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Somerset Savings Bank Review

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Somerset Savings Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Somerset Savings Bank first started operating in 1887 with its headquarters in Bound Brook, New Jersey. Somerset Savings Bank manages $571 million in assets along with $455 million in deposits, making it a medium-size bank. Somerset 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 in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 4.3 stars out of 5, Somerset Savings Bank should be solidly in contention for your choice of bank. Somerset Savings Bank offers the full selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Somerset Savings Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Somerset Savings Bank's standard checking account does not have a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best bet for gaining the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

Somerset Savings Bank features a savings rate of 0.05%, which is poor in comparison to the national average. Somerset Savings Bank's one-year CD earns at a rate of 1.05% and the five-year CD has a rate of 2.00%, while its highest-yielding money market account has a rate of 0.10%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Somerset Savings Bank's Savings Rates Compare

Somerset Savings Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Somerset Savings Bank charges customers extremely low fees compared to the national average. With no monthly fee, Somerset Savings Bank is perfect for those who want a basic banking experience. Somerset Savings Bank unfortunately doesn't refund out-of-network ATM fees, meaning you'll have to find a Somerset Savings Bank ATM or accept the ATM charge.

Monthly Fee $0 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

3.6
SmartAsset Average: 3.7

Somerset Savings Bank is a brick-and-mortar bank, with seven total bank locations in New Jersey. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:30 a.m. to 4:30 p.m. ET; Saturday, and 8:30 a.m. to 1:00 p.m. ET. Somerset Savings Bank's online and mobile banking services get mediocre feedback from users. The Somerset Savings Bank mobile app has been given a 3.3 out of 5 (out of 4,900 ratings on Apple and Android) compared to the national average of 3.8. Somerset Savings Bank's mobile app allows you to manage your finances by checking account balances, transferring money as well as reaching support representatives. Somerset Savings Bank receives an exceptional consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.3/5
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

Somerset Savings Bank is currently a medium-size bank with assets totaling $571 million as well as $455 million in deposits. Somerset Savings Bank's Texas Ratio is 0.36%, denoting that Somerset Savings Bank is in outstanding financial well-being and unlikely to fail. Additionally, Somerset 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 Somerset Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $50
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 1.05% APY
  • 24 Month: 2.50% APY
  • 36 Month: 2.75% APY
  • 48 Month: 0.60% APY
  • 60 Month: 2.00% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Somerset Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Somerset 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. Somerset Savings Bank's CD rates are fair compared to the average U.S. bank.

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Find a Somerset Savings Bank Near Me

Somerset Savings Bank has seven physical locations in the U.S.

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