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East Cambridge Savings Bank Review

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

Overview

Started in 1854, East Cambridge Savings Bank has assets totaling $1 billion along with deposits totaling $864 million, ranking it as a medium-size bank. East Cambridge Savings Bank, whose headquarters are in Cambridge, Massachusetts, lacks premium access to support representatives, 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. With a score of 4.3 stars out of 5, East Cambridge Savings Bank should be solidly in contention for your choice of bank. East Cambridge Savings Bank offers a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It 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 standard checking account does not carry a monthly fee. Institutions that offer free checking as well as a high interest rate savings account are your best option for gaining the highest income on your deposits alongside easy 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

2.9
SmartAsset Average: 3.5

East Cambridge Savings Bank has a savings rate of 0.05%, which is poor as compared against the national average. Its one-year CD earns at a rate of 0.40% and the five-year CD has a rate of 1.81%, while its highest-yielding money market account earns at an APY of 0.10%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How East Cambridge Savings Bank's Savings Rates Compare

East Cambridge Savings Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

East Cambridge Savings Bank charges its customers extremely low fees as compared against the national average. East Cambridge Savings Bank's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. East Cambridge Savings Bank does not reimburse out-of-network ATM charges, meaning you'll need to search for an East Cambridge Savings Bank ATM or accept the withdrawal 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

4.3
SmartAsset Average: 3.7

East Cambridge Savings Bank is a brick-and-mortar bank, with 11 total branches in Massachusetts. With mobile and web apps, East Cambridge Savings Bank makes mobile banking straightforward, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 9:00 a.m. to 6:00 p.m. ET; Saturday, and 8:30 a.m. to 1:00 p.m. ET. East Cambridge Savings Bank receives positive ratings from customers for its mobile banking services. Out of 250 customer reviews on iOS and Android platforms, the East Cambridge Savings Bank mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). You can use East Cambridge Savings Bank's app to manage your finances by looking at account balances, sending and receiving funds as well as reaching support representatives. East Cambridge Savings Bank receives an excellent consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

East Cambridge Savings Bank is a medium-size bank owning assets totaling $1 billion as well as deposits totaling $864 million. Its Texas Ratio is 0.49%, signifying a low chance of failure. Additionally, East Cambridge Savings 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.

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Compare East Cambridge Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $10
Checking Account 0.05% APY $10
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.90% APY
  • 36 Month: 1.31% APY
  • 48 Month: 1.51% APY
  • 60 Month: 1.81% APY
$1000 for all terms
Money Market Account 0.1% APY $10

East Cambridge Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. East Cambridge Savings 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. East Cambridge Savings Bank's CD rates are fair as compared against the national average.

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Find a East Cambridge Savings Bank Near Me

East Cambridge Savings Bank has 11 locations in the U.S.

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