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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

Founded in 1888, Beverly Bank has assets totaling $447 million along with deposits totaling $376 million, making the institution a medium-size bank. Beverly Bank, whose headquarters are in Beverly, Massachusetts, 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 in-person service, in addition to its online and mobile apps. On the whole, Beverly Bank is a respectable bank that gets the job done, with a score of 4.0 out of 5 stars from the SmartAsset team. Beverly Bank offers the full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account carries a monthly fee of $5.00, making it a rather pricey bank for checking. Finding a checking account with no monthly fee and a savings account with a high APY at the same bank is the best bet for getting the most income on your deposits while having convenient access to your funds.

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

Beverly Bank features a savings rate of 0.05%, which is fair compared to the average U.S. bank. Its CDs feature a rate of 0.50% and 2.75% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.25%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.

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 has generally average fees in comparison to other U.S. banks. At $5.00 per month, Beverly Bank's checking account is less than great for those who want an easy checking account. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. Beverly Bank unfortunately does not reimburse out-of-network ATM charges, which means you will be required to find 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 convenient, even on the go. Beverly Bank receives moderately good reviews from customers for its mobile app. Out of 9 ratings across iOS and Android platforms, the Beverly Bank mobile app rates a 4.3 out of 5 (compared to the national average of 3.8). Beverly Bank's mobile app allows you to manage your accounts by looking at monthly statements, transferring money as well as reaching customer service. Beverly Bank receives an exceptional consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 is currently a medium-size bank owning assets totaling $447 million and deposits totaling $376 million. It has an excellent Texas Ratio of 2.15%, denoting a minute chance 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 Account 0.2% APY $2500

Beverly Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you 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 compared to the national average.

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Find a Beverly Bank Near Me

Beverly Bank has six locations across the U.S.

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