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Middlesex Federal Savings Review

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Middlesex Federal Savings Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Founded in 1890, Middlesex Federal Savings Bank has assets totaling $408 million and deposits totaling $278 million, making it 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 traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. At a SmartAsset rating of 4.4 stars out of 5, Middlesex Federal Savings should be solidly in contention for your choice of bank. Middlesex Federal Savings provides customers with a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Middlesex Federal Savings 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 maintenance or monthly fee. Locating a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best option for gaining the most income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.10%, Middlesex Federal Savings ranks poorly compared to the national average. Middlesex Federal Savings's CDs feature a rate of 1.75% and 2.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.50%. Given Middlesex Federal Savings's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Middlesex Federal Savings's Savings Rates Compare

Middlesex Federal Savings Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Middlesex Federal Savings charges its customers extremely low fees in comparison to other U.S. banks. With no monthly fee, Middlesex Federal Savings's checking account is perfect for those who want a hassle-free checking account. For those who visit the ATM often, Middlesex Federal Savings is fair because it has an out-of-network ATM fee of $1.50, which is reasonable in comparison to the national average. Also, it has an overdraft fee of $27.00, which is considerably less than that of other U.S. banks. Middlesex Federal Savings does not reimburse out-of-network ATM charges, which means you'll be required to search for a Middlesex Federal Savings ATM or accept the ATM charge.

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

SmartAsset Average: 3.7

Middlesex Federal Savings Bank is a brick-and-mortar bank, with three total bank locations in Massachusetts. It also offers access to mobile and web apps for a simple mobile-banking experience. Middlesex Federal Savings gets positive scores from customers for its mobile banking services. Out of 4 customer reviews on iOS and Android platforms, the Middlesex Federal Savings mobile app rates a 4.5 out of 5 (compared to the national average of 3.8). Middlesex Federal Savings's mobile app lets you control your bank accounts by monitoring monthly statements, sending and receiving funds and accessing support representatives. Middlesex Federal Savings gets an exceptional consumer satisfaction score due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial 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

SmartAsset Average: 4.8

Middlesex Federal Savings ranks as a small bank and owns assets totaling $408 million and $278 million in deposits. Middlesex Federal Savings has an excellent Texas Ratio of 2.61%, suggesting a negligible possibility of failure. 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 0.1% 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 Account 0.5% APY $10000

Middlesex Federal Savings Bank has several deposit products including 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 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. Middlesex Federal Savings's CD rates are fair as compared against the national average.

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Find a Middlesex Federal Savings Near Me

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

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