Boiling Springs Savings Bank Review

Boiling Springs Savings Bank Savings

0.40% APY

Boiling Springs Savings Bank was founded in 1939 with headquarters located in Rutherford, New Jersey. It manages $2 billion in assets and deposits totaling $1 billion, which makes it a large bank. Boiling Springs Savings Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.1 stars out of 5, Boiling Springs Savings Bank proves it is a respectable bank that gets the job done. 

Boiling Springs Savings Bank provides customers with a complete choice of product offerings, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Good for stashing your cash, Boiling Springs Savings Bank's savings account has a solid interest rate. If you're looking for a checking account for everyday use, the bank's standard checking account does not carry a monthly fee. Why keep checking and savings accounts with the same bank? Convenient transferring between the two accounts means you can still get better interest rates in your savings account but still have access to your funds from your checking.

Service Quality

Boiling Springs Savings Bank is a brick-and-mortar bank, with 17 total branches in New Jersey. It also offers access to mobile and web apps for easy access and banking on the go.  

You can use Boiling Springs Savings Bank's mobile app to manage your finances by monitoring current statements, transferring funds and reaching customer service. Boiling Springs Savings Bank gets an outstanding consumer satisfaction score based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Boiling Springs Savings Bank has several deposit products like savings accounts, checking 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 looking elsewhere 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. Boiling Springs Savings Bank's CD rates are competitive in comparison to other U.S. banks.

Rates

With a savings rate of 0.40%, Boiling Springs Savings Bank ranks around the mean compared to the national average. Its one-year CD has a rate of 2.10% and the five-year CD earns at a rate of 2.10%, while its highest-yielding money market account earns at a rate of 0.4%. With a decent APY, Boiling Springs Savings Bank's savings account is perfect if you want especially for a noteworthy occasion such as a new mortgage.

Fees

On average, Boiling Springs Savings Bank charges its customers extremely low fees compared to other U.S. banks. With no monthly fee, Boiling Springs Savings Bank's checking account is ideal for people who need an easy checking account. Boiling Springs Savings Bank reimburses their ATM fees (with conditions), which means convenient access to cash at any time.

Financial Health

Boiling Springs Savings Bank ranks as a large bank owning $2 billion in assets and deposits totaling $1 billion. Boiling Springs Savings Bank's Texas Ratio is 3.25%, suggesting an exceedingly minute probability of failure. Additionally, Boiling Springs Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Boiling Springs Savings Bank Near Me

Boiling Springs Savings Bank has 17 physical locations in the U.S.