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HarborOne Bank Review

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HarborOne Bank Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 2013, HarborOne Bank has $3 billion in assets and $2 billion in deposits, making the institution a large bank. HarborOne Bank, whose headquarters are in Brockton, Massachusetts, 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. At a SmartAsset rating of 4 stars out of 5, HarborOne Bank should be near the middle of the pack in your search for a bank. HarborOne Bank provides customers with a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. 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, HarborOne Bank's ordinary checking account does not have a monthly fee. Banks that offer free checking, in addition to a high interest rate savings account are your best bet for accruing the highest income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
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

HarborOne Bank features a savings rate of 0.07%, which is poor in comparison to the national average. Its one-year CD has a rate of 0.40% and the five-year CD has a rate of 1.45%, while its highest-yielding money market account earns at a rate of 0.15%. Given HarborOne Bank's below average savings rate, you should consider taking a look at other banks for savings accounts.

How HarborOne Bank's Savings Rates Compare

HarborOne Bank Savings 0.07 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

On average, HarborOne Bank charges its customers low fees as compared against the national average. With no monthly fee, HarborOne Bank's checking account is ideal for people who need an easy checking account. For those who will need cash in a pinch, it is fair because it charges an out-of-network ATM fee of $1.25, which is reasonable compared to the average U.S. bank. Additionally, HarborOne Bank has an overdraft fee of $32.50, which is less than that of other U.S. banks. HarborOne Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you'll be required to find a HarborOne Bank ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.25 National Average: $1.20
Overdraft Fee $32.50 National Average: $35.00
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Service Quality

3.7
SmartAsset Average: 3.7

HarborOne Bank is a brick-and-mortar bank, with 17 total bank locations in Massachusetts. With mobile and web apps, HarborOne Bank makes mobile banking easy, even on the go. It does not have 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 8:00 p.m. ET; Saturday, and 8:00 a.m. to 2:00 p.m. ET. HarborOne Bank's online and mobile banking platforms get fair marks from customers. The HarborOne Bank mobile app has been given a 3.5 out of 5 (out of 150 ratings on Apple and Android) compared to the national average of 3.8. You can access HarborOne Bank's app to manage your funds by reviewing account balances, transferring funds and accessing support representatives. HarborOne Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

HarborOne Bank ranks as a large bank owning $3 billion in assets as well as deposits totaling $2 billion. HarborOne Bank's Texas Ratio is 6.18%, suggesting that HarborOne Bank is in good financial shape and far from failure. Additionally, HarborOne Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.18%
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 HarborOne Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.07% APY $25
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 1.80% APY
  • 36 Month: 0.90% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.45% APY
$1 for all terms
Money Market Accounts 0.1% APY 0.15% APY $10000 $15000

HarborOne Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. HarborOne Bank does not have the best savings rate, which means you should think about 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. HarborOne Bank's CD rates are fair in comparison to other U.S. banks.

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Find a HarborOne Bank Near Me

HarborOne Bank has 17 physical locations across the U.S.

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