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North Shore Bank (MA) Review

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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
North Shore Bank Savings
0.05% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

Founded in 1888, North Shore Bank has $819 million in assets along with deposits totaling $653 million, classifying it as a medium-size bank. North Shore Bank, whose headquarters are in Peabody, Massachusetts, has above-average access to customer service with all-day support available, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. With a score of 4.3 out of 5 stars, North Shore Bank should be solidly in contention for your choice of bank. 

North Shore Bank offers the complete package of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. North Shore Bank has a fair savings rate, which means you can find higher rates with other banks. A great, everyday account, the bank's standard checking account does not have a monthly maintenance charge. Using the same bank for checking and savings is perfect for getting the largest interest rates on your deposits while maintaining convenient access to your money.

Service Quality

North Shore Bank is a brick-and-mortar bank, with 12 total branches in Massachusetts and New Hampshire. With mobile and web apps, North Shore Bank makes mobile banking straightforward, even on the go. It provides all-day customer service. 

North Shore Bank's online and mobile banking services receive moderately high marks from customers: with 8 customer reviews across iOS and Android platforms, the North Shore Bank mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). You can utilize North Shore Bank's app to manage your finances by looking at current statements, transferring money and accessing customer service. North Shore Bank gets a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $10 Compare Offers
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.40% APY
  • 60 Month: 2.00% APY
$1000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.10% APY
  • 25K tier: 0.25% APY
  • $10
  • $25,000
Compare Offers
Checking Accounts 0.05% APY $10 Compare Offers

North Shore Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. North Shore Bank does not have the best savings rate, which means you should think about taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. North Shore Bank's CD rates are competitive in comparison to other U.S. banks.

Rates

North Shore Bank features a savings rate of 0.05%, which is fair in comparison to the average U.S. bank. North Shore Bank's CDs feature a rate of 0.75% and 2.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.25%. North Shore Bank has a fair savings rate compared to the average savings account. Think about higher earning savings accounts with other banks.

Compare North Shore Bank to Other Competitive Offers

Fees

North Shore Bank charges customers extremely low fees as compared against the national average. North Shore Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is ideal because it offers no ATM fees. North Shore Bank refunds any incurred ATM charges (with conditions), which gives convenient access to cash at any time.

Financial Health

North Shore Bank is currently a medium-size bank owning assets totaling $819 million and deposits totaling $653 million. North Shore Bank has an excellent Texas Ratio of 3.58%, indicating a very minute possibility of failure. Additionally, North Shore Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a North Shore Bank Near Me

North Shore Bank has 12 branches in the U.S.

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