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Franklin Savings Bank Review

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

Overview

Franklin Savings Bank first started operating in 1869 and has its headquarters in Franklin, New Hampshire. Franklin Savings Bank handles $455 million in assets along with $381 million in deposits, which makes it a medium-size bank. Franklin Savings Bank has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Franklin Savings Bank is a solid contender in your bank search, with a score of 4.2 stars out of 5 from the SmartAsset team. Franklin Savings Bank has a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Franklin Savings Bank's most basic checking does not carry a monthly charge. Finding a bank with free checking, in addition to a high interest rate savings account is the best option for returning the highest income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.0
SmartAsset Average: 3.5

Franklin Savings Bank has a savings rate of 0.03%, which is fair in comparison to the national average. Its CDs feature a rate of 0.45% and 1.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.15%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How Franklin Savings Bank's Savings Rates Compare

Franklin Savings Bank Savings 0.03 National Average 0.26 Compare Offers
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Fees

4.7
SmartAsset Average: 4.4

Franklin Savings Bank charges its customers extremely low fees compared to the average U.S. bank. Franklin Savings Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. For those who often withdraw money from the ATM, it is perfect because it has no out-of-network ATM fees. Additionally, at $35.00, Franklin Savings Bank has a lower overdraft fee compared to the average U.S. overdraft fee. Franklin Savings Bank unfortunately doesn't refund out-of-network ATM fees, meaning you'll have to locate a Franklin Savings Bank ATM or pay the ATM charge.

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

4.2
SmartAsset Average: 3.7

Franklin Savings Bank is a brick-and-mortar bank, with eight total branches in New Hampshire. With mobile and web apps, Franklin Savings Bank makes mobile banking convenient, even on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Wednesday, 8:00 a.m. to 5:00 p.m. ET; Thursday to Friday, 8:00 a.m. to 5:30 p.m. ET; Saturday, and 8:30 a.m. to 12:30 p.m. ET. Additionally, Franklin Savings Bank customers can access live chat for customer service questions, something to consider if you work during the customer service hours. Franklin Savings Bank receives reasonably high praise from customers for its online presence. The Franklin Savings Bank mobile app is rated at 4.0 out of 5 (with 70 reviews on Apple and Android) compared to the national average of 3.8. Franklin Savings Bank's mobile app allows you to manage your accounts by looking at current statements, sending and receiving funds and accessing support representatives. Franklin Savings Bank gets an outstanding consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

5.0
SmartAsset Average: 4.8

Franklin Savings Bank ranks as a medium-size bank with assets totaling $455 million and $381 million in deposits. Franklin Savings Bank's Texas Ratio is 1.86%, indicating a minute probability of failure. Additionally, Franklin 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 Franklin Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $100
Checking Account 0.01% APY $500
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.65% APY
  • 60 Month: 1.15% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.15% APY $10000 $15000

Franklin Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Franklin Savings Bank does not have the best savings rate, which means you should consider 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. Franklin Savings Bank's CD rates are fair in comparison to the national average.

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Find a Franklin Savings Bank Near Me

Franklin Savings Bank has eight physical branches in the U.S.

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