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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

Established in 1872, Monson Savings Bank has assets totaling $365 million along with deposits totaling $312 million, ranking the institution as a small bank. Monson Savings Bank, whose headquarters are in Monson, Massachusetts, lacks premium access to customer service, 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. On the whole, Monson Savings Bank is a solid pick to be your bank, with a score of 4.2 out of 5 stars from the SmartAsset team. Monson Savings Bank has an array banking products, including 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, Monson Savings Bank offers an option without a maintenance or monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same institution is your best bet for accruing the most income on 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 features a savings rate of 0.20%, which is poor in comparison to other U.S. banks. Monson Savings Bank's one-year CD has a rate of 0.45%. Given Monson Savings Bank's poor savings rate, you should consider taking a look at other banks for savings accounts.

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 has generally extremely low fees compared to other U.S. banks. With no monthly fee, Monson Savings Bank is ideal for those who want a basic banking experience. Monson Savings Bank reimburses any incurred out-of-network ATM fees (with conditions), which means handy access to cash at any time.

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 bank locations in Massachusetts. It also offers access to mobile and web apps for straightforward access and banking on the go. Monson Savings Bank's online and mobile banking services receive poor marks from users. Out of 4,900 customer reviews on both iOS and Android platforms, the Monson Savings Bank mobile app is scored at 3.4 out of 5 (compared to the national average of 3.8). You can use Monson Savings Bank's app to control your finances by checking monthly statements, sending and receiving money as well as accessing customer service. Monson Savings Bank gets an excellent consumer satisfaction score based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 with $365 million in assets as well as deposits totaling $312 million. It has an excellent Texas Ratio of 0.37%, suggesting that Monson Savings Bank is in superb financial condition and far from 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 that provide you with many options to manage your money. Monson Savings Bank 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. Monson Savings Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Monson Savings Bank Near Me

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

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