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Monson Savings Bank Review

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Monson Savings Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1872, Monson Savings Bank has assets totaling $365 million as well as $312 million in deposits, ranking the institution as a small bank. Monson Savings Bank, whose headquarters are in Monson, Massachusetts, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a commendable 4.2 stars out of 5, Monson Savings Bank proves it is a solid contender in your bank search. Monson Savings Bank has a selection of product offerings, which include savings accounts, checking accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's most basic checking account does not have a monthly maintenance charge. Institutions that offer free checking as well as a high savings APY are your best bet for returning the highest income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

Monson Savings Bank has a savings rate of 0.20%, which is fair in comparison to other U.S. banks. Monson Savings Bank's one-year CD has a rate of 0.45%. Given its poor savings rate, you should consider other options to earn more on your deposits.

How Monson Savings Bank's Savings Rates Compare

Monson Savings Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Monson Savings Bank charges customers extremely low fees compared to the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Monson Savings Bank refunds any incurred out-of-network ATM charges (with conditions), making ATM withdrawals a free and easy process.

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

3.6
SmartAsset Average: 3.7

Monson Savings Bank is a brick-and-mortar bank, with four total branches in Massachusetts. It also offers access to mobile and web apps for a straightforward mobile-banking experience. Monson Savings Bank's online and mobile banking platforms get mediocre marks from users. The Monson Savings Bank mobile app is rated at 3.4 out of 5 (with 4,900 customer reviews on Apple and Android) compared to the national average of 3.8. You can access Monson Savings Bank's app to manage your finances by monitoring current statements, transferring money as well as accessing support representatives. Monson Savings Bank gets a superb consumer satisfaction score based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Monson Savings Bank is a small bank owning $365 million in assets and $312 million in deposits. It has an excellent Texas Ratio of 0.37%, denoting a minute possibility of failure. Additionally, Monson Savings Bank 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 Monson Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $2500
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
$1000 for all terms

Monson Savings Bank has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. Monson Savings Bank 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. Monson Savings Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Monson Savings Bank Near Me

Monson Savings Bank has four branches in the U.S.

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