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Country Bank for Savings Review

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Country Bank for Savings Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1850, Country Bank for Savings has $2 billion in assets as well as $1 billion in deposits, making the institution a large bank. Country Bank for Savings, whose headquarters are in Ware, Massachusetts, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.3 stars out of 5, Country Bank for Savings should be solidly in contention for your choice of bank. Country Bank for Savings offers a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Country Bank for Savings has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking account does not carry a monthly maintenance fee. Locating a bank with no-fee checking, in addition to a high interest rate savings account is your best option for accruing the highest income from your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

With a savings rate of 0.15%, Country Bank for Savings ranks poorly compared to the average U.S. bank. Its CD rates are 0.60% and 1.60% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given Country Bank for Savings's below average savings rate, you should think about looking at the competition to open savings accounts.

How Country Bank for Savings's Savings Rates Compare

Country Bank for Savings Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Country Bank for Savings typically has extremely low fees in comparison to the average U.S. bank. With no monthly fee, Country Bank for Savings is perfect for those who want a basic banking experience. Country Bank for Savings unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll be required to find a Country Bank for Savings ATM or pay 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

4.0
SmartAsset Average: 3.7

Country Bank for Savings is a brick-and-mortar bank, with 15 total bank locations in Massachusetts. With mobile and web apps, Country Bank for Savings makes account access easy, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. ET; Saturday, and 9:00 a.m. to 12:00 p.m. ET. Country Bank for Savings's online and mobile banking services get relatively decent scores from users. The Country Bank for Savings mobile app has an overall rating of 4.1 out of 5 (with 34 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Country Bank for Savings's mobile app to control your finances by checking monthly statements, transferring funds as well as reaching support representatives. Country Bank for Savings gets a superb consumer satisfaction rating due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Country Bank for Savings ranks as a large bank owning assets totaling $2 billion as well as deposits totaling $1 billion. Country Bank for Savings's Texas Ratio is 4.50%, signifying a minute possibility of failure. Additionally, Country Bank for Savings is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.5%
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 Country Bank for Savings to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $10
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 1.15% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.60% APY
$500 for all terms
Money Market Account 0.25% APY $10001

Country Bank for Savings has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Country Bank for Savings 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. Country Bank for Savings's CD rates are fair compared to the average U.S. bank.

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Find a Country Bank for Savings Near Me

Country Bank for Savings has 15 branches across the U.S.

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