Loading
Tap on the profile icon to edit
your financial details.

Needham Bank Review

Your Details Done
by Updated
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
Needham Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Needham Bank first started operating in 1892 with headquarters in Needham, Massachusetts. It manages $2 billion in assets along with deposits totaling $1 billion, classifying it as a large bank. Needham Bank lacks premium access to support representatives, 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. Coming in at a superb 4.5 stars out of 5, Needham Bank is an outstanding bank that you should strongly consider. Needham Bank has a varied selection of banking products, which include 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 looking for a checking account for everyday use, Needham Bank's standard checking account does not carry a monthly maintenance charge. Banks that offer free checking, in addition to a high savings APY are the best option for returning the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

Needham Bank features a savings rate of 0.10%, which is poor compared to other U.S. banks. Needham Bank's CD rates are 2.40% and 2.70% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.30%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How Needham Bank's Savings Rates Compare

Needham Bank Savings 0.10 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

Needham Bank charges its customers extremely low fees in comparison to the national average. With no monthly fee, Needham Bank is perfect for those who want a basic banking experience. Needham Bank doesn't reimburse out-of-network ATM fees, which means you will have to search for a Needham Bank ATM or eat the withdrawal fee.

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
Back to Overview

Service Quality

4.3
SmartAsset Average: 3.7

Needham Bank is a brick-and-mortar bank, with 10 total bank locations in Massachusetts. It also offers access to mobile and web apps for a simple mobile-banking experience. Needham Bank's online and mobile banking platforms get great feedback from customers. The Needham Bank mobile app scored a 4.6 out of 5 (out of 260 ratings on Apple and Android) compared to the national average of 3.8. Needham Bank's mobile app lets you control your finances by checking account balances, sending and receiving funds and accessing support representatives. Needham Bank receives a superb consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.7
SmartAsset Average: 4.8

Needham Bank is a large bank with assets totaling $2 billion and $1 billion in deposits. Its Texas Ratio is 6.69%, indicating that the bank is in good financial shape and far from failure. Additionally, Needham Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.69%
High Risk 75% 50% 20% 10% Low Risk

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.

Back to Overview

Compare Needham Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $10
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 2.40% APY
  • 24 Month: 2.55% APY
  • 36 Month: 2.60% APY
  • 48 Month: 2.65% APY
  • 60 Month: 2.70% APY
$1000 for all terms
Money Market Accounts 0.25% APY 0.3% APY $10000 $15000

Needham Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Needham Bank does not have the best savings rate, which means you should think about looking 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. Needham Bank's CD rates are fair compared to the national average.

Back to Overview

Find a Needham Bank Near Me

Needham Bank has 10 physical branches in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure