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Martha's Vineyard Savings Bank Review

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Martha's Vineyard Savings Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1955, Martha's Vineyard Savings Bank has $815 million in assets and deposits totaling $578 million, making it a medium-size bank. Martha's Vineyard Savings Bank, whose headquarters are in Edgartown, Massachusetts, 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. With a score of 4.1 out of 5 stars, Martha's Vineyard Savings Bank should be solidly in contention for your choice of bank. Martha's Vineyard Savings Bank provides customers with a diverse array of product offerings, which include 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. If you're looking for a checking account for everyday use, Martha's Vineyard Savings Bank offers an option without a maintenance or monthly fee. Finding an institution with free checking and a high interest rate savings account is the best option for gaining the highest 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

3.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, Martha's Vineyard Savings Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD earns at a rate of 0.50% and the five-year CD has a rate of 1.61%, while its highest-yielding money market account has a rate of 0.20%. Given Martha's Vineyard Savings Bank's below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Martha's Vineyard Savings Bank's Savings Rates Compare

Martha's Vineyard Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Martha's Vineyard Savings Bank charges its customers extremely low fees in comparison to the national average. Martha's Vineyard Savings Bank's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Martha's Vineyard Savings Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will be required to locate a Martha's Vineyard Savings Bank ATM or accept the withdrawal fee.

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

3.4
SmartAsset Average: 3.7

Martha's Vineyard Savings Bank is a brick-and-mortar bank, with nine total bank locations in Massachusetts. 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 customer service hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. ET; Saturday, and 8:00 a.m. to 12:00 p.m. ET. Martha's Vineyard Savings Bank receives unsatisfactory reviews from customers for its mobile app. With 15 customer reviews across both iOS and Android platforms, the Martha's Vineyard Savings Bank mobile app has an overall rating of 3.0 out of 5 (compared to the national average of 3.8). Martha's Vineyard Savings Bank's mobile app lets you control your finances by checking account balances, sending and receiving money as well as reaching support representatives. Martha's Vineyard Savings Bank gets an outstanding consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Martha's Vineyard Savings Bank ranks as a medium-size bank owning $815 million in assets and $578 million in deposits. It has an excellent Texas Ratio of 2.50%, suggesting a low chance of failure. Additionally, Martha's Vineyard 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

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 Martha's Vineyard Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $10
Checking Account 0.01% APY $10
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.16% APY
  • 48 Month: 1.26% APY
  • 60 Month: 1.61% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.2% APY $10000 $15000

Martha's Vineyard Savings Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Martha's Vineyard 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. Martha's Vineyard Savings Bank's CD rates are fair compared to the national average.

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Find a Martha's Vineyard Savings Bank Near Me

Martha's Vineyard Savings Bank has nine physical branches across the U.S.

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