $500 Compare Offers

BayCoast Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. It does not have the best savings rate, which means you should consider taking a look elsewhere 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. BayCoast Bank's CD rates are competitive compared to the average U.S. bank.

Rates

With a savings rate of 0.10%, BayCoast Bank ranks below the mean in comparison to the national average. BayCoast Bank's one-year CD has a rate of 1.20% and the five-year CD earns at a rate of 1.90%, while its highest-yielding money market account has a rate of 0.15%. Given BayCoast Bank's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

Compare BayCoast Bank to Other Competitive Offers

Fees

BayCoast Bank has generally above-average fees compared to other U.S. banks. At $3.00/month, BayCoast Bank is average for those who want a basic checking account. For those who withdraw money routinely, BayCoast Bank is fair because it charges an ATM fee of $2.00, which is fair as compared against the national average. Also, BayCoast Bank has an overdraft fee of $35, which is on par with the average U.S. overdraft fee. BayCoast Bank  does not refund ATM fees meaning you'll need to search for a BayCoast Bank ATM or eat the ATM charge.

Financial Health

BayCoast Bank ranks as a large bank and has $1 billion in assets and deposits totaling $1 billion. It has an excellent Texas Ratio of 3.56%, signifying an extremely small likelihood of failure. Additionally, BayCoast Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a BayCoast Bank Near Me

BayCoast Bank has 19 locations in the U.S.

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