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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

Started in 1831, Dedham Institution for Savings Bank has $1 billion in assets along with deposits totaling $1 billion, making it a large bank. Dedham Institution for Savings, whose headquarters are in Dedham, Massachusetts, has above-average customer service access 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 4.2 out of 5 stars, Dedham Institution for Savings proves it is a great bank that you should seriously consider. Dedham Institution for Savings has a variety of banking products, including savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Dedham Institution for Savings has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Dedham Institution for Savings's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is the best bet for returning the most income from your deposits alongside easy 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 in comparison to other U.S. banks. Its one-year CD earns at a rate of 0.50% and the five-year CD has a rate of 2.53%, 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 choosing another bank to earn more on your deposits.

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

On average, Dedham Institution for Savings charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Dedham Institution for Savings is perfect for those who want a simple banking experience. Dedham Institution for Savings unfortunately doesn't reimburse out-of-network ATM fees, meaning you will have to locate a Dedham Institution for Savings 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

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 an easy mobile-banking experience. Additionally, Dedham Institution for Savings customers can access live chat for help, an alternative customer service tool if you can't call in during business hours. Dedham Institution for Savings gets moderate feedback from users for its mobile app. Out of 16 customer reviews across iOS and Android platforms, the Dedham Institution for Savings mobile app has an overall rating of 3.6 out of 5 (compared to the national average of 3.8). You can use Dedham Institution for Savings's mobile app to manage your funds by monitoring current statements, sending and receiving funds and reaching support representatives. Dedham Institution for Savings gets an excellent consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed 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 with assets totaling $1 billion and $1 billion in deposits. Its Texas Ratio is 2.56%, indicating a low likelihood of 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 Accounts 0.05% APY 0.05% APY $10000 $15000

Dedham Institution for Savings Bank has 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 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. Dedham Institution for Savings's CD rates are fair in comparison to the national average.

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Find a Dedham Institution for Savings Near Me

Dedham Institution for Savings has 14 locations across the U.S.

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