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Institution for Savings in Newburyport and Its Vicinity Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
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 first started operating in 1820 and has its headquarters in Newburyport, Massachusetts. It has $3 billion in assets along with deposits totaling $3 billion, classifying 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 conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Institution for Savings in Newburyport and Its Vicinity is an exceptional bank that you should strongly consider, with a rating of 4.7 stars out of 5 from the SmartAsset experts. Institution for Savings in Newburyport and Its Vicinity offers a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Institution for Savings in Newburyport and Its Vicinity has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Institution for Savings in Newburyport and Its Vicinity offers an option without a maintenance or monthly fee. Finding an institution with free checking, in addition to a high savings APY is the best bet for accruing the highest income from your deposits while having easy 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

With a savings rate of 0.25%, Institution for Savings in Newburyport and Its Vicinity ranks poorly compared to the average U.S. bank. Institution for Savings in Newburyport and Its Vicinity's one-year and five-year term lengths CDs earn at a rate of 2.50% and 2.00%, respectively, while its highest-yielding money market account has a rate of 0.25%. Given its poor 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

On average, Institution for Savings in Newburyport and Its Vicinity charges its customers extremely low fees as compared against 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, Institution for Savings in Newburyport and Its Vicinity has an overdraft fee of $25.00, which is noticeably lower than the average overdraft fee charged by U.S. banks. Institution for Savings in Newburyport and Its Vicinity unfortunately doesn't refund out-of-network ATM fees, meaning you will need to search for an Institution for Savings in Newburyport and Its Vicinity ATM or eat 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. It also offers access to mobile and web apps for easy access and banking on the go. Institution for Savings in Newburyport and Its Vicinity gets high praise from users for its online presence. Out of 6 customer reviews on both iOS and Android platforms, the Institution for Savings in Newburyport and Its Vicinity mobile app rates a 5.0 out of 5 (compared to the national average of 3.8). You can access Institution for Savings in Newburyport and Its Vicinity's app to manage your finances by looking at current statements, sending and receiving funds as well as accessing customer service. Institution for Savings in Newburyport and Its Vicinity receives a superb consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 is a large bank with $3 billion in assets and deposits totaling $3 billion. Its Texas Ratio is 1.62%, suggesting a negligible likelihood of 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: 2.50% 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 Accounts 0.25% APY 0.25% APY $10000 $15000

Institution for Savings in Newburyport and Its Vicinity Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you 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 looking 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 the average U.S. bank.

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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 branches across the U.S.

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