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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

East Cambridge Savings Bank was founded in 1854 and is headquartered in Cambridge, Massachusetts. It has $1 billion in assets along with $864 million in deposits, classifying it as a medium-size bank. East Cambridge Savings Bank 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 in-person service, in addition to its online and mobile offerings. With a commendable 4.3 stars out of 5, East Cambridge Savings Bank proves it is a great choice and should warrant serious consideration. East Cambridge Savings Bank offers a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, East Cambridge Savings Bank's standard checking does not carry a monthly fee. Banks that offer no-fee checking as well as a high savings APY are the best bet for returning the most income from your deposits while maintaining 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

2.9
SmartAsset Average: 3.5

East Cambridge Savings Bank features a savings rate of 0.05%, which is fair in comparison to the average U.S. bank. East Cambridge Savings Bank's one-year CD has a rate of 0.40% and the five-year CD earns at a rate of 1.81%, while its highest-yielding money market account has an APY of 0.10%. Given East Cambridge Savings Bank's poor savings rate, you should think about taking a look at other banks for savings accounts.

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 has generally extremely low fees in comparison to the national average. With no monthly fee, East Cambridge Savings Bank is perfect for people who want a simple banking experience. East Cambridge Savings Bank unfortunately does not reimburse out-of-network ATM fees, meaning you'll have to locate an East Cambridge Savings Bank ATM or eat the ATM charge.

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 easy, even on the go. It does not offer all-day customer service with representatives. You can get help during its customer service 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's online and mobile banking platforms receive high praise from users. With 250 customer reviews across both iOS and Android platforms, the East Cambridge Savings Bank mobile app has an overall rating of 4.6 out of 5 (compared to the national average of 3.8). You can access East Cambridge Savings Bank's mobile app to manage your finances by checking account balances, transferring money and accessing support representatives. East Cambridge Savings Bank gets an outstanding consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 ranks as a medium-size bank owning $1 billion in assets and deposits totaling $864 million. Its Texas Ratio is 0.49%, denoting that the bank is in superb financial shape and far from 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 Accounts 0.1% APY 0.1% APY $10000 $15000

East Cambridge 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. East Cambridge Savings Bank 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. East Cambridge Savings Bank's CD rates are fair compared to the national average.

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Find a East Cambridge Savings Bank Near Me

East Cambridge Savings Bank has 11 physical branches across the U.S.

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