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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

HarborOne Bank was founded in 2013 and is headquartered in Brockton, Massachusetts. It has assets of $3 billion and $2 billion in deposits, ranking it as a large bank. HarborOne Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, HarborOne Bank is a respectable bank that gets the job done, with a score of 4.0 out of 5 stars from our experts. HarborOne Bank offers a full 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 compared to the average savings account. If you're looking for a checking account for everyday use, HarborOne Bank's ordinary checking account does not have a monthly fee. Institutions that offer no-fee checking, in addition to a high savings APY are the best bet for accruing the most income from 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 fair compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.40% and 1.45%, respectively, while its highest-yielding money market account has a rate of 0.15%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

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

HarborOne Bank typically has low fees compared to the average U.S. bank. With no monthly fee, HarborOne Bank is ideal for those who want a simple checking account. For those who often visit the ATM, HarborOne Bank is fair because it charges an out-of-network ATM fee of $1.25, which is reasonable compared to the average U.S. bank. Also, it has an overdraft fee of $32.50, which is lower than the average U.S. overdraft fee. HarborOne Bank does not reimburse out-of-network ATM fees, which means you'll have to find a HarborOne Bank ATM or eat the fee.

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 branches in Massachusetts. With mobile and web apps, HarborOne Bank makes mobile banking straightforward, 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 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 receive moderate scores from customers. The HarborOne Bank mobile app has been given a 3.5 out of 5 (with 150 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize HarborOne Bank's app to control your finances by monitoring current statements, sending and receiving funds as well as accessing customer service. HarborOne Bank receives a superb consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 is a large bank owning assets totaling $3 billion and $2 billion in deposits. It has a strong Texas Ratio of 6.18%, signifying a tiny chance of 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 Account 0.1% APY $2500

HarborOne Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. HarborOne 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. HarborOne Bank's CD rates are fair in comparison to the national average.

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Find a HarborOne Bank Near Me

HarborOne Bank has 17 locations in the U.S.

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