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Needham Bank Review

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

Overview

Needham Bank started in 1892 with its headquarters in Needham, Massachusetts. Needham Bank 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 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. Overall, Needham Bank is among the best banks, and should be given strong consideration, with a rating of 4.5 stars out of 5 from our experts. Needham Bank has a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Needham Bank's standard checking account does not have a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same bank is the best bet for accruing the most income on your deposits while maintaining convenient access to your funds.

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

With a savings rate of 0.10%, Needham Bank ranks poorly compared to other U.S. banks. Needham Bank's one-year CD earns at a rate of 2.20% and the five-year CD earns at a rate of 2.45%, while its highest-yielding money market account has an APY of 0.30%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How Needham Bank's Savings Rates Compare

Needham Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Needham Bank charges customers extremely low fees in comparison to other U.S. banks. Needham Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Needham Bank unfortunately does not refund out-of-network ATM charges, which means you will have to search for a Needham Bank ATM or pay the ATM charge.

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

4.3
SmartAsset Average: 3.7

Needham Bank is a brick-and-mortar bank, with 10 total branches in Massachusetts. With mobile and web apps, Needham Bank makes mobile banking easy, even on the go. Needham Bank's online and mobile banking services receive great feedback from customers. Out of 260 ratings on both Apple and Android platforms, the Needham Bank mobile app is scored at 4.6 out of 5 (compared to the national average of 3.8). You can use Needham Bank's mobile app to control your finances by monitoring account balances, sending and receiving funds and accessing customer service. Needham Bank receives a superb consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government 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
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Financial Health

4.7
SmartAsset Average: 4.8

Needham Bank is currently a large bank owning $2 billion in assets as well as $1 billion in deposits. Needham Bank's Texas Ratio is 6.69%, indicating a small possibility of 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.

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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: 2.20% APY
  • 24 Month: 2.30% APY
  • 36 Month: 2.35% APY
  • 48 Month: 2.40% APY
  • 60 Month: 2.45% APY
$1000 for all terms
Money Market Account 0.25% APY $1

Needham Bank offers several deposit products including 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 in comparison to other U.S. banks.

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Find a Needham Bank Near Me

Needham Bank has 10 branches across the U.S.

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