Belmont Savings Bank Review

Belmont Savings Bank Savings

1.00% APY

Started in 1885, Belmont Savings Bank has $3 billion in assets and deposits totaling $2 billion, ranking the institution as a large bank. Belmont Savings Bank, whose headquarters are in Belmont, Massachusetts, lacks premium access to support representatives, 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 offerings. Coming in at a superb 4.6 stars out of 5, Belmont Savings Bank is among the best banks, and should be given strong consideration. 

Belmont Savings Bank offers the full package of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Perfect for growing your cash, Belmont Savings Bank's savings account has an extremely high interest rate. If you're looking for a checking account for everyday use, Belmont Savings Bank's ordinary checking account does not have a monthly fee. Opening both checking and savings accounts in one place is ideal when you want to get the most return on your income while keeping access to your money without getting penalized for taking out your money.

Service Quality

Belmont Savings Bank is a brick-and-mortar bank, with seven total branches in Massachusetts. It also offers access to mobile and web apps for simple access and banking on the go.  

Belmont Savings Bank gets fairly high marks from customers for its mobile platform: with 130 ratings across Apple and Android platforms, the Belmont Savings Bank mobile app is scored at 4.2 out of 5 (compared to the national average of 3.8). You can access Belmont Savings Bank's app to manage your bank accounts by looking at monthly statements, transferring funds as well as reaching support representatives. Belmont Savings Bank receives a superb consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Belmont Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. Belmont Savings Bank's savings account APY is extremely competitive, perfect for those who have extra money to save. 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 other U.S. banks.

Rates

Belmont Savings Bank features a savings rate of 1.00%, which is extremely competitive in comparison to other U.S. banks. Belmont Savings Bank's one-year CD has a rate of 0.50% and the five-year CD has a rate of 1.15%. With an excellent APY, Belmont Savings Bank's savings account is perfect if you would like especially for a significant milestone like retirement.

Fees

Belmont Savings Bank generally has extremely low fees in comparison to the national average. With no monthly fee, Belmont Savings Bank's checking account is ideal for those who want a hassle-free checking account. Belmont Savings Bank refunds any incurred ATM fees (with conditions), which gives easy access to cash at any time.

Financial Health

Belmont Savings Bank ranks as a large bank with assets totaling $3 billion as well as $2 billion in deposits. Its Texas Ratio is 0.73%, indicating that Belmont Savings Bank is in outstanding financial well-being and extremely unlikely to fail. Additionally, Belmont Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Belmont Savings Bank Near Me

Belmont Savings Bank has seven locations in the U.S.