Hometown Bank started in 1889 with headquarters in Oxford, Massachusetts. It manages assets of $723 million as well as deposits totaling $621 million, which makes it a medium-size bank. Hometown Bank 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 in-person service, in addition to its online and mobile offerings. Overall, Hometown Bank is a respectable bank that gets the job done, with a score of 4.1 stars out of 5 from our experts. Hometown Bank offers a full choice 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 compared to the average savings account. If you're looking for a checking account for everyday use, Hometown Bank offers an option without a maintenance or monthly fee. Institutions that offer free checking as well as a high interest rate savings account are the best option for gaining the highest income on your deposits alongside easy access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Hometown Bank has a savings rate of 0.05%, which is fair compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.45% and 1.76%, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.
How Hometown Bank's Savings Rates Compare
Hometown Bank has generally extremely low fees in comparison to the national average. With no monthly fee, Hometown Bank's checking account is perfect for those who need an easy banking experience. Hometown Bank unfortunately does not reimburse out-of-network ATM fees, which means you will be required to find a Hometown Bank ATM or pay the ATM charge.
Hometown Bank is a brick-and-mortar bank, with 13 total bank locations in Connecticut and Massachusetts. With mobile and web apps, Hometown Bank makes account access straightforward, even on the go. Hometown Bank's online and mobile banking platforms receive fair feedback from users. The Hometown Bank mobile app has been given a 3.7 out of 5 (with 29 customer reviews on Apple and Android) compared to the national average of 3.8. Hometown Bank's mobile app lets you manage your accounts by monitoring monthly statements, transferring money and accessing customer service. Hometown Bank gets a superb consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
Hometown Bank ranks as a medium-size bank owning assets totaling $723 million and $621 million in deposits. It has a strong Texas Ratio of 6.26%, signifying a tiny chance of 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
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.Back to Overview
Compare Hometown Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$10|
|Checking Account||0.1% APY||$1|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||0.1% APY 0.15% APY||$10000 $15000|
Hometown 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. Hometown 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. Hometown Bank's CD rates are fair as compared against the national average.Back to Overview
Find a Hometown Bank Near Me
Hometown Bank has 13 branches across the U.S.Back to Overview