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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 headquarters in Hingham, Massachusetts. It has $2 billion in assets along with $2 billion in deposits, making it a large bank. Hingham Institution for Savings lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.2 stars out of 5, Hingham Institution for Savings should be solidly in contention for your choice of bank. Hingham Institution for Savings offers a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Hingham Institution for Savings has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Hingham Institution for Savings offers an option without a maintenance or monthly fee. Banks that offer no-fee checking and a high savings APY are the best bet for returning the highest income from your deposits while having easy 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 in comparison to the average U.S. bank. Its CD rates are 1.41% and 2.02% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.05%. Given Hingham Institution for Savings's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

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

Hingham Institution for Savings Bank has typically average fees as compared against the national average. Hingham Institution for Savings's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. 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 in comparison to the average U.S. bank. Also, Hingham Institution for Savings has an overdraft fee of $35.00, which is on par with the average overdraft fee charged by U.S. banks. Hingham Institution for Savings unfortunately does not reimburse out-of-network ATM charges, meaning you'll be required to find a Hingham Institution for Savings ATM or pay the cost of withdrawal.

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 branches in Massachusetts. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Hingham Institution for Savings's online and mobile banking platforms receive moderate feedback from customers. With 17 customer reviews on both Apple and Android platforms, the Hingham Institution for Savings mobile app is scored at 3.9 out of 5 (compared to the national average of 3.8). You can use Hingham Institution for Savings's app to control your bank accounts by reviewing current statements, transferring money as well as reaching support representatives. Hingham Institution for Savings gets a superb consumer satisfaction score due to relatively few consumer complaints reported 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 currently a large bank with $2 billion in assets and $2 billion in deposits. Its Texas Ratio is 0.86%, signifying that the bank is in outstanding financial condition and unlikely to fail. 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 Accounts 0.05% APY 0.05% APY $10000 $15000

Hingham Institution for Savings Bank offers several deposit products including 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 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. Hingham Institution for Savings's CD rates are fair in comparison 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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