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

Overview

Lee Bank was founded in 1992 with headquarters located in Lee, Massachusetts. Lee Bank has assets of $349 million as well as deposits totaling $243 million, ranking it as a small bank. Lee 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 4.1 out of 5 stars, Lee Bank should be solidly in contention for your choice of bank. Lee Bank offers a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Lee Bank's standard checking account does not have a monthly fee. Banks that offer free checking and a high interest rate savings account are the best option for gaining the most income from your deposits while having convenient access to your funds.

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 average U.S. bank. Lee Bank's one-year CD has a rate of 0.25%, while its highest-yielding money market account has an APY of 0.15%. Given its noncompetitive savings rate, you should consider looking elsewhere to open 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 as compared against the national average. With no monthly fee, Lee Bank's checking account is ideal for people who need an easy banking experience. Lee Bank does not refund out-of-network ATM charges, meaning you will have to search for a Lee Bank ATM or accept 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. With mobile and web apps, Lee Bank makes mobile banking easy, even on the go. Lee Bank gets reasonably positive scores from customers for its mobile app. The Lee Bank mobile app rates a 4.3 out of 5 (out of 14 reviews on iOS and Android) compared to the national average of 3.8. You can access Lee Bank's mobile app to control your accounts by checking monthly statements, sending and receiving money and reaching customer service. Lee Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints filed 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 is a small bank with assets totaling $349 million and deposits totaling $243 million. It has a strong Texas Ratio of 13.76%, denoting a tiny opportunity 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 Accounts 0.1% APY 0.15% APY $10000 $15000

Lee 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. Lee Bank does not have the best savings rate, which means you should consider 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. 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 physical locations in the U.S.

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