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Claremont Savings Bank Review

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

Overview

Founded in 1907, Claremont Savings Bank has $416 million in assets along with deposits totaling $309 million, making it a medium-size bank. Claremont Savings Bank, whose headquarters are in Claremont, New Hampshire, has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a commendable 4.1 out of 5 stars, Claremont Savings Bank proves it is a good bank that gets the job done. Claremont Savings Bank offers a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Claremont Savings Bank's most basic checking does not have a monthly fee. Banks that offer free checking and a high savings APY are your best option for gaining the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
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%, Claremont Savings Bank ranks poorly in comparison to other U.S. banks. Its one-year CD has a rate of 0.50% and the five-year CD has a rate of 1.35%, while its highest-yielding money market account has a rate of 0.05%. Given Claremont Savings Bank's below average savings rate, you should consider other options to earn more on your deposits.

How Claremont Savings Bank's Savings Rates Compare

Claremont Savings Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Claremont Savings Bank generally has extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Claremont Savings Bank unfortunately doesn't reimburse out-of-network ATM charges, meaning you will need to find a Claremont Savings Bank ATM or eat the fee.

Monthly Fee $0 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

3.9
SmartAsset Average: 3.7

Claremont Savings Bank is a brick-and-mortar bank, with five total bank locations in New Hampshire and Vermont. With mobile and web apps, Claremont Savings Bank makes mobile banking straightforward, even on the go. Claremont Savings Bank also offers a live chat feature, key for getting quick access to customer service. Claremont Savings Bank gets average feedback from users for its mobile app. The Claremont Savings Bank mobile app scored a 3.5 out of 5 (out of 35 reviews on iOS and Android) compared to the national average of 3.8. You can access Claremont Savings Bank's mobile app to manage your finances by checking monthly statements, transferring money as well as accessing support representatives. Claremont Savings Bank gets a superb consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.6
SmartAsset Average: 4.8

Claremont Savings Bank is currently a medium-size bank owning $416 million in assets and $309 million in deposits. Claremont Savings Bank's Texas Ratio is 8.10%, denoting that Claremont Savings Bank is in good financial well-being and improbable to fail. Additionally, Claremont 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

8.1%
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 Claremont Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 1.25% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.06% APY
  • 60 Month: 1.35% APY
$500 for all terms
Money Market Accounts 0.05% APY 0.05% APY $10000 $15000

Claremont Savings 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. Claremont Savings Bank does not have the best savings rate, which means you should think about looking 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. Claremont Savings Bank's CD rates are fair compared to the average U.S. bank.

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Find a Claremont Savings Bank Near Me

Claremont Savings Bank has five physical branches across the U.S.

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