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Cambridge Trust Company 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 Trust Company Savings
0.02% APY

Overview

Our Rating: 3.7/5 How we calculated this rating

Founded in 1890, Cambridge Trust Company Bank has assets totaling $2 billion as well as $2 billion in deposits, which makes the institution a large bank. Cambridge Trust Company, whose headquarters are in Cambridge, Massachusetts, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 3.7 stars out of 5, Cambridge Trust Company should be near the middle of the pack in your search for a bank. 

Cambridge Trust Company provides customers with a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Cambridge Trust Company has a fair savings rate compared to the average savings account. The bank's standard checking account carries a $9.95 monthly fee, which may be better for customers that will always carry a large balance. Why use checking and savings accounts with the same bank? Convenient transferring between both accounts means you can still get higher interest rates in your savings account but still access your money from your checking.

Service Quality

Cambridge Trust Company Bank is a brick-and-mortar bank, with 14 total bank locations in Massachusetts and New Hampshire. It also offers access to mobile and web apps for an easy mobile-banking experience.  

Cambridge Trust Company's online and mobile banking services get low feedback from users: the Cambridge Trust Company mobile app rates a 2.4 out of 5 (out of 25 customer reviews on iOS and Android) compared to the national average of 3.8. Cambridge Trust Company's mobile app lets you manage your accounts by checking current statements, transferring funds and accessing customer service. Cambridge Trust Company gets an excellent consumer satisfaction rating based on comparatively few complaints registered 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 0.02% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.65% APY
  • 60 Month: 1.10% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.15% APY $2,500 Compare Offers
Checking Accounts 0.01% APY $1,500 Compare Offers

Cambridge Trust Company Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. Cambridge Trust Company does not have the best savings rate, which means you should consider 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. Cambridge Trust Company's CD rates are fair as compared against the national average.

Rates

With a savings rate of 0.02%, Cambridge Trust Company ranks below the mean compared to other U.S. banks. Cambridge Trust Company's one-year CD earns at a rate of 0.30% and the five-year CD earns at a rate of 1.10%, while its highest-yielding money market account earns at an APY of 0.15%. Given Cambridge Trust Company's poor savings rate, you should consider other options to earn more on your deposits.

Compare Cambridge Trust Company to Other Competitive Offers

Fees

Cambridge Trust Company Bank has generally above-average fees compared to the national average. At $9.95 per month, Cambridge Trust Company is less than the best option for people who want a simple checking account. For those who will need cash in a pinch, Cambridge Trust Company is good because it has an ATM fee of $1.00, which is good compared to the average U.S. bank. Also, at $35, its overdraft fee is lower than that of other U.S. banks. Cambridge Trust Company reimburses their ATM fees (with conditions), which gives handy access to cash at any time.

Financial Health

Cambridge Trust Company is a large bank and has $2 billion in assets and $2 billion in deposits. It has an excellent Texas Ratio of 0.80%, signifying that Cambridge Trust Company is in terrific financial shape and extremely far from failure. Additionally, Cambridge Trust Company is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Cambridge Trust Company Near Me

Cambridge Trust Company has 14 physical locations in the U.S.

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