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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 started in 1887 and has its headquarters in Bound Brook, New Jersey. Somerset Savings Bank manages $571 million in assets and $455 million in deposits, which makes it a medium-size bank. Somerset Savings Bank 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 apps. We gave Somerset Savings Bank a 4.3 stars out of 5, suggesting it is a solid contender in your bank search. Somerset Savings Bank provides customers with a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Somerset Savings Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Somerset Savings Bank's ordinary checking account does not have a monthly fee. Using an institution with no-fee checking and a high interest rate savings account is your best bet for returning the highest income from your deposits while having 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

With a savings rate of 0.05%, Somerset Savings Bank ranks poorly in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 1.05% and 2.00%, respectively, while its highest-yielding money market account has an APY of 0.10%. Given its below average savings rate, you should think about 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

On average, Somerset Savings Bank charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Somerset Savings Bank is perfect for people who want a simple banking experience. Somerset Savings Bank does not refund out-of-network ATM charges, which means you'll be required to locate a Somerset Savings Bank ATM or eat 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 a simple mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its 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 platforms get poor feedback from customers. The Somerset Savings Bank mobile app scored a 3.3 out of 5 (out of 4,900 customer reviews on Apple and Android) compared to the national average of 3.8. Somerset Savings Bank's mobile app allows you to manage your accounts by looking at monthly statements, sending and receiving funds and accessing customer service. Somerset Savings Bank gets a superb consumer satisfaction score based on relatively few complaints reported 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 a medium-size bank owning assets totaling $571 million and deposits totaling $455 million. It has an excellent Texas Ratio of 0.36%, denoting a low probability of failure. 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 Account 0.1% APY $250

Somerset Savings Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Somerset Savings Bank does not have the best savings rate, which means you should think about 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. 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 branches across the U.S.

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