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Middlesex Savings 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
Middlesex Savings Bank Savings
0.30% APY

Middlesex Savings Bank has a long history in Massachusetts, dating all the back to its founding in Concord in 1835. Today, the bank offers a number of savings account and checking account options, a money market account and several certificates of deposit (CDs).

Accounts at the bank are accessible to just about anyone, with many minimum opening balances at just $1. The savings account and money market account come with no monthly service fees as well, increasing the accessibility. Further, the CD rates offered are impressive for a brick-and-mortar bank, with terms lengths of 12 months and above surpassing 2%.

However, bankers looking for a free or interest-bearing checking account at the bank will be disappointed. Further, the interest rates for the savings and money market accounts, while slightly above what you’ll find at large, national banks, fall far short of the rates readily available online.

Products Offered

Products Key Details
Savings Accounts
  • $1 minimum opening balance
  • $10 balance required to earn interest
  • Passbook option available
Money Market Account
  • Tiered interest rates
  • $1 minimum opening balance
  • Access to higher rates with certain checking accounts
Certificates of Deposit
  • Terms from three to 71 months
  • $250 minimum opening deposit
  • Higher rates with Freedom Platinum checking account
Checking Accounts
  • $1 minimum opening balance
  • Four different account options
  • No free or interest-bearing accounts

Middlesex Savings Bank Interest Rate Comparison

Middlesex Savings Bank Overview

Middlesex Savings Bank operates 30 branch locations throughout Eastern Massachusetts, and all customers will also have access to the Allpoint national ATM network.

Although this article will focus on the personal banking options, Middlesex Savings Bank also offers business banking services, as well as wealth management services and retirement planning. In the personal realm, the bank offers one savings account, one money market account, four checking accounts and several different CDs. Read on to learn more about each of these options.

Middlesex Savings Bank Account Features

Many of the deposit accounts at Middlesex Savings Bank are accessible online or via the bank’s mobile app. Accounts also come with a Mastercard debit or ATM card, depending on the type of account.

The checking accounts and Middlesex Savings Bank come with monthly service fees, and all but one are waivable provided you meet certain requirements that vary in difficulty. You may face fees for excessive transactions with the savings and money market accounts, but you won’t have to worry about monthly service fees.

Compare Middlesex Savings Bank to Other Competitive Offers

Statement Savings Account

Key Features Details
Minimum Deposit $1
Access to Your Savings Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee
Current Terms and Rates 0.30% APY ($10 minimum balance)

The Statement Savings account is the primary savings account option at Middlesex Savings Bank. You can open the account with a minimum balance of only $1, making it extremely easy to open. To earn interest, you’ll need to up the balance to at least $10, and from there you’ll earn at a 0.15% rate, which is better than many of the behemoth, national banks but not quite on par with what you could find online.

Like any savings account, you’re limited to six pre-authorized withdrawals or transfers during each statement cycle. If you exceed that limit, you’ll incur a fine, and if you exceed it on a regular basis, you’ll run the risk of having the bank close or convert your account.

Passbook Savings Account

Key Features Details
Minimum Deposit $1
Access to Your Savings Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee
Current Terms and Rates 0.30% APY ($10 minimum balance)

Although a passbook savings account may seem rather antiquated to some younger readers, some potential bankers may still find appeal in its offline status. With this account, you’ll receive a small ledger booklet, called a passbook. If you want to make any change to your account, be it a withdrawal or a deposit, you’ll need to visit a bank branch with your passbook. There, all transactions will be recorded and initialed in your passbook by a banker, so you’ll always know the exact status of your account.

Money Fund Account

Key Features Details
Minimum Deposit $100
Access to Your Money Market Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee
Current Terms and Rates
  • Account balances of $10 - $4,999.99: 0.55% APY
  • Account balances of $5,000 - $24,999.99: 0.65% APY
  • Account balances of $25,000 - $49,999.99: 0.75% APY
  • Account balances of $50,000 and above: 0.80% APY
With a Freedom Gold® Checking account:
  • Account balances of $10 - $24,999.99: 0.65% APY
  • Account balances of $25,000 - $49,999.99: 0.75% APY
  • Account balances of $50,000 and above: 0.85% APY
With a Freedom Platinum® Checking account:
  • Account balances of $10 - $24,999.99: 0.75% APY
  • Account balances of $25,000 - $49,999.99: 0.85% APY
  • Account balances of $50,000 and above: 0.95% APY

The Money Fund account at Middlesex Savings Bank is one of the rare money market accounts available today that doesn’t come with a monthly service fee. Furthermore, the minimum opening balance is only $100, making this one of the most accessible money market accounts we’ve reviewed.

Interest rates are separated into three sets of four tiers. The first is available to anyone who opens an account, the second is available to only those who have a Freedom Gold® checking account and the third is reserved for those who have a Freedom Platinum® checking account. You’ll also be limited to six pre-authorized withdrawals/transfers per statement cycle.

Certificates of Deposit

Key Features Details
Minimum Deposit $250
Access to Your CD Account Branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee, but early withdrawal penalty may apply
Current Terms and Rates Without a Freedom Platinum® Checking account:
  • 3 - 5 Months: 1.00% APY
  • 6 - 11 Months: 2.00% APY
  • 12 - 23 Months: 2.25% APY
  • 24 - 71 Months: 2.50% APY
With a Freedom Platinum® Checking account:
  • 3 - 5 Months: 1.10% APY
  • 6 - 11 Months: 2.10% APY
  • 12 - 23 Months: 2.35% APY
  • 24 - 71 Months: 2.60% APY

Middlesex Savings Bank offers several different certificate of deposit (CD) accounts, with term lengths varying from three to 71 months. The $250 minimum opening deposit is a relatively low figure for CDs, and the rates offered are very competitive, especially among brick-and-mortar bank offerings.

If you need to withdraw your money before the end of your term, you’ll be forced to pay an early withdrawal penalty. The exact amount of the penalty will depend on the amount you’re withdrawing, how far into your term you are and the original length of your term. Once your term matures, you’ll have 10 days to withdraw your money before the bank renews you automatically for a new CD of the same term.

Basic Checking Account

Key Features Details
Minimum Deposit $1
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $3 monthly service fee

Middlesex Savings account doesn’t offer a completely free checking account, so the Basic Checking account is the closest thing you’ll be able to find. You can open an account with just $1, but you’ll have a $3 monthly service fee that’s unwaivable.

You’ll be able to access mobile and text banking as well as Apple Pay and Android Pay with this account. You’ll also be able to write up to 10 free checks per month (you’ll have to pay $0.50 per check after that).

Freedom Blue® Checking Account

Key Features Details
Minimum Deposit $1
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $10 monthly service fee, which can be waived with a minimum balance of $250

If you’re looking for a simple checking account with a monthly service fee you can waive, then you may be interested in the Freedom Blue® Checking account. As long as you keep your balance above $250, then you won’t have to worry about the $10 fee and foreign ATM fees will be waived. All the features of the Basic Checking account - online banking and bill pay, mobile banking, debit card access, etc. - are also available with this account.

Freedom Gold® Checking Account

Key Features Details
Minimum Deposit $1
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $19 monthly service fee, which can be waived with a combined balance of $10,000 between deposit accounts and loans

For those looking for a more premium checking option, the Freedom Gold® Checking account could be a good account to consider. You’ll gain access to higher money market interest rates, as well as free money orders and waived fees for services like retirement planning.

The monthly service fee is $19, and you’ll need at least $10,000 between loans and deposits at the bank to make it go away. You’ll want to keep a close eye on your balances with this account, as $19 is a lot to pay every month for a checking account.

Freedom Platinum® Checking Account

Key Features Details
Minimum Deposit $1
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $29 monthly service fee, which can be waived with a combined balance of $50,000 and direct deposit or bill pay attached

The Freedom Platinum® Checking account at Middlesex Savings Bank has the most features of all the available checking options. However, it also comes with the highest monthly fee and the highest balance needed to waive that fee. You’ll need $50,000 in combined loans and deposits to waive the $29 fee.

With this account, you won’t have to worry about any fees on a whole host of services at the bank, from overdraft transfers to retirement planning to stop payments. You’ll also have access to the highest money market interest rates that the bank offers.

Where Can I Find Middlesex Savings Bank?

Middlesex Savings Bank operates 30 branch locations throughout Eastern Massachusetts. While the bank offers very few ATMs of its own, customers can access their funds without a fee at any Allpoint ATM, which are distributed all throughout the country.

What Can You Do Online With Middlesex Savings Bank?

You can manage most of your deposit accounts on the Middlesex Savings Bank website, but you’ll have to visit a branch in person to open an account. You can also manage your accounts with your smartphone via the Middlesex Savings Bank Mobile app. On iTunes, the app has a 2.6 star rating and 17 ratings as of this article’s publication.

How Do I Access My Money?

You can access funds online or via the mobile app. You can also make deposits or withdrawals at any Middlesex Savings Bank ATM. If you use an out-of-network ATM, you may face fees from both Middlesex Savings Bank and whichever third party operates the ATM, although the Value and Select Checking accounts will allow a limited number of free foreign ATM transactions per statement cycle. And, of course, you can visit a Middlesex Savings Bank branch to access funds.

How Can I Save More Money With Middlesex Savings Bank?

If you’re looking to earn as much interest as possible at Middlesex Savings Bank, you’ll want to look toward the CDs. The bank offers very competitive rates, over two percent for just a 12-month term length. If you were to invest $5,000 in a 60-month CD, you would earn $650 in interest.

You can also earn at competitive rates if you qualify for the highest money market interest rates by opening a Freedom Platinum checking account. However, you’d still be getting a better bang for your buck with a CD, provided you don’t mind your money being a bit less accessible.

What’s the Process for Opening an Account With Middlesex Savings Bank?

Although you can manage most accounts on the Middlesex Savings Bank website, you can’t open the accounts online, so your best bet is to visit your nearest branch in person to open any account. To open an account, you’ll need enough money to meet the minimum opening deposit requirement for your desired account as well as a driver’s license or other form of government-issued ID. You’ll also need your Social Security Number, date of birth, current home address and possibly your phone number and email address.

What’s the Catch?

There are a few drawbacks to using Middlesex Savings Bank. First, the lack of a completely free checking account is a mark against the bank, especially since accounts like that are more available than ever thanks to online banks. Further, there are no interest-bearing checking accounts available either. Opening the Freedom Gold and Freedom Platinum checking accounts give you access to higher money market rates, but that’s not the same as earning interest on your checking account balance.

Bottom Line

Overall, Middlesex Savings Bank offers bankers in Eastern Massachusetts an attractive collection of products and services. If you live in the area and you’re looking for an in-person banking experience, you’ll definitely want to give the bank a look.

If you don’t live in the area or you’re looking to maximize your interest-earning potential with your checking and savings accounts, you will most likely be better served banking elsewhere.

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