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Florence Bank Review

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Florence Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1873, Florence Bank has assets totaling $1 billion as well as $1 billion in deposits, which makes it a medium-size bank. Florence Bank, whose headquarters are in Florence, Massachusetts, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 4.1 out of 5 stars, Florence Bank should be solidly in contention for your choice of bank. Florence Bank has the complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Florence Bank's ordinary checking account does not have a monthly fee. Finding a bank with free checking as well as a high savings APY is your best bet for returning the highest income on 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

3.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, Florence Bank ranks poorly compared to other U.S. banks. Florence Bank's one-year and five-year term lengths CDs earn at a rate of 0.40% and 3.00%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given Florence Bank's poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Florence Bank's Savings Rates Compare

Florence Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.8
SmartAsset Average: 4.4

On average, Florence Bank charges its customers extremely low fees in comparison to the national average. Florence Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Also, it has an overdraft fee of $33.00, which is lower than the average U.S. overdraft fee. Florence Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you will be required to find a Florence Bank ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $33.00 National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Florence Bank is a brick-and-mortar bank, with 11 total bank locations in Massachusetts. With mobile and web apps, Florence Bank makes account access straightforward, even on the go. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. ET; Saturday, and 8:30 a.m. to 12:00 p.m. ET. Florence Bank receives inferior marks from customers for its mobile platform. Out of 59 ratings on both Apple and Android platforms, the Florence Bank mobile app has an overall rating of 3.3 out of 5 (compared to the national average of 3.8). You can access Florence Bank's mobile app to control your funds by checking account balances, sending and receiving funds as well as reaching customer service. Florence Bank gets a superb consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Florence Bank ranks as a medium-size bank with assets totaling $1 billion and deposits totaling $1 billion. Its Texas Ratio is 1.85%, indicating that the bank is in terrific financial health and far from failure. Additionally, Florence 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 Florence Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $10
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.55% APY
  • 36 Month: 2.75% APY
  • 48 Month: 1.50% APY
  • 60 Month: 3.00% APY
$500 for all terms
Money Market Account 0.1% APY $1000

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

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Find a Florence Bank Near Me

Florence Bank has 11 physical locations across the U.S.

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