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Roselle Savings Bank Review

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Roselle Savings Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Roselle Savings Bank was founded in 1889 and is headquartered in Roselle, New Jersey. Roselle Savings Bank handles $398 million in assets along with $308 million in deposits, ranking it as a small bank. Roselle Savings Bank lacks premium access to support representatives, with no live chat or all-day service options available. 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. At a SmartAsset rating of 3.7 stars out of 5, Roselle Savings Bank should be near the middle of the pack in your search for a bank. Roselle Savings Bank offers a full selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Roselle Savings Bank has a fair savings rate compared to the average savings account. Using a bank with no-fee checking as well as a high savings APY is the best option for gaining the most income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

With a savings rate of 0.20%, Roselle Savings Bank ranks poorly in comparison to other U.S. banks. Its CDs feature a rate of 1.50% and 3.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Roselle Savings Bank's Savings Rates Compare

Roselle Savings Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Roselle Savings Bank's fees to provide a full SmartAsset rating.

Monthly Fee N/A 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

2.3
SmartAsset Average: 3.7

Roselle Savings Bank is a brick-and-mortar bank, with four total branches in New Jersey. It also offers access to mobile and web apps for an easy mobile-banking experience. Roselle Savings Bank's online and mobile banking platforms get mediocre marks from customers. Out of 1 customer reviews across both Apple and Android platforms, the Roselle Savings Bank mobile app rates a 1.0 out of 5 (compared to the national average of 3.8). Roselle Savings Bank's mobile app lets you manage your accounts by monitoring monthly statements, transferring money and reaching customer service. Roselle Savings Bank gets an excellent consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 1.0/5
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

Roselle Savings Bank is currently a small bank and handles $398 million in assets as well as deposits totaling $308 million. Its Texas Ratio is 0.97%, suggesting a minute likelihood of failure. Additionally, Roselle 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 Roselle Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $100
Checking Account 0.25% APY $2500
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.50% APY
  • 48 Month: 2.75% APY
  • 60 Month: 3.00% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Roselle Savings Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Roselle 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. Roselle Savings Bank's CD rates are fair as compared against the national average.

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Find a Roselle Savings Bank Near Me

Roselle Savings Bank has four physical locations across the U.S.

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