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Hometown Bank Review

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


Founded in 1889, Hometown Bank has assets totaling $723 million and $621 million in deposits, which makes it a medium-size bank. Hometown Bank, whose headquarters are in Oxford, Massachusetts, lacks premium access to customer service, 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. Coming in at a commendable 4.1 stars out of 5, Hometown Bank proves it is a good bank that should be given a look. Hometown Bank provides customers with a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Hometown Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Hometown Bank offers an option without a maintenance or monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best bet for gaining the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.05%, Hometown Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD earns at a rate of 0.45% and the five-year CD has a rate of 1.76%, while its highest-yielding money market account has an APY of 0.15%. Given Hometown Bank's poor savings rate, you should think about other options to earn more on your deposits.

How Hometown Bank's Savings Rates Compare

Hometown Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Hometown Bank charges its customers extremely low fees compared to the average U.S. bank. Hometown Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. Hometown Bank does not refund out-of-network ATM charges, meaning you'll need to locate a Hometown Bank ATM or pay the withdrawal fee.

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

SmartAsset Average: 3.7

Hometown Bank is a brick-and-mortar bank, with 13 total bank locations in Connecticut and Massachusetts. It also offers access to mobile and web apps for a simple mobile-banking experience. Hometown Bank's online and mobile banking platforms get fair feedback from users. The Hometown Bank mobile app rates a 3.7 out of 5 (out of 29 reviews on iOS and Android) compared to the national average of 3.8. You can access Hometown Bank's app to control your bank accounts by monitoring current statements, transferring funds as well as accessing support representatives. Hometown Bank gets an exceptional consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Hometown Bank ranks as a medium-size bank owning $723 million in assets and $621 million in deposits. Hometown Bank's Texas Ratio is 6.26%, signifying that Hometown Bank is in good financial well-being and far from failure. Additionally, Hometown Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Hometown 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 $1
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.26% APY
  • 60 Month: 1.76% APY
$500 for all terms
Money Market Account 0.1% APY $1

Hometown Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Hometown Bank 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. Hometown Bank's CD rates are fair compared to the average U.S. bank.

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Find a Hometown Bank Near Me

Hometown Bank has 13 physical locations across the U.S.

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