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Middlesex Federal Savings Review

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Middlesex Federal Savings Savings
2.00% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1890, Middlesex Federal Savings Bank has assets totaling $408 million as well as $278 million in deposits, classifying it as a small bank. Middlesex Federal Savings, whose headquarters are in Somerville, Massachusetts, lacks premium access to support representatives, with no options for live chat or all-day service. 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. With a score of 4.4 stars out of 5, Middlesex Federal Savings should be solidly in contention for your choice of bank. Middlesex Federal Savings has a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Middlesex Federal Savings offers an option without a monthly fee. Finding a bank with free checking and a high interest rate savings account is the best option for gaining the highest income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

Middlesex Federal Savings features a savings rate of 2.00%, which is poor in comparison to other U.S. banks. Its one-year CD earns at a rate of 1.75% and the five-year CD has a rate of 2.00%, while its highest-yielding money market account has a rate of 0.50%. Given its poor savings rate, you should consider looking elsewhere to open savings accounts.

How Middlesex Federal Savings's Savings Rates Compare

Middlesex Federal Savings Savings 2.00 National Average 0.26 Compare Offers
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Fees

4.6
SmartAsset Average: 4.4

Middlesex Federal Savings Bank has typically extremely low fees in comparison to other U.S. banks. With no monthly fee, Middlesex Federal Savings is perfect for people who want a simple checking account. For those who will need cash in a pinch, Middlesex Federal Savings is fair because it has an out-of-network ATM fee of $1.50, which is reasonable in comparison to the average U.S. bank. Also, Middlesex Federal Savings has an overdraft fee of $27.00, which is markedly lower than the national average overdraft fee. Middlesex Federal Savings does not refund out-of-network ATM charges, meaning you will need to search for a Middlesex Federal Savings ATM or pay the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.50 National Average: $1.20
Overdraft Fee $27.00 National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

Middlesex Federal Savings Bank is a brick-and-mortar bank, with three total bank locations in Massachusetts. With mobile and web apps, Middlesex Federal Savings makes mobile banking convenient, even on the go. Middlesex Federal Savings receives high marks from users for its mobile app. The Middlesex Federal Savings mobile app is rated at 4.5 out of 5 (out of 4 ratings on iOS and Android) compared to the national average of 3.8. Middlesex Federal Savings's mobile app allows you to manage your funds by checking current statements, sending and receiving funds and accessing customer service. Middlesex Federal Savings gets an exceptional consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.5/5
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

Middlesex Federal Savings is a small bank owning assets totaling $408 million as well as deposits totaling $278 million. Middlesex Federal Savings's Texas Ratio is 2.61%, suggesting that Middlesex Federal Savings is in superb financial condition and improbable to fail. Additionally, Middlesex Federal Savings 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 Middlesex Federal Savings to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 2.0% APY $50
Checking Account 0.15% APY $1500
Certificates of Deposit
  • 12 Month: 1.75% APY
  • 24 Month: 1.50% APY
  • 36 Month: 1.01% APY
  • 48 Month: 1.16% APY
  • 60 Month: 2.00% APY
$1 for all terms
Money Market Accounts 0.5% APY 0.5% APY $10000 $15000

Middlesex Federal 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. Middlesex Federal Savings 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. Middlesex Federal Savings's CD rates are fair compared to other U.S. banks.

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Find a Middlesex Federal Savings Near Me

Middlesex Federal Savings has three branches in the U.S.

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