
Overview
Established in 1871, Cornerstone Bank has assets totaling $1 billion along with $876 million in deposits, ranking the institution as a medium-size bank. Cornerstone Bank, whose headquarters are in Spencer, Massachusetts, lacks premium access to customer service, 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 apps. We gave Cornerstone Bank a 4.2 out of 5 stars, indicating that it is a solid pick to be your bank. Cornerstone Bank provides customers with the full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Cornerstone Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking does not carry a monthly maintenance charge. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best option for returning the most income from your deposits alongside easy access to your money.
How We Rated It
SmartAsset's Overall Rating
National Average: 4.1The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Rates
SmartAsset Average: 3.5With a savings rate of 0.05%, Cornerstone Bank ranks poorly 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 has a rate of 0.25%. Given Cornerstone Bank's noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.
How Cornerstone Bank's Savings Rates Compare
Fees
SmartAsset Average: 4.4Cornerstone Bank charges customers extremely low fees compared to the national average. With no monthly fee, Cornerstone Bank is perfect for people who want a basic banking experience. Also, at $27.00, Cornerstone Bank has a markedly lower overdraft fee compared to that of other U.S. banks. Cornerstone Bank doesn't reimburse out-of-network ATM fees, meaning you will be required to locate a Cornerstone Bank ATM or accept the fee.
Service Quality
SmartAsset Average: 3.7Cornerstone Bank is a brick-and-mortar bank, with 15 total bank locations in Massachusetts. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Cornerstone Bank receives reasonably high marks from users for its mobile banking services. The Cornerstone Bank mobile app has an overall rating of 4.3 out of 5 (with 46 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Cornerstone Bank's app to control your finances by checking monthly statements, sending and receiving money as well as accessing support representatives. Cornerstone Bank gets a superb consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
Financial Health
SmartAsset Average: 4.8Cornerstone Bank is currently a medium-size bank owning assets totaling $1 billion and $876 million in deposits. Its Texas Ratio is 4.37%, signifying a minute likelihood of failure. 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
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.
Back to OverviewCompare 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 |
| $500 for all terms |
Money Market Accounts | 0.25% APY 0.25% APY | $10000 $15000 |
Cornerstone Bank offers several deposit products like 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 consider 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 compared to other U.S. banks.
Back to OverviewFind a Cornerstone Bank Near Me
Cornerstone Bank has 15 physical locations in the U.S.
Back to Overview