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Bogota Savings Bank Review

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

Overview

Bogota Savings Bank was founded in 1893 and has its headquarters in Bogota, New Jersey. It manages $641 million in assets as well as $481 million in deposits, classifying it as a medium-size bank. Bogota Savings Bank lacks premium access to support representatives, 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 offerings. At a SmartAsset rating of 4.5 stars out of 5, Bogota Savings Bank should be solidly in contention for your choice of bank. Bogota Savings Bank provides customers with a full selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Bogota Savings Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Bogota Savings Bank's ordinary checking account does not have a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best option for returning the most income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

3.8
SmartAsset Average: 3.5

Bogota Savings Bank features a savings rate of 0.20%, which is poor compared to the average U.S. bank. Bogota Savings Bank's one-year and five-year term lengths CDs earn at a rate of 2.63% and 2.65%, respectively, while its highest-yielding money market account earns at an APY of 0.20%. Given Bogota Savings Bank's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Bogota Savings Bank's Savings Rates Compare

Bogota Savings Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Bogota Savings Bank typically has extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Bogota Savings Bank does not reimburse out-of-network ATM fees, meaning you will need to locate a Bogota Savings Bank ATM or eat the withdrawal fee.

Monthly Fee $0 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

4.3
SmartAsset Average: 3.7

Bogota Savings Bank is a brick-and-mortar bank, with four total bank locations in New Jersey. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Bogota Savings Bank gets positive scores from customers for its mobile app. With 11 ratings across iOS and Android platforms, the Bogota Savings Bank mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). Bogota Savings Bank's mobile app allows you to manage your funds by checking current statements, sending and receiving money and reaching support representatives. Bogota Savings Bank gets a superb consumer satisfaction score due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Bogota Savings Bank is a medium-size bank and owns assets totaling $641 million as well as deposits totaling $481 million. Bogota Savings Bank's Texas Ratio is 5.08%, denoting that the bank is in fine financial condition and unlikely to fail. Additionally, Bogota 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

5.08%
High Risk 75% 50% 20% 10% Low Risk

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 Bogota 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 0.04% APY $500
Certificates of Deposit
  • 12 Month: 2.63% APY
  • 24 Month: 2.79% APY
  • 36 Month: 2.50% APY
  • 48 Month: 2.50% APY
  • 60 Month: 2.65% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.2% APY $10000 $15000

Bogota Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Bogota 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. Bogota Savings Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Bogota Savings Bank Near Me

Bogota Savings Bank has four physical locations across the U.S.

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