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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

Founded in 1854, Newburyport Five Cents Savings Bank has assets totaling $839 million and $544 million in deposits, which makes the institution a medium-size bank. Newburyport Five Cents Savings Bank, whose headquarters are in Newburyport, 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 in-person service, in addition to its online and mobile offerings. With a score of 4.6 stars out of 5, Newburyport Five Cents Savings Bank should be near the top of your list for your bank search. Newburyport Five Cents Savings Bank has a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Newburyport Five Cents Savings Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Newburyport Five Cents Savings Bank offers an option without a monthly fee. Using an institution with no-fee checking, in addition to a high interest rate savings account is your best bet for gaining the most income on your deposits alongside convenient access to your funds.

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

With a savings rate of 0.15%, Newburyport Five Cents Savings Bank ranks poorly as compared against the national average. Newburyport Five Cents Savings Bank's one-year CD has a rate of 2.00% and the five-year CD has a rate of 3.00%, while its highest-yielding money market account has a rate of 0.20%. Given Newburyport Five Cents Savings Bank's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

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

Newburyport Five Cents Savings Bank has generally extremely low fees compared to the average U.S. bank. With no monthly fee, Newburyport Five Cents Savings Bank's checking account is perfect for those who need a hassle-free banking experience. Additionally, at $25.00, it has a noticeably lower overdraft fee compared to the average U.S. overdraft fee. Newburyport Five Cents Savings Bank doesn't reimburse out-of-network ATM charges, which means you will be required 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 an easy mobile-banking experience. Newburyport Five Cents Savings Bank receives positive scores from users for its online presence. The Newburyport Five Cents Savings Bank mobile app scored a 4.7 out of 5 (out of 110 customer reviews on Apple and Android) compared to the national average of 3.8. Newburyport Five Cents Savings Bank's mobile app lets you manage your accounts by reviewing monthly statements, sending and receiving funds and reaching customer service. Newburyport Five Cents Savings Bank receives an exceptional consumer satisfaction rating due to relatively few 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 is a medium-size bank with $839 million in assets and $544 million in deposits. Its Texas Ratio is 1.26%, suggesting a low chance of failure. 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 Accounts 0.2% APY 0.2% APY $10000 $15000

Newburyport Five Cents Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Newburyport Five Cents 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. Newburyport Five Cents Savings Bank's CD rates are fair in comparison to the average U.S. bank.

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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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