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Newburyport Five Cents Savings Bank Review

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Newburyport Five Cents Savings Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Newburyport Five Cents Savings Bank first started operating in 1854 and has its headquarters in Newburyport, Massachusetts. Newburyport Five Cents Savings Bank has $839 million in assets along with deposits totaling $544 million, which makes it a medium-size bank. Newburyport Five Cents Savings 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. We ranked Newburyport Five Cents Savings Bank at a 4.6 stars out of 5, indicating that it is among the top banks, and should be given serious consideration. Newburyport Five Cents Savings Bank has a full choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Newburyport Five Cents Savings Bank offers an option without a maintenance or monthly fee. Using a bank with free checking, in addition to a high interest rate savings account is the best bet for accruing the highest income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.6/5
National Average: 4.1

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

Rates

4.1
SmartAsset Average: 3.5

Newburyport Five Cents Savings Bank features a savings rate of 0.15%, which is fair as compared against the national average. Its one-year and five-year term lengths CDs earn at a rate of 2.00% and 3.00%, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given Newburyport Five Cents Savings Bank's poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Newburyport Five Cents Savings Bank's Savings Rates Compare

Newburyport Five Cents Savings Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Newburyport Five Cents Savings Bank charges its customers extremely low fees compared to the national average. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Also, Newburyport Five Cents Savings Bank has an overdraft fee of $25.00, which is noticeably less than that of other U.S. banks. Newburyport Five Cents Savings Bank doesn't reimburse out-of-network ATM fees, which means you will need to search for a Newburyport Five Cents Savings Bank ATM or pay the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $25.00 National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Newburyport Five Cents Savings Bank is a brick-and-mortar bank, with nine total branches in Massachusetts and New Hampshire. It also offers access to mobile and web apps for easy access and banking on the go. Newburyport Five Cents Savings Bank gets high praise from users for its online presence. With 110 ratings across Apple and Android platforms, the Newburyport Five Cents Savings Bank mobile app is scored at 4.7 out of 5 (compared to the national average of 3.8). Newburyport Five Cents Savings Bank's mobile app lets you manage your accounts by checking monthly statements, sending and receiving funds and reaching customer service. Newburyport Five Cents Savings Bank gets a superb consumer satisfaction rating based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.7/5
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

Newburyport Five Cents Savings Bank ranks as a medium-size bank owning $839 million in assets as well as deposits totaling $544 million. Newburyport Five Cents Savings Bank's Texas Ratio is 1.26%, denoting that the bank is in superb financial condition and improbable to fail. Additionally, Newburyport Five Cents 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 Newburyport Five Cents Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $10
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 2.00% APY
  • 24 Month: 2.25% APY
  • 36 Month: 2.50% APY
  • 48 Month: 3.00% APY
  • 60 Month: 3.00% APY
$500 for all terms
Money Market Account 0.2% APY $10000

Newburyport Five Cents Savings Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Newburyport Five Cents Savings Bank does not have the best savings rate, which means you should consider 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. Newburyport Five Cents Savings Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Newburyport Five Cents Savings Bank Near Me

Newburyport Five Cents Savings Bank has nine branches in the U.S.

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