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Brookline Bank Review

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

Overview

Brookline Bank first started operating in 1871 and has its headquarters in Brookline, Massachusetts. Brookline Bank manages $4 billion in assets and $3 billion in deposits, making it a large bank. Brookline Bank lacks premium access to support representatives, 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 offerings. SmartAsset experts rated the bank 4 out of 5 stars, indicating that Brookline Bank is a respectable bank that deserves your consideration. Brookline Bank provides customers with a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Brookline Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly fee. Finding a checking account with no monthly fee and a savings account with a high APY at the same institution is your best bet for getting the most income on your deposits while maintaining easy 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%, Brookline Bank ranks poorly compared to the average U.S. bank. Its CD rates are 0.50% and 1.75% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.75%. Given Brookline Bank's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How Brookline Bank's Savings Rates Compare

Brookline Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.6
SmartAsset Average: 4.4

On average, Brookline Bank charges customers extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Also, at $35.00, Brookline Bank has a lower overdraft fee compared to that of other U.S. banks. Brookline Bank does not reimburse out-of-network ATM fees, which means you'll need to search for a Brookline Bank ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Brookline Bank is a brick-and-mortar bank, with 27 total bank locations in Massachusetts. With mobile and web apps, Brookline Bank makes mobile banking straightforward, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 2:00 p.m. ET. Brookline Bank's online and mobile banking platforms get mediocre feedback from users. The Brookline Bank mobile app is rated at 3.3 out of 5 (with 38 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize Brookline Bank's app to control your funds by looking at account balances, transferring funds as well as reaching customer service. Brookline Bank receives an exceptional consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.3/5
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

Brookline Bank is currently a large bank owning $4 billion in assets as well as $3 billion in deposits. Brookline Bank's Texas Ratio is 3.90%, indicating a negligible probability of failure. Additionally, Brookline Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.9%
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 Brookline Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.90% APY
  • 36 Month: 1.25% APY
  • 60 Month: 1.75% APY
$1000 for all terms
Money Market Accounts 0.4% APY 0.75% APY $10000 $15000

Brookline Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Brookline 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. Brookline Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Brookline Bank Near Me

Brookline Bank has 27 branches in the U.S.

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