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Carver Federal Savings Bank Review

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Carver Federal Savings Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Carver Federal Savings Bank first started operating in 1948 and its headquarters are located in New York, New York. It owns assets of $657 million along with $569 million in deposits, ranking it as a medium-size bank. Carver Federal 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. On the whole, Carver Federal Savings Bank is a fair bank that you should look closer at to see if it fits your needs, with a score of 3.4 stars out of 5 from our experts. Carver Federal Savings Bank provides customers with a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs and IRAs. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product maintains a $10.00 monthly fee, making it a rather expensive bank for checking. Institutions that offer free checking and a high interest rate savings account are the best bet for getting the highest income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.4/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

With a savings rate of 0.25%, Carver Federal Savings Bank ranks poorly compared to the national average. Carver Federal Savings Bank's one-year CD earns at a rate of 1.01% and the five-year CD has a rate of 1.92%, while its highest-yielding money market account earns at a rate of 0.15%. Given Carver Federal Savings Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How Carver Federal Savings Bank's Savings Rates Compare

Carver Federal Savings Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Carver Federal Savings Bank generally has high fees in comparison to the national average. At $10.00 per month, Carver Federal Savings Bank is less than ideal for people who want a basic banking experience. Carver Federal Savings Bank doesn't refund out-of-network ATM charges, which means you'll be required to find a Carver Federal Savings Bank ATM or eat the withdrawal fee.

Monthly Fee $10.00 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

3.4
SmartAsset Average: 3.7

Carver Federal Savings Bank is a brick-and-mortar bank, with nine total branches in New York. With mobile and web apps, Carver Federal Savings Bank makes account access easy, even on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Wednesday, 8:30 a.m. to 7:00 p.m. ET; Thursday and Friday, 8:30 a.m. to 8:00 p.m. ET; Saturday, and 9:00 a.m. to 2:00 p.m. ET. Carver Federal Savings Bank gets poor feedback from users for its mobile banking services. The Carver Federal Savings Bank mobile app has an overall rating of 3.0 out of 5 (out of 79 reviews on iOS and Android) compared to the national average of 3.8. Carver Federal Savings Bank's mobile app allows you to manage your finances by reviewing account balances, transferring funds as well as reaching support representatives. Carver Federal Savings Bank gets an exceptional consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Carver Federal Savings Bank is currently a medium-size bank owning $657 million in assets and deposits totaling $569 million. Carver Federal Savings Bank's Texas Ratio is 11.80%, denoting that the bank is in good financial well-being and unlikely to fail. Additionally, Carver Federal 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

11.8%
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 Carver Federal Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $300
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.01% APY
  • 24 Month: 1.36% APY
  • 36 Month: 1.56% APY
  • 48 Month: 1.82% APY
  • 60 Month: 1.92% APY
$2500 for all terms
Money Market Account 0.15% APY $2500

Carver Federal Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Carver Federal Savings Bank does not have the best savings rate, which means you should think about taking a look elsewhere 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. Carver Federal Savings Bank's CD rates are fair as compared against the national average.

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Find a Carver Federal Savings Bank Near Me

Carver Federal Savings Bank has nine branches in the U.S.

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