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Cambridge Savings 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
Cambridge Savings Bank Savings
0.05% APY

Overview

Our Rating: 4.5/5 How we calculated this rating

Cambridge Savings Bank first started operating in 1834 and its headquarters are located in Cambridge, Massachusetts. It manages assets totaling $4 billion and deposits totaling $3 billion, making it a large bank. Cambridge Savings Bank has above-average customer service access with all-day support available, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. With a commendable 4.5 stars out of 5, Cambridge Savings Bank proves it is an exceptional bank that you should seriously consider. 

Cambridge Savings Bank offers a full array of product offerings, which include savings accounts, checking accounts, money market accounts, IRAs, brokerage accounts, mortgage products and credit cards. Cambridge Savings Bank has a fair savings rate, which means other popular banks have higher rates. Perfect for basic banking needs, Cambridge Savings Bank offers one without a monthly fee. Why have checking and savings accounts with the same bank? Convenient transferring of funds between both accounts translates to better interest rates in your savings account with the option of spending from your checking.

Service Quality

Cambridge Savings Bank is a brick-and-mortar bank, with 18 total bank locations in Massachusetts. It also offers access to mobile and web apps for straightforward access and banking on the go. It provides all-day access to representatives. 

Cambridge Savings Bank's online and mobile banking platforms get high praise from customers: the Cambridge Savings Bank mobile app rates a 4.5 out of 5 (with 870 ratings on iOS and Android) compared to the national average of 3.8. You can use Cambridge Savings Bank's app to control your finances by reviewing monthly statements, transferring funds and reaching customer service. Cambridge Savings Bank receives an outstanding consumer satisfaction score due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Accounts Compare Offers
  • 0.05% APY
$10
Certificates of Deposit Compare Offers
  • 12 Month: 0.45% APY
  • 24 Month: 0.80% APY
  • 36 Month: 0.90% APY
  • 60 Month: 2.25% APY
$1,000 for all tiers
Money Market Accounts Compare Offers
  • 10K tier: 0.25% APY
$10,000
Checking Accounts Compare Offers
  • 0.05% APY
$1

Cambridge Savings Bank has several deposit products like savings accounts, checking accounts and money market accounts, meaning you have many options to manage your money. Cambridge Savings Bank 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. Cambridge Savings Bank's CD rates are competitive compared to the national average. 

Rates

With a savings rate of 0.05%, Cambridge Savings Bank ranks below the mean compared to the average U.S. bank. Cambridge Savings Bank's one-year and five-year term lengths CD's earn at a rate of 0.45% and 2.25%, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Cambridge Savings Bank has a fair savings rate compared to the average savings account. Consider other options to earn more on your deposits.

Compare Cambridge Savings Bank to Other Competitive Offers

Fees

Cambridge Savings Bank charges customers extremely low fees compared to the national average. With no monthly fee, Cambridge Savings Bank is perfect for people who want a basic banking experience. Also, Cambridge Savings Bank has an overdraft fee of $20, which is noticeably lower than the national average overdraft fee, making it perfect for those who frequently overdraft. 

Financial Health

Cambridge Savings Bank ranks as a large bank owning $4 billion in assets and deposits totaling $3 billion. Cambridge Savings Bank's Texas Ratio is 3.98%, signifying that the bank is in terrific financial shape and extremely improbable to fail. Additionally, Cambridge Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Cambridge Savings Bank Near Me

Cambridge Savings Bank has 18 physical branches in the U.S.

 

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