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Federal Savings Bank Review

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Federal Savings Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Federal Savings Bank started in 1890 with headquarters in Dover, New Hampshire. Federal Savings Bank manages assets of $360 million as well as $252 million in deposits, making it a small bank. Federal Savings Bank lacks premium access to support representatives, with no options for live chat or all-day service. Federal Savings Bank is an online bank, boasting more effort put into online and mobile to everything you need, but without the perk of walk-in locations. With a score of 3.2 stars out of 5, Federal Savings Bank should be more closely analyzed to see if its services satisfy your needs. Federal Savings Bank offers a variety of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. Locating a checking account with no monthly fee and a savings account with a high APY at the same institution is your best bet for returning the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.2/5
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

With a savings rate of 0.03%, Federal Savings Bank ranks poorly in comparison to other U.S. banks. Federal Savings Bank's CD rates are 0.60% and 2.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.35%. Given its noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Federal Savings Bank's Savings Rates Compare

Federal Savings Bank Savings 0.03 National Average 0.26 Compare Offers
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Fees

1.0
SmartAsset Average: 4.4

Federal Savings Bank typically has high fees compared to other U.S. banks. For those who frequent the ATM, Federal Savings Bank is solid because it charges an out-of-network ATM fee of $1.00, which is solid in comparison to the national average. Federal Savings Bank unfortunately does not refund out-of-network ATM charges, which means you will need to find a Federal Savings Bank ATM or eat the withdrawal fee.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Federal Savings Bank is an online-only bank. With mobile and web apps, Federal Savings Bank makes account access straightforward, even on the go. 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, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 8:00 a.m. to 1:00 p.m. ET. Federal Savings Bank's online and mobile banking platforms receive fair marks from users. With 16 customer reviews on iOS and Android platforms, the Federal Savings Bank mobile app has an overall rating of 3.9 out of 5 (compared to the national average of 3.8). Federal Savings Bank's mobile app lets you control your funds by checking monthly statements, transferring funds as well as accessing support representatives. Federal Savings Bank receives an outstanding consumer satisfaction score due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal Yes
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Federal Savings Bank is a small bank owning $360 million in assets as well as deposits totaling $252 million. Federal Savings Bank's Texas Ratio is 3.47%, suggesting a minute possibility of failure. Additionally, Federal 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

3.47%
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 Federal Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $10
Checking Account 0.03% APY $300
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.65% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.85% APY
  • 60 Month: 2.00% APY
$1000 for all terms
Money Market Accounts 0.25% APY 0.35% APY $10000 $15000

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

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Find a Federal Savings Bank Near Me

Federal Savings Bank functions as an online-only bank and has no physical branches.

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