Martha's Vineyard Savings Bank Review

Overview

Established in 1955, Martha's Vineyard Savings Bank has $815 million in assets as well as deposits totaling $578 million, classifying it as a medium-size bank. Martha's Vineyard Savings Bank, whose headquarters are in Edgartown, 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 offerings. We gave the bank a 4.1 out of 5 stars, which means Martha's Vineyard Savings Bank is a respectable bank that warrants your consideration. Martha's Vineyard Savings Bank offers a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Martha's Vineyard Savings Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Martha's Vineyard Savings Bank's ordinary checking account does not have a monthly fee. Institutions that offer no-fee checking, in addition to a high interest rate savings account are your best option for returning the most income on your deposits while maintaining easy access to your money.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Martha's Vineyard Savings Bank features a savings rate of 0.10%, which is fair compared to other U.S. banks. Its CD rates are 0.50% and 1.61% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.20%. Given Martha's Vineyard Savings Bank's noncompetitive savings rate, you should think about other options to earn more on your deposits.

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

Martha's Vineyard Savings Bank typically has extremely low fees compared to other U.S. banks. With no monthly fee, Martha's Vineyard Savings Bank's checking account is ideal for those who want an easy checking account. Martha's Vineyard Savings Bank unfortunately does not refund out-of-network ATM fees, which means you'll have to find a Martha's Vineyard Savings Bank ATM or pay the fee.

Martha's Vineyard Savings Bank is a brick-and-mortar bank, with nine total bank locations in Massachusetts. With mobile and web apps, Martha's Vineyard Savings Bank makes account access easy, even on the go. It does not have all-day customer service with actual service representatives. You can get help during its 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's online and mobile banking services get mediocre marks from customers. With 15 customer reviews across Apple 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). You can use Martha's Vineyard Savings Bank's app to control your accounts by reviewing current statements, transferring funds and reaching support representatives. Martha's Vineyard Savings Bank gets a superb consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Martha's Vineyard Savings Bank ranks as a medium-size bank owning assets totaling $815 million as well as $578 million in deposits. Martha's Vineyard Savings Bank's Texas Ratio is 2.50%, indicating that the bank is in superb financial shape and far from 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.

Products Offered

Martha's Vineyard 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. Martha's Vineyard 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. Martha's Vineyard Savings Bank's CD rates are fair as compared against the national average.

Find a Martha's Vineyard Savings Bank Near Me

Martha's Vineyard Savings Bank has nine physical locations in the U.S.