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Lake Shore Savings Bank Review

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

Overview

Lake Shore Savings Bank first started operating in 1891 with headquarters in Dunkirk, New York. Lake Shore Savings Bank manages $518 million in assets and deposits totaling $410 million, which makes it a medium-size bank. Lake Shore Savings 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 access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Lake Shore Savings Bank is a satisfactory bank that you should look closer at to see if it fits your needs, with a score of 3.4 stars out of 5 from our team. Lake Shore Savings Bank offers the complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Lake Shore Savings Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product features a monthly fee of $7.00, making it a rather expensive bank for checking. Banks that offer free checking as well as a high savings APY are your best option for getting the highest income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.4/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

Lake Shore Savings Bank has a savings rate of 0.05%, which is fair compared to the national average. Lake Shore Savings Bank's one-year and five-year term lengths CDs earn at a rate of 0.35% and 1.55%, respectively, while its highest-yielding money market account has a rate of 0.05%. Given its below average savings rate, you should think about looking elsewhere to open savings accounts.

How Lake Shore Savings Bank's Savings Rates Compare

Lake Shore Savings Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

On average, Lake Shore Savings Bank charges customers high fees compared to the average U.S. bank. At $7.00 per month, Lake Shore Savings Bank is less than great for those who want a basic checking account. Lake Shore Savings Bank unfortunately does not refund out-of-network ATM charges, meaning you'll have to search for a Lake Shore Savings Bank ATM or eat the cost of withdrawal.

Monthly Fee $7.00 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

3.7
SmartAsset Average: 3.7

Lake Shore Savings Bank is a brick-and-mortar bank, with 12 total bank locations in New York. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Lake Shore Savings Bank's online and mobile banking services get fair feedback from users. With 15 customer reviews across both Apple and Android platforms, the Lake Shore Savings Bank mobile app has an overall rating of 3.5 out of 5 (compared to the national average of 3.8). Lake Shore Savings Bank's mobile app allows you to manage your bank accounts by checking account balances, transferring funds as well as accessing support representatives. Lake Shore Savings Bank receives a superb consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Lake Shore Savings Bank is currently a medium-size bank with $518 million in assets and $410 million in deposits. It has a strong Texas Ratio of 5.50%, indicating that the bank is in fine financial health and improbable to fail. Additionally, Lake Shore Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.5%
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 Lake Shore Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $10
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.30% APY
  • 60 Month: 1.55% APY
$500 for all terms
Money Market Account 0.03% APY $10000

Lake Shore Savings 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. Lake Shore Savings 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. Lake Shore Savings Bank's CD rates are fair compared to other U.S. banks.

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Find a Lake Shore Savings Bank Near Me

Lake Shore Savings Bank has 12 branches in the U.S.

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