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Beverly Bank Review

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Beverly Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Beverly Bank started in 1888 and has its headquarters in Beverly, Massachusetts. Beverly Bank manages $447 million in assets as well as deposits totaling $376 million, making it a medium-size bank. Beverly 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 commendable 4 out of 5 stars, Beverly Bank proves it is a respectable bank that gets the job done. Beverly Bank provides customers with a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Beverly Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product features a monthly fee of $5.00, although banks sometimes have requirements that allow you to waive the fee. Banks that offer no-fee checking and a high savings APY are the best option for accruing the most income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

With a savings rate of 0.05%, Beverly Bank ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 0.50% and the five-year CD has a rate of 2.75%, while its highest-yielding money market account has a rate of 0.25%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Beverly Bank's Savings Rates Compare

Beverly Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

Beverly Bank typically has average fees in comparison to other U.S. banks. Beverly Bank's checking account has a monthly fee of $5.00, making it fair for anyone looking for a hassle-free account. For those who visit the ATM often, Beverly Bank is perfect because it has no out-of-network ATM fees. Beverly Bank doesn't refund out-of-network ATM fees, meaning you will need to search for a Beverly Bank ATM or eat the withdrawal fee.

Monthly Fee $5.00 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

4.1
SmartAsset Average: 3.7

Beverly Bank is a brick-and-mortar bank, with six total bank locations in Massachusetts. With mobile and web apps, Beverly Bank makes account access easy, even on the go. Beverly Bank's online and mobile banking platforms get reasonably positive scores from customers. The Beverly Bank mobile app has been given a 4.3 out of 5 (with 9 customer reviews on Apple and Android) compared to the national average of 3.8. Beverly Bank's mobile app allows you to manage your accounts by reviewing current statements, sending and receiving money and reaching customer service. Beverly Bank gets an exceptional consumer satisfaction rating due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.3/5
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

Beverly Bank ranks as a medium-size bank and has assets totaling $447 million and $376 million in deposits. Beverly Bank's Texas Ratio is 2.15%, indicating a minute possibility of failure. Additionally, Beverly 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 Beverly Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $10
Checking Account 0.05% APY $10
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.75% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.75% APY
$500 for all terms
Money Market Accounts 0.2% APY 0.25% APY $10000 $15000

Beverly 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. Beverly Bank does not have the best savings rate, which means you should consider 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. Beverly Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Beverly Bank Near Me

Beverly Bank has six physical locations in the U.S.

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