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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 was founded in 1947 and its headquarters are located in Maspeth, New York. It handles $2 billion in assets and deposits totaling $1 billion, which makes it a large bank. Maspeth Federal Savings and Loan Association lacks premium access to customer service, 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. At a SmartAsset rating of 4.7 stars out of 5, Maspeth Federal Savings and Loan Association should be near the top of your list for your bank search. Maspeth Federal Savings and Loan Association offers a varied choice of product offerings, 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. If you're looking for a checking account for everyday use, Maspeth Federal Savings and Loan Association's standard checking account does not have a monthly maintenance charge. Banks that offer no-fee checking as well as a high savings APY are your best bet for getting the most income from your deposits while having easy 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

With a savings rate of 0.45%, Maspeth Federal Savings and Loan Association ranks poorly compared to the national average. Maspeth Federal Savings and Loan Association's one-year CD has a rate of 2.55% and the five-year CD earns at a rate of 3.00%, while its highest-yielding money market account has a rate of 0.45%. Given its poor 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 the national average. Maspeth Federal Savings and Loan Association's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Maspeth Federal Savings and Loan Association unfortunately doesn't refund out-of-network ATM charges, meaning you'll need to locate a Maspeth Federal Savings and Loan Association ATM or eat 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 branches in New York. With mobile and web apps, Maspeth Federal Savings and Loan Association makes mobile banking straightforward, even on the go. Maspeth Federal Savings and Loan Association's online and mobile banking services receive great ratings from customers. Out of 14 customer reviews across both iOS and Android platforms, the Maspeth Federal Savings and Loan Association mobile app has an overall rating of 4.6 out of 5 (compared to the national average of 3.8). Maspeth Federal Savings and Loan Association's mobile app lets you control your bank accounts by looking at account balances, transferring funds and reaching support representatives. Maspeth Federal Savings and Loan Association receives a superb consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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 is currently a large bank owning $2 billion in assets and $1 billion in deposits. Its Texas Ratio is 8.96%, denoting that the bank is in good financial well-being and improbable to fail. 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: 2.55% APY
  • 24 Month: 2.75% APY
  • 36 Month: 2.85% 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 like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Maspeth Federal Savings and Loan Association does not have the best savings rate, which means you should consider 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. Maspeth Federal Savings and Loan Association's CD rates are fair as compared against 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 locations across the U.S.

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