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Cornerstone Bank Review

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


Cornerstone Bank first started operating in 1871 and its headquarters are located in Spencer, Massachusetts. It handles $1 billion in assets along with deposits totaling $876 million, making it a medium-size bank. Cornerstone 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 in-person service, in addition to its online and mobile apps. On the whole, Cornerstone Bank is a great choice and should warrant serious consideration, with a score of 4.2 out of 5 stars from our team. Cornerstone Bank provides customers with a full array 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, Cornerstone Bank offers an option without a monthly fee. Banks that offer free checking and a high interest rate savings account are the best option for gaining the most income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Cornerstone Bank has a savings rate of 0.05%, which is poor compared to the national average. Cornerstone Bank's one-year CD earns at a rate of 0.25% and the five-year CD has a rate of 0.75%, while its highest-yielding money market account earns at a rate of 0.25%. Given Cornerstone Bank's poor savings rate, you should consider looking elsewhere to open savings accounts.

How Cornerstone Bank's Savings Rates Compare

Cornerstone Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

On average, Cornerstone Bank charges its customers extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Also, Cornerstone Bank has an overdraft fee of $27.00, which is considerably lower than the average overdraft fee charged by U.S. banks. Cornerstone Bank unfortunately does not refund out-of-network ATM fees, which means you'll need to find a Cornerstone Bank ATM or pay the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $27.00 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Cornerstone Bank is a brick-and-mortar bank, with 15 total bank locations in Massachusetts. It also offers access to mobile and web apps for easy access and banking on the go. Cornerstone Bank receives fairly good reviews from customers for its mobile app. Out of 46 ratings on Apple and Android platforms, the Cornerstone Bank mobile app has an overall rating of 4.3 out of 5 (compared to the national average of 3.8). Cornerstone Bank's mobile app lets you control your accounts by checking current statements, sending and receiving funds and reaching support representatives. Cornerstone Bank gets an exceptional consumer satisfaction score due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Cornerstone Bank ranks as a medium-size bank owning assets totaling $1 billion as well as $876 million in deposits. Cornerstone Bank's Texas Ratio is 4.37%, indicating that Cornerstone Bank is in outstanding financial well-being and improbable to fail. Additionally, Cornerstone Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Cornerstone Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $10
Checking Account 0.1% APY $10
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.75% APY
  • 36 Month: 0.75% APY
  • 48 Month: 0.75% APY
  • 60 Month: 0.75% APY
$500 for all terms
Money Market Account 0.25% APY $5000

Cornerstone Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Cornerstone 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. Cornerstone Bank's CD rates are fair in comparison to the national average.

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Find a Cornerstone Bank Near Me

Cornerstone Bank has 15 physical locations in the U.S.

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