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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 started in 1891 and is headquartered in Dunkirk, New York. Lake Shore Savings Bank has $518 million in assets as well as $410 million in deposits, which makes it a medium-size bank. Lake Shore Savings Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 3.4 stars out of 5, Lake Shore Savings Bank should be more closely inspected to see if its features fit your needs. Lake Shore Savings Bank offers a full array of product offerings, which include 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 account features a $7.00 monthly fee, making it a rather pricey bank for checking. Using an institution with free checking, in addition to a high interest rate savings account is the best option for getting the highest income from your deposits alongside convenient access to your money.

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 poor compared to the national average. Its one-year CD earns at a rate of 0.35% and the five-year CD earns at a rate of 1.55%, while its highest-yielding money market account earns at an APY of 0.05%. Given its noncompetitive savings rate, you should consider looking at the competition 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

Lake Shore Savings Bank charges customers high fees as compared against the national average. At $7.00 per month, Lake Shore Savings Bank's checking account is not ideal for people who need an easy banking experience. Lake Shore Savings Bank does not reimburse out-of-network ATM charges, which means you'll need to locate a Lake Shore Savings Bank ATM or pay the fee.

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 an easy mobile-banking experience. Lake Shore Savings Bank receives average feedback from users for its mobile platform. The Lake Shore Savings Bank mobile app has been given a 3.5 out of 5 (with 15 ratings on Apple and Android) compared to the national average of 3.8. You can access Lake Shore Savings Bank's app to manage your bank accounts by reviewing current statements, transferring funds as well as accessing support representatives. Lake Shore Savings Bank gets an excellent consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 owning assets totaling $518 million and deposits totaling $410 million. Its Texas Ratio is 5.50%, denoting a small opportunity of failure. 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 Accounts 0.03% APY 0.05% APY $10000 $15000

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 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. Lake Shore Savings Bank's CD rates are fair as compared against the national average.

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Find a Lake Shore Savings Bank Near Me

Lake Shore Savings Bank has 12 physical branches across the U.S.

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