Enterprise Bank and Trust Company Review

Overview

Started in 1989, Enterprise Bank and Trust Company has $4.48 billion in assets along with $4.06 billion in deposits, classifying it as a large bank. Enterprise Bank and Trust Company, whose headquarters are in Lowell, Massachusetts, has above-average access to customer service 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. Coming in at a commendable 4 stars out of 5, Enterprise Bank and Trust Company is a respectable bank that deserves your consideration. Enterprise Bank and Trust Company offers a complete choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Enterprise Bank and Trust Company has a fair savings rate; other popular banks have higher rates. The bank's standard checking account has a $10.00 monthly fee, making it a rather costly bank for checking. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same institution is the best bet for returning the most income from your deposits while having easy access to your money.

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

Enterprise Bank and Trust Company has a savings rate of 0.01%, which is fair in comparison to other U.S. banks. Enterprise Bank and Trust Company's one-year CD has a rate of 2.00% and the five-year CD earns at a rate of 2.50%, while its highest-yielding money market account earns at an APY of 0.15%. Given Enterprise Bank and Trust Company's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Enterprise Bank and Trust Company's Savings Rates Compare

Enterprise Bank and Trust Company typically has above-average fees in comparison to the national average. At $10.00/month, Enterprise Bank and Trust Company is less than great for those who want a basic banking experience. For those who use cash often, Enterprise Bank and Trust Company is ideal because it charges no out-of-network ATM fees. Enterprise Bank and Trust Company reimburses any incurred out-of-network ATM charges, which gives handy access to cash at any time.

Enterprise Bank and Trust Company is a brick-and-mortar bank, with 27 total branches in Massachusetts and New Hampshire. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 8:00 p.m. ET; Saturday, and 7:00 a.m. to 2:00 p.m. ET. Enterprise Bank and Trust Company also offers a live chat feature, which may provide helpful service without getting on the phone. Enterprise Bank and Trust Company's online and mobile banking platforms get moderate feedback from customers. With 38 customer reviews across both Apple and Android platforms, the Enterprise Bank and Trust Company mobile app is scored at 3.9 out of 5 (compared to the national average of 3.8). Enterprise Bank and Trust Company's mobile app allows you to manage your accounts by looking at account balances, transferring funds and accessing support representatives. Enterprise Bank and Trust Company gets a superb consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Enterprise Bank and Trust Company is currently a large bank with assets totaling $4.48 billion as well as $4.06 billion in deposits. It has an excellent Texas Ratio of 2.78%, signifying that Enterprise Bank and Trust Company is in excellent financial condition and improbable to fail. Additionally, Enterprise Bank and Trust Company 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.

Products Offered

Enterprise Bank and Trust Company has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Enterprise Bank and Trust Company 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. Enterprise Bank and Trust Company's CD rates are fair compared to the national average.

Find a Enterprise Bank and Trust Company Near Me

Enterprise Bank and Trust Company has 27 physical branches across the U.S.