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Hingham Institution for Savings Review

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Hingham Institution for Savings Savings
0.00% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Hingham Institution for Savings Bank first started operating in 1834 with its headquarters in Hingham, Massachusetts. Hingham Institution for Savings manages $2 billion in assets along with $2 billion in deposits, making it a large bank. Hingham Institution for Savings lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated Hingham Institution for Savings Bank 4.2 stars out of 5, which means it is a solid pick to be your bank. Hingham Institution for Savings offers a mixture of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Hingham Institution for Savings offers an option without a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same bank is your best option for returning the most income on your deposits alongside convenient access to your funds.

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

3.6
SmartAsset Average: 3.5

With a savings rate of 0.00%, Hingham Institution for Savings ranks poorly compared to the average U.S. bank. Its one-year CD earns at a rate of 1.41% and the five-year CD earns at a rate of 2.02%, while its highest-yielding money market account earns at a rate of 0.05%. Given Hingham Institution for Savings's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How Hingham Institution for Savings's Savings Rates Compare

Hingham Institution for Savings Savings 0.00 National Average 0.26 Compare Offers
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Fees

4.2
SmartAsset Average: 4.4

On average, Hingham Institution for Savings charges its customers average fees in comparison to the average U.S. bank. With no monthly fee, Hingham Institution for Savings is ideal for people who want a simple banking experience. For those who will need cash in a pinch, Hingham Institution for Savings is fair because it has an out-of-network ATM fee of $2.00, which is reasonable compared to the average U.S. bank. Additionally, at $35.00, Hingham Institution for Savings's overdraft fee is lower than the average U.S. overdraft fee. Hingham Institution for Savings unfortunately doesn't reimburse out-of-network ATM fees, which means you'll need to search for a Hingham Institution for Savings ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.9
SmartAsset Average: 3.7

Hingham Institution for Savings Bank is a brick-and-mortar bank, with 13 total bank locations in Massachusetts. With mobile and web apps, Hingham Institution for Savings makes mobile banking convenient, even on the go. Hingham Institution for Savings's online and mobile banking platforms receive fair scores from customers. The Hingham Institution for Savings mobile app has an overall rating of 3.9 out of 5 (with 17 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize Hingham Institution for Savings's mobile app to control your accounts by monitoring monthly statements, sending and receiving money as well as accessing support representatives. Hingham Institution for Savings receives an outstanding consumer satisfaction rating based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

5.0
SmartAsset Average: 4.8

Hingham Institution for Savings is a large bank owning assets totaling $2 billion and deposits totaling $2 billion. Its Texas Ratio is 0.86%, signifying a negligible possibility of failure. Additionally, Hingham Institution for Savings 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 Hingham Institution for Savings to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.001% APY $10
Certificates of Deposit
  • 12 Month: 1.41% APY
  • 24 Month: 1.71% APY
  • 36 Month: 1.92% APY
  • 48 Month: 1.97% APY
  • 60 Month: 2.02% APY
$500 for all terms
Money Market Account 0.05% APY $10

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

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Find a Hingham Institution for Savings Near Me

Hingham Institution for Savings has 13 physical branches across the U.S.

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