Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Fall River Five Cents Savings Bank Review

Your Details Done
by Updated
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. Fall River Five Cents Savings Bank manages assets of $889 million along with deposits totaling $764 million, making it 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. Overall, Fall River Five Cents Savings Bank is a respectable bank that deserves your consideration, with a rating of 4.1 stars out of 5 from the SmartAsset experts. Fall River Five Cents Savings Bank provides customers with a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Fall River Five Cents Savings Bank's standard checking account does not carry a monthly maintenance charge. Locating a bank with free checking as well as a high interest rate savings account is your best bet for getting the highest income on your deposits while maintaining convenient 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

Fall River Five Cents Savings Bank features a savings rate of 2.05%, which is poor in comparison to the average U.S. bank. Its one-year CD earns at a rate of 2.55% and the five-year CD earns at a rate of 1.25%, while its highest-yielding money market account has an APY of 0.10%. Given Fall River Five Cents Savings Bank's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

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
Back to Overview

Fees

4.4
SmartAsset Average: 4.4

Fall River Five Cents Savings Bank has typically low fees compared to other U.S. banks. With no monthly fee, Fall River Five Cents Savings Bank's checking account is ideal for people who need an easy banking experience. For those who will need cash in a pinch, Fall River Five Cents Savings Bank is fair because it has an out-of-network ATM fee of $1.50, which is reasonable compared to other U.S. banks. Fall River Five Cents Savings Bank unfortunately doesn't refund out-of-network ATM charges, which means you will need to locate a Fall River Five Cents Savings Bank ATM or accept the fee.

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
Back to Overview

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 account access 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 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 gets high praise from customers for its mobile platform. The Fall River Five Cents Savings Bank mobile app has been given a 4.6 out of 5 (with 400 ratings on iOS and Android) compared to the national average of 3.8. You can utilize Fall River Five Cents Savings Bank's mobile app to manage your accounts by monitoring current statements, transferring funds and accessing support representatives. Fall River Five Cents Savings Bank gets a superb consumer satisfaction score based on 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
Back to Overview

Financial Health

4.9
SmartAsset Average: 4.8

Fall River Five Cents Savings Bank is currently a medium-size bank with $889 million in assets and $764 million in deposits. It has an excellent Texas Ratio of 2.24%, indicating that the bank is in terrific financial condition and far from 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.

Back to Overview

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 Account 0.1% APY $25000

Fall River Five Cents 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. 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 compared to the average U.S. bank.

Back to Overview

Find a Fall River Five Cents Savings Bank Near Me

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

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure