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Mascoma 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
Mascoma Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Mascoma Bank first started operating in 1899 and has its headquarters in Lebanon, New Hampshire. It manages assets of $2 billion as well as deposits totaling $1 billion, ranking it as a large bank. Mascoma Bank 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 in-person service, in addition to its online and mobile apps. Overall, Mascoma Bank is a respectable bank that deserves your consideration, with a score of 4.1 out of 5 stars from the SmartAsset experts. Mascoma Bank offers a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Mascoma Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly fee. Finding a bank with no-fee checking and a high interest rate savings account is the best option for accruing the highest income on your deposits while maintaining easy 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

Mascoma Bank features a savings rate of 0.05%, which is poor in comparison to the national average. Mascoma Bank's one-year and five-year term lengths CDs earn at a rate of 0.35% and 1.25%, respectively, while its highest-yielding money market account earns at a rate of 0.05%. Given Mascoma Bank's poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Mascoma Bank's Savings Rates Compare

Mascoma Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Mascoma Bank charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Mascoma Bank's checking account is perfect for those who want a hassle-free checking account. Mascoma Bank unfortunately does not refund out-of-network ATM fees, which means you'll have to locate a Mascoma Bank ATM or accept the 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

3.6
SmartAsset Average: 3.7

Mascoma Bank is a brick-and-mortar bank, with 25 total branches in New Hampshire and Vermont. With mobile and web apps, Mascoma Bank makes account access easy, even on the go. 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 11:00 p.m. ET; Saturday and Sunday, and 9:00 a.m. to 5:00 p.m. ET. Mascoma Bank gets poor reviews from users for its online presence. Out of 47 ratings across both iOS and Android platforms, the Mascoma Bank mobile app is scored at 3.3 out of 5 (compared to the national average of 3.8). You can use Mascoma Bank's app to manage your accounts by checking monthly statements, sending and receiving money as well as accessing customer service. Mascoma Bank gets an exceptional consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Mascoma Bank is a large bank with assets totaling $2 billion as well as $1 billion in deposits. Its Texas Ratio is 1.43%, indicating that the bank is in terrific financial well-being and improbable to fail. Additionally, Mascoma 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 Mascoma Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.05% APY $2000
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.05% APY
  • 60 Month: 1.25% APY
$500 for all terms
Money Market Accounts 0.05% APY 0.05% APY $10000 $15000

Mascoma Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Mascoma 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. Mascoma Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Mascoma Bank Near Me

Mascoma Bank has 25 branches in the U.S.

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