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Enterprise Bank and Trust Company Review

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Enterprise Bank and Trust Company Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1989, Enterprise Bank and Trust Company has assets totaling $3 billion as well as deposits totaling $2 billion, which makes it a large bank. Enterprise Bank and Trust Company, whose headquarters are in Lowell, Massachusetts, has above-average customer service access 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 access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset experts rated the bank 4 out of 5 stars, indicating that Enterprise Bank and Trust Company is a respectable bank that warrants your consideration. Enterprise Bank and Trust Company provides customers with a varied 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 product has a monthly fee of $10.00, although banks sometimes have requirements that allow you to waive the fee. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best option for getting the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

Enterprise Bank and Trust Company features a savings rate of 0.02%, which is fair compared to the national average. Its one-year CD earns at a rate of 0.60% and the five-year CD earns at a rate of 1.85%, while its highest-yielding money market account earns at an APY of 0.05%. Given Enterprise Bank and Trust Company's below average savings rate, you should think about taking a look at other banks for savings accounts.

How Enterprise Bank and Trust Company's Savings Rates Compare

Enterprise Bank and Trust Company Savings 0.02 National Average 0.26 Compare Offers
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Fees

3.8
SmartAsset Average: 4.4

On average, Enterprise Bank and Trust Company charges its customers above-average fees compared to the national average. At $10.00 per month, Enterprise Bank and Trust Company is not the best option for those who want a simple checking account. For those who use cash often, it is perfect because it charges no out-of-network ATM fees. Enterprise Bank and Trust Company refunds any incurred out-of-network ATM fees, making withdrawals a free and convenient process.

Monthly Fee $10.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

Enterprise Bank and Trust Company is a brick-and-mortar bank, with 24 total bank locations 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. Additionally, Enterprise Bank and Trust Company offers a live chat feature, something to consider if you work during the customer service hours. Enterprise Bank and Trust Company's online and mobile banking services get fair marks from users. The Enterprise Bank and Trust Company mobile app rates a 3.9 out of 5 (out of 38 ratings on Apple and Android) compared to the national average of 3.8. Enterprise Bank and Trust Company's mobile app allows you to control your bank accounts by looking at monthly statements, sending and receiving funds and accessing support representatives. Enterprise Bank and Trust Company receives an exceptional consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.9/5
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

Enterprise Bank and Trust Company is currently a large bank owning $3 billion in assets as well as deposits totaling $2 billion. It has an excellent Texas Ratio of 3.59%, denoting a negligible possibility of failure. 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

3.59%
High Risk 75% 50% 20% 10% Low Risk

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 Enterprise Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $250
Checking Account 0.02% APY $750
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 2.55% APY
  • 36 Month: 1.20% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.85% APY
$500 for all terms
Money Market Account 0.05% APY $25000

Enterprise Bank and Trust Company has several deposit products including 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 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. Enterprise Bank and Trust Company's CD rates are fair as compared against the national average.

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Find a Enterprise Bank and Trust Company Near Me

Enterprise Bank and Trust Company has 24 locations in the U.S.

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