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Blue Hills 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
Blue Hills Bank Savings
0.05% APY

Overview

Our Rating: 4.0/5 How we calculated this rating

Established in 1871, Blue Hills Bank has assets totaling $3 billion and deposits totaling $2 billion, which makes the institution a large bank. Blue Hills Bank, whose headquarters are in Boston, 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 access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated the bank 4 out of 5 stars, which means Blue Hills Bank is a respectable bank that deserves your consideration. 

Blue Hills Bank offers a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Blue Hills Bank has a fair savings rate compared to the average savings account. Opening accounts in one place can be perfect when you want to get the most return on your money while retaining convenient access to your funds.

Service Quality

Blue Hills Bank is a brick-and-mortar bank, with 11 total bank locations in Massachusetts. With mobile and web apps, Blue Hills Bank makes mobile banking easy, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:30 a.m. to 6:00 p.m. ET; Saturday, 8:30 a.m. to 2:00 p.m. ET. 

Blue Hills Bank receives fair feedback from users for its mobile banking services: the Blue Hills Bank mobile app has been given a 3.7 out of 5 (out of 47 ratings on Apple and Android) compared to the national average of 3.8. Blue Hills Bank's mobile app allows you to control your finances by monitoring monthly statements, transferring money as well as accessing support representatives. Blue Hills Bank receives a superb consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $10 Compare Offers
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.65% APY
$10 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.15% APY
  • 25K tier: 0.20% APY
  • $10,000
  • $25,000
Compare Offers

Blue Hills Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. It does not have the best savings rate, which means you should think about other options 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. Blue Hills Bank's CD rates are fair as compared against the national average.

Rates

With a savings rate of 0.05%, Blue Hills Bank ranks below the mean as compared against the national average. Its CDs feature a rate of 0.40% and 1.65% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.20%. Given Blue Hills Bank's noncompetitive savings rate, you should contemplate choosing another bank to earn more on your deposits.

Compare Blue Hills Bank to Other Competitive Offers

Fees

Blue Hills Bank has generally low fees compared to other U.S. banks. For those who regularly visit the ATM, it is ideal because it has no ATM fees. Also, at $35, it has a lower overdraft fee compared to that of other U.S. banks, making it good for those who don't check their balance often. 

Financial Health

Blue Hills Bank is a large bank with $3 billion in assets as well as $2 billion in deposits. Its Texas Ratio is 3.30%, signifying that Blue Hills Bank is in superb financial condition and extremely improbable to fail. Additionally, Blue Hills Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Blue Hills Bank Near Me

Blue Hills Bank has 11 branches in the U.S.

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