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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 started in 1948 and its headquarters are located in New York, New York. It owns $657 million in assets as well as deposits totaling $569 million, classifying it as a medium-size bank. Carver Federal Savings Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a poor 3.4 out of 5 stars, Carver Federal Savings Bank is a fair bank that you should look closer at to see if it fits your needs. Carver Federal Savings Bank offers a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs and IRAs. Carver Federal Savings Bank has a fair savings rate compared to the average savings account. The bank's standard checking product maintains a monthly fee of $10.00, which ranks on the higher end of monthly fees. Institutions that offer free checking and a high savings APY are your best option for accruing the most income from your deposits while maintaining easy access to your funds.

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

Carver Federal Savings Bank has a savings rate of 0.25%, which is poor in comparison to other U.S. banks. Its one-year CD earns at a rate of 1.01% and the five-year CD earns at a rate of 1.92%, while its highest-yielding money market account has a rate of 0.15%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

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 as compared against the national average. Carver Federal Savings Bank's checking account has a monthly fee of $10.00, rating it fair for anyone looking for a simple account. Carver Federal Savings Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will be required to search for a Carver Federal Savings Bank ATM or accept 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. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its customer service 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 unsatisfactory reviews from users for its mobile platform. Out of 79 customer reviews across both Apple and Android platforms, the Carver Federal Savings Bank mobile app rates a 3.0 out of 5 (compared to the national average of 3.8). Carver Federal Savings Bank's mobile app lets you manage your finances by looking at monthly statements, sending and receiving funds as well as reaching support representatives. Carver Federal Savings Bank receives a superb consumer satisfaction rating based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 a medium-size bank and has assets totaling $657 million and deposits totaling $569 million. Carver Federal Savings Bank's Texas Ratio is 11.80%, signifying a small possibility of failure. 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 offers 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 compared to the average U.S. bank.

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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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