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Randolph Savings Bank Review

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

Overview

Established in 1851, Randolph Savings Bank has $532 million in assets as well as deposits totaling $377 million, ranking it as a medium-size bank. Randolph Savings Bank, whose headquarters are in Randolph, Massachusetts, has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. 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. On the whole, Randolph Savings Bank is a respectable bank that deserves your consideration, with a score of 4.1 stars out of 5 from the SmartAsset team. Randolph Savings Bank provides customers with a selection of banking products, including savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking does not have a monthly maintenance charge. Obtaining a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best option for returning the most income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Randolph Savings Bank features a savings rate of 0.10%, which is poor compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.45% and 1.45%, respectively, while its highest-yielding money market account earns at an APY of 0.10%. Given Randolph Savings Bank's poor savings rate, you should consider looking at the competition to open savings accounts.

How Randolph Savings Bank's Savings Rates Compare

Randolph Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Randolph Savings Bank generally has extremely low fees in comparison to other U.S. banks. Randolph Savings 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 perfect because it charges no out-of-network ATM fees. Randolph Savings Bank does not refund out-of-network ATM fees, meaning you'll have to search for a Randolph Savings Bank ATM or pay the cost of withdrawal.

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

3.5
SmartAsset Average: 3.7

Randolph Savings Bank is a brick-and-mortar bank, with eight total bank locations in Massachusetts. It also offers access to mobile and web apps for easy access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. ET; Saturday, and 8:00 a.m. to 2:00 p.m. ET. Additionally, Randolph Savings Bank customers can access live chat for customer service questions, key for getting quick access to customer service. Randolph Savings Bank receives poor reviews from customers for its online presence. The Randolph Savings Bank mobile app is rated at 2.7 out of 5 (out of 25 ratings on Apple and Android) compared to the national average of 3.8. Randolph Savings Bank's mobile app allows you to control your bank accounts by reviewing monthly statements, sending and receiving money and reaching customer service. Randolph Savings Bank receives a superb consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 2.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.9
SmartAsset Average: 4.8

Randolph Savings Bank is currently a medium-size bank and owns assets totaling $532 million as well as deposits totaling $377 million. Its Texas Ratio is 3.39%, denoting that Randolph Savings Bank is in outstanding financial well-being and far from failure. Additionally, Randolph 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

3.39%
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 Randolph Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $10
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.15% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.45% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Randolph Savings Bank has several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. Randolph Savings Bank does not have the best savings rate, which means you should consider other options 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. Randolph Savings Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Randolph Savings Bank Near Me

Randolph Savings Bank has eight branches in the U.S.

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