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Lee Bank Review

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Lee Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1992, Lee Bank has $349 million in assets as well as $243 million in deposits, making the institution a small bank. Lee Bank, whose headquarters are in Lee, Massachusetts, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Lee Bank is a good bank that deserves your consideration, with a score of 4.1 stars out of 5 from our experts. Lee Bank has a varied selection of product offerings, 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, Lee Bank offers an option without a maintenance or monthly fee. Finding a bank with no-fee checking as well as a high interest rate savings account is the best bet for accruing the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
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

With a savings rate of 0.10%, Lee Bank ranks poorly compared to the national average. Lee Bank's one-year CD has a rate of 0.25%, while its highest-yielding money market account has a rate of 0.15%. Given Lee Bank's poor savings rate, you should think about taking a look at other banks for savings accounts.

How Lee Bank's Savings Rates Compare

Lee Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Lee Bank charges customers extremely low fees in comparison to the national average. With no monthly fee, Lee Bank is ideal for those who want a basic checking account. Lee Bank unfortunately does not reimburse out-of-network ATM charges, which means you'll have to locate a Lee Bank ATM or pay the ATM charge.

Monthly Fee $0 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

4.1
SmartAsset Average: 3.7

Lee Bank is a brick-and-mortar bank, with five total branches in Massachusetts. It also offers access to mobile and web apps for simple access and banking on the go. Lee Bank's online and mobile banking platforms get relatively high ratings from users. The Lee Bank mobile app has an overall rating of 4.3 out of 5 (out of 14 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Lee Bank's app to manage your accounts by looking at monthly statements, transferring funds and reaching customer service. Lee Bank receives an excellent consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.4
SmartAsset Average: 4.8

Lee Bank ranks as a small bank with assets totaling $349 million and $243 million in deposits. Lee Bank's Texas Ratio is 13.76%, denoting a tiny possibility of failure. Additionally, Lee Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

13.76%
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 Lee Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $10
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.75% APY
  • 48 Month: 0.90% APY
$500 for all terms
Money Market Account 0.1% APY $10

Lee Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Lee Bank does not have the best savings rate, which means you should consider 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. Lee Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Lee Bank Near Me

Lee Bank has five branches in the U.S.

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