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Fall River Five Cents Savings Bank Review

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Fall River Five Cents Savings Bank Savings
2.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Fall River Five Cents Savings Bank started in 1855 with its headquarters in Fall River, Massachusetts. It has assets of $889 million as well as deposits totaling $764 million, ranking it as a medium-size bank. Fall River Five Cents 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 apps. With a commendable 4.1 out of 5 stars, Fall River Five Cents Savings Bank is a respectable bank that gets the job done. Fall River Five Cents Savings Bank offers a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Fall River Five Cents Savings Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Fall River Five Cents Savings Bank's standard checking account does not have a monthly fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is the best bet for getting the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
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

With a savings rate of 2.05%, Fall River Five Cents Savings Bank ranks poorly as compared against the national average. Its one-year and five-year term lengths CDs earn at a rate of 2.55% and 1.25%, respectively, while its highest-yielding money market account has an APY of 0.10%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How Fall River Five Cents Savings Bank's Savings Rates Compare

Fall River Five Cents Savings Bank Savings 2.05 National Average 0.26 Compare Offers
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Fees

4.4
SmartAsset Average: 4.4

Fall River Five Cents Savings Bank charges customers low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is fair because it charges an out-of-network ATM fee of $1.50, which is reasonable in comparison to the average U.S. bank. Fall River Five Cents Savings Bank unfortunately doesn't refund out-of-network ATM charges, which means you will be required to locate a Fall River Five Cents Savings Bank ATM or eat the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.50 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Fall River Five Cents Savings Bank is a brick-and-mortar bank, with 15 total branches in Massachusetts. With mobile and web apps, Fall River Five Cents Savings Bank makes mobile banking easy, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Wednesday, 7:30 a.m. to 5:00 p.m. ET; Thursday and Friday, 7:30 a.m. to 7:00 p.m. ET; Saturday, 7:30 a.m. to 3:00 p.m. ET; Sunday, and 11:00 a.m. to 3:00 p.m. ET. Fall River Five Cents Savings Bank receives positive feedback from customers for its mobile app. Out of 400 ratings on iOS and Android platforms, the Fall River Five Cents Savings Bank mobile app has an overall rating of 4.6 out of 5 (compared to the national average of 3.8). Fall River Five Cents Savings Bank's mobile app allows you to control your finances by monitoring current statements, transferring money and accessing support representatives. Fall River Five Cents Savings Bank gets a superb consumer satisfaction rating based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed 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

4.9
SmartAsset Average: 4.8

Fall River Five Cents Savings Bank ranks as a medium-size bank and manages assets totaling $889 million and $764 million in deposits. Fall River Five Cents Savings Bank's Texas Ratio is 2.24%, indicating a minute possibility of failure. Additionally, Fall River Five Cents 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 Fall River Five Cents Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 2.05% APY $100
Checking Account 0.76% APY $100
Certificates of Deposit
  • 12 Month: 2.55% APY
  • 24 Month: 2.70% APY
  • 36 Month: 2.90% APY
  • 48 Month: 1.15% APY
  • 60 Month: 1.25% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Fall River Five Cents Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Fall River Five Cents Savings Bank 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. Fall River Five Cents Savings Bank's CD rates are fair in comparison to the national average.

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Find a Fall River Five Cents Savings Bank Near Me

Fall River Five Cents Savings Bank has 15 physical locations across the U.S.

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