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Belmont Savings Bank Review

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Belmont Savings Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Belmont Savings Bank started in 1886 and has its headquarters in Bellaire, Ohio. Belmont Savings Bank owns assets of $416 million along with deposits totaling $301 million, classifying it as a medium-size bank. Belmont Savings Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We ranked Belmont Savings Bank at a 3.5 stars out of 5, suggesting it is an acceptable bank choice, but may leave you wanting more. Belmont Savings Bank has a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. Institutions that offer free checking, in addition to a high interest rate savings account are the best bet for returning the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.5/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

Belmont Savings Bank has a savings rate of 0.20%, which is fair compared to the national average. Belmont Savings Bank's one-year CD earns at a rate of 0.25%, while its highest-yielding money market account has an APY of 0.20%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Belmont Savings Bank's Savings Rates Compare

Belmont Savings Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Belmont Savings Bank's fees to provide a full SmartAsset rating.

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

2.5
SmartAsset Average: 3.7

Belmont Savings Bank is a brick-and-mortar bank, with four total branches in Ohio. It also offers access to mobile and web apps for easy access and banking on the go. Belmont Savings Bank's mobile app lets you manage your bank accounts by checking account balances, transferring funds and reaching support representatives. Belmont Savings Bank gets an outstanding consumer satisfaction rating based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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

4.9
SmartAsset Average: 4.8

Belmont Savings Bank is currently a medium-size bank owning assets totaling $416 million and $301 million in deposits. Belmont Savings Bank has an excellent Texas Ratio of 2.43%, suggesting a low chance of failure. Additionally, Belmont 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

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 Belmont Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $100
Checking Account 0.12% APY $100
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.30% APY
  • 36 Month: 0.40% APY
  • 48 Month: 0.50% APY
$500 for all terms
Money Market Accounts 0.15% APY 0.2% APY $10000 $15000

Belmont Savings Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Belmont 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. Belmont Savings Bank's CD rates are fair in comparison to the national average.

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Find a Belmont Savings Bank Near Me

Belmont Savings Bank has four physical branches across the U.S.

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