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Haverhill Bank Review

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Haverhill Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1877, Haverhill Bank has $391 million in assets along with $336 million in deposits, which makes the institution a small bank. Haverhill Bank, whose headquarters are in Haverhill, Massachusetts, lacks premium access to customer service, 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 apps. We gave Haverhill Bank a 4.4 stars out of 5, which means it is a solid pick to be your bank. Haverhill Bank provides customers with a diverse array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Haverhill Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Haverhill Bank's standard checking does not carry a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is your best bet for returning the most income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

With a savings rate of 0.05%, Haverhill Bank ranks poorly in comparison to other U.S. banks. Haverhill Bank's one-year CD earns at a rate of 1.76% and the five-year CD earns at a rate of 2.68%, while its highest-yielding money market account has a rate of 0.25%. Given Haverhill Bank's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Haverhill Bank's Savings Rates Compare

Haverhill Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Haverhill Bank charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Haverhill Bank is perfect for those who want a basic banking experience. Also, at $25.00, Haverhill Bank has a noticeably lower overdraft fee compared to the average U.S. overdraft fee. Haverhill Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will need to find a Haverhill Bank ATM or pay the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $25.00 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Haverhill Bank is a brick-and-mortar bank, with 10 total bank locations in Massachusetts and New Hampshire. It also offers access to mobile and web apps for straightforward access and banking on the go. Haverhill Bank's online and mobile banking services receive fair scores from users. With 16 customer reviews on both iOS and Android platforms, the Haverhill Bank mobile app is scored at 3.9 out of 5 (compared to the national average of 3.8). You can access Haverhill Bank's app to manage your funds by checking monthly statements, sending and receiving money and accessing customer service. Haverhill Bank gets a superb consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Haverhill Bank ranks as a small bank with $391 million in assets as well as deposits totaling $336 million. Haverhill Bank's Texas Ratio is 3.30%, indicating that the bank is in superb financial health and far from failure. Additionally, Haverhill Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.3%
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 Haverhill Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $10
Checking Account 0.1% APY $10
Certificates of Deposit
  • 12 Month: 1.76% APY
  • 24 Month: 2.27% APY
  • 36 Month: 2.43% APY
  • 60 Month: 2.68% APY
$500 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

Haverhill 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. Haverhill Bank does not have the best savings rate, which means you should consider other options 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. Haverhill Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Haverhill Bank Near Me

Haverhill Bank has 10 locations across the U.S.

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