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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 $1 billion in assets as well as deposits totaling $1 billion, classifying it as a medium-size bank. Florence Bank, whose headquarters are in Florence, Massachusetts, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, Florence Bank is a good bank that gets the job done, with a rating of 4.1 stars out of 5 from the SmartAsset experts. Florence Bank has a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Florence Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Florence Bank's ordinary checking account does not have a monthly 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 accruing the most income on your deposits alongside convenient access to your funds.

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 in comparison to the national average. Florence Bank's one-year and five-year term lengths CDs earn at a rate of 0.40% and 2.75%, respectively, while its highest-yielding money market account has a rate of 0.10%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.

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 other U.S. banks. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. Also, at $33.00, Florence Bank's overdraft fee is considerably lower than that of other U.S. banks. Florence Bank doesn't reimburse out-of-network ATM fees, which means you'll need to search for a Florence Bank ATM or eat the 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 easy, even on the go. It does not offer all-day customer service with representatives. You can get help during its 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 poor reviews from users for its mobile platform. Out of 59 customer reviews on iOS and Android platforms, the Florence Bank mobile app is scored at 3.3 out of 5 (compared to the national average of 3.8). You can access Florence Bank's mobile app to manage your finances by looking at account balances, transferring funds as well as reaching support representatives. Florence Bank receives a superb consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial 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 $1 billion in assets and $1 billion in deposits. Florence Bank's Texas Ratio is 1.85%, indicating a negligible chance of 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: 2.50% APY
  • 48 Month: 1.50% APY
  • 60 Month: 2.75% APY
$500 for all terms
Money Market Account 0.1% APY $1000

Florence Bank has 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 compared to other U.S. banks.

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Find a Florence Bank Near Me

Florence Bank has 11 physical branches in the U.S.

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