Machias Savings Bank Review

Machias Savings Bank Savings

0.20% APY

Founded in 1869, Machias Savings Bank has $2.54 billion in assets as well as $1.94 billion in deposits, which makes it a medium-size bank. Machias Savings Bank, whose headquarters are in Machias, Maine, has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. 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. Overall, Machias Savings Bank is a decent choice, but with better options out there with a rating of 3.8 stars out of 5 from our team. 

Machias Savings Bank provides customers with the complete package of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account has a monthly fee of $7.00, better for those who carry a large balance. Opening both checking and savings accounts in the same place is ideal for getting the highest return on your income while maintaining access to your money without getting penalized for withdrawing.

Service Quality

Machias Savings Bank is a brick-and-mortar bank, with 15 total bank locations in Maine. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. ET; Saturday, 8:00 a.m. to 5:00 p.m. ET; Sunday, 9:00 a.m. to 1:00 p.m. ET. Additionally, Machias Savings Bank offers a live chat feature, giving customers an easy access point throughout the day.

Machias Savings Bank gets moderately high praise from users for its mobile platform: with 74 customer reviews across both Apple and Android platforms, the Machias Savings Bank mobile app rates a 4.3 out of 5 (compared to the national average of 3.8). You can access Machias Savings Bank's mobile app to control your bank accounts by monitoring account balances, transferring money and reaching support representatives. Machias Savings Bank receives an excellent consumer satisfaction score due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Machias Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. It does not have the best savings rate, which means you should think about other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Machias Savings Bank's CD rates are fair as compared against the national average.

Rates

With a savings rate of 0.20%, Machias Savings Bank ranks below the mean as compared against the national average. Its one-year CD earns at a rate of 1.01% and the five-year CD has a rate of 1.30%, while its highest-yielding money market account earns at an APY of 0.60%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

Fees

Machias Savings Bank charges its customers high fees in comparison to other U.S. banks. Its checking account has no monthly fee, ranking it fair for anyone looking for a hassle-free account. 

Financial Health

Machias Savings Bank ranks as a medium-size bank with $2.54 billion in assets and $1.94 billion in deposits. Machias Savings Bank's Texas Ratio is 2.52%, suggesting that Machias Savings Bank is in fine financial condition and far from failure. Additionally, Machias Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Machias Savings Bank Near Me

Machias Savings Bank has 15 physical branches across the U.S.