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Institution for Savings in Newburyport and Its Vicinity Review

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Institution for Savings in Newburyport and Its Vicinity Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Institution for Savings in Newburyport and Its Vicinity Bank started in 1820 with headquarters in Newburyport, Massachusetts. It handles $3 billion in assets as well as $3 billion in deposits, ranking it as a large bank. Institution for Savings in Newburyport and Its Vicinity 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 apps. On the whole, Institution for Savings in Newburyport and Its Vicinity is a superb bank that you should seriously consider, with a rating of 4.7 stars out of 5 from the SmartAsset team. Institution for Savings in Newburyport and Its Vicinity provides customers with a diverse array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Institution for Savings in Newburyport and Its Vicinity's most basic checking does not have a monthly maintenance charge. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best bet for gaining the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.7/5
National Average: 4.1

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

Rates

4.3
SmartAsset Average: 3.5

Institution for Savings in Newburyport and Its Vicinity has a savings rate of 0.25%, which is fair as compared against the national average. Institution for Savings in Newburyport and Its Vicinity's one-year CD earns at a rate of 2.00% and the five-year CD has a rate of 2.00%, while its highest-yielding money market account earns at an APY of 0.25%. Given Institution for Savings in Newburyport and Its Vicinity's below average savings rate, you should consider other options to earn more on your deposits.

How Institution for Savings in Newburyport and Its Vicinity's Savings Rates Compare

Institution for Savings in Newburyport and Its Vicinity Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Institution for Savings in Newburyport and Its Vicinity charges customers extremely low fees in comparison to the national average. Institution for Savings in Newburyport and Its Vicinity's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Additionally, it has an overdraft fee of $25.00, which is considerably lower than the average U.S. overdraft fee. Institution for Savings in Newburyport and Its Vicinity does not reimburse out-of-network ATM fees, which means you'll need to find an Institution for Savings in Newburyport and Its Vicinity 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

4.5
SmartAsset Average: 3.7

Institution for Savings in Newburyport and Its Vicinity Bank is a brick-and-mortar bank, with 15 total bank locations in Massachusetts. With mobile and web apps, Institution for Savings in Newburyport and Its Vicinity makes mobile banking easy, even on the go. Institution for Savings in Newburyport and Its Vicinity's online and mobile banking services get high marks from users. With 6 ratings across iOS and Android platforms, the Institution for Savings in Newburyport and Its Vicinity mobile app is scored at 5.0 out of 5 (compared to the national average of 3.8). Institution for Savings in Newburyport and Its Vicinity's mobile app allows you to control your funds by monitoring current statements, transferring funds as well as accessing support representatives. Institution for Savings in Newburyport and Its Vicinity gets a superb consumer satisfaction rating based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 5.0/5
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

Institution for Savings in Newburyport and Its Vicinity ranks as a large bank owning $3 billion in assets as well as deposits totaling $3 billion. Institution for Savings in Newburyport and Its Vicinity's Texas Ratio is 1.62%, indicating that the bank is in excellent financial health and far from failure. Additionally, Institution for Savings in Newburyport and Its Vicinity 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 Institution for Savings in Newburyport and Its Vicinity to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.25% APY $1
Certificates of Deposit
  • 12 Month: 2.00% APY
  • 24 Month: 1.50% APY
  • 36 Month: 1.50% APY
  • 48 Month: 1.75% APY
  • 60 Month: 2.00% APY
$1 for all terms
Money Market Account 0.25% APY $1000

Institution for Savings in Newburyport and Its Vicinity Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Institution for Savings in Newburyport and Its Vicinity 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. Institution for Savings in Newburyport and Its Vicinity's CD rates are fair compared to other U.S. banks.

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Find a Institution for Savings in Newburyport and Its Vicinity Near Me

Institution for Savings in Newburyport and Its Vicinity has 15 physical branches across the U.S.

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