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Dedham Institution for Savings Review

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Dedham Institution for Savings Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Dedham Institution for Savings Bank first started operating in 1831 with headquarters in Dedham, Massachusetts. It owns assets of $1 billion and $1 billion in deposits, making it a large bank. Dedham Institution for Savings has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.2 out of 5 stars, Dedham Institution for Savings should be solidly in contention for your choice of bank. Dedham Institution for Savings provides customers with a full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Dedham Institution for Savings's standard checking account does not carry a monthly fee. Institutions that offer no-fee checking as well as a high interest rate savings account are the best option for getting the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
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

Dedham Institution for Savings features a savings rate of 0.05%, which is fair compared to the average U.S. bank. Dedham Institution for Savings's CDs feature a rate of 0.50% and 2.53% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.05%. Given Dedham Institution for Savings's noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Dedham Institution for Savings's Savings Rates Compare

Dedham Institution for Savings Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Dedham Institution for Savings Bank typically has extremely low fees as compared against the national average. With no monthly fee, Dedham Institution for Savings is ideal for people who want a simple banking experience. Dedham Institution for Savings does not reimburse out-of-network ATM charges, which means you'll be required to find a Dedham Institution for Savings ATM or eat the cost of withdrawal.

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

Dedham Institution for Savings Bank is a brick-and-mortar bank, with 14 total branches in Massachusetts. It also offers access to mobile and web apps for simple access and banking on the go. Additionally, Dedham Institution for Savings customers can access live chat for help, key for getting quick access to customer service. Dedham Institution for Savings's online and mobile banking platforms receive moderate marks from users. The Dedham Institution for Savings mobile app has an overall rating of 3.6 out of 5 (out of 16 ratings on iOS and Android) compared to the national average of 3.8. Dedham Institution for Savings's mobile app lets you control your funds by checking account balances, transferring money and accessing support representatives. Dedham Institution for Savings gets an outstanding consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.9
SmartAsset Average: 4.8

Dedham Institution for Savings is a large bank owning assets totaling $1 billion and deposits totaling $1 billion. Dedham Institution for Savings's Texas Ratio is 2.56%, denoting that the bank is in outstanding financial shape and far from failure. Additionally, Dedham Institution 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

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 Dedham Institution for Savings to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $10
Checking Account 0.05% APY $10
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.75% APY
  • 36 Month: 2.53% APY
  • 48 Month: 2.53% APY
  • 60 Month: 2.53% APY
$1000 for all terms
Money Market Account 0.05% APY $1000

Dedham Institution for Savings Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Dedham Institution for Savings does not have the best savings rate, which means you should consider other options 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. Dedham Institution for Savings's CD rates are fair compared to the national average.

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Find a Dedham Institution for Savings Near Me

Dedham Institution for Savings has 14 physical locations in the U.S.

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