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Maspeth Federal Savings and Loan Association Review

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Maspeth Federal Savings and Loan Association Savings
0.45% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Maspeth Federal Savings and Loan Association Bank started in 1947 and its headquarters are located in Maspeth, New York. Maspeth Federal Savings and Loan Association handles assets of $2 billion along with deposits totaling $1 billion, ranking it as a large bank. Maspeth Federal Savings and Loan Association lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at a superb 4.7 out of 5 stars, Maspeth Federal Savings and Loan Association is an outstanding bank that you should seriously consider. Maspeth Federal Savings and Loan Association has a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Maspeth Federal Savings and Loan Association has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Maspeth Federal Savings and Loan Association's most basic checking account does not carry a monthly maintenance fee. Locating an institution with free checking, in addition to a high interest rate savings account is the best option for getting the highest income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.7/5
National Average: 4.1

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

Rates

4.7
SmartAsset Average: 3.5

Maspeth Federal Savings and Loan Association has a savings rate of 0.45%, which is poor compared to the average U.S. bank. Its one-year CD has a rate of 2.30% and the five-year CD has a rate of 3.00%, while its highest-yielding money market account earns at a rate of 0.45%. Given Maspeth Federal Savings and Loan Association's noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How Maspeth Federal Savings and Loan Association's Savings Rates Compare

Maspeth Federal Savings and Loan Association Savings 0.45 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Maspeth Federal Savings and Loan Association charges customers extremely low fees compared to other U.S. banks. Maspeth Federal Savings and Loan Association's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Maspeth Federal Savings and Loan Association unfortunately doesn't refund out-of-network ATM charges, meaning you will need to find a Maspeth Federal Savings and Loan Association ATM or pay 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

4.3
SmartAsset Average: 3.7

Maspeth Federal Savings and Loan Association Bank is a brick-and-mortar bank, with six total bank locations in New York. With mobile and web apps, Maspeth Federal Savings and Loan Association makes account access straightforward, even on the go. Maspeth Federal Savings and Loan Association's online and mobile banking platforms receive high marks from users. The Maspeth Federal Savings and Loan Association mobile app rates a 4.6 out of 5 (out of 14 customer reviews on Apple and Android) compared to the national average of 3.8. Maspeth Federal Savings and Loan Association's mobile app allows you to manage your accounts by checking monthly statements, transferring money and accessing customer service. Maspeth Federal Savings and Loan Association receives a superb consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Maspeth Federal Savings and Loan Association ranks as a large bank owning $2 billion in assets as well as $1 billion in deposits. Maspeth Federal Savings and Loan Association's Texas Ratio is 8.96%, denoting a tiny opportunity of failure. Additionally, Maspeth Federal Savings and Loan Association is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.96%
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 Maspeth Federal Savings and Loan Association to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.45% APY $250
Checking Account 0.45% APY $1
Certificates of Deposit
  • 12 Month: 2.30% APY
  • 24 Month: 2.60% APY
  • 36 Month: 2.70% APY
  • 60 Month: 3.00% APY
$1500 for all terms
Money Market Account 0.45% APY $2500

Maspeth Federal Savings and Loan Association Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Maspeth Federal Savings and Loan Association 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. Maspeth Federal Savings and Loan Association's CD rates are fair in comparison to the national average.

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Find a Maspeth Federal Savings and Loan Association Near Me

Maspeth Federal Savings and Loan Association has six physical branches in the U.S.

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