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South Shore Bank Review

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

Overview

Founded in 1833, South Shore Bank has assets totaling $1 billion along with deposits totaling $1 billion, ranking the institution as a medium-size bank. South Shore Bank, whose headquarters are in South Weymouth, Massachusetts, has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, South Shore Bank is a solid pick to be your bank, with a rating of 4.2 stars out of 5 from our experts. South Shore Bank offers a complete choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. South Shore Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, South Shore Bank's most basic checking account does not carry a monthly fee. Institutions that offer no-fee checking and a high interest rate savings account are the best bet for getting the highest income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

With a savings rate of 0.05%, South Shore Bank ranks poorly as compared against the national average. South Shore Bank's CD rates are 0.60% and 2.30% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given South Shore Bank's below average savings rate, you should think about taking a look at other banks for savings accounts.

How South Shore Bank's Savings Rates Compare

South Shore Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, South Shore Bank charges customers extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. South Shore Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will be required to find a South Shore Bank ATM or eat the cost of withdrawal.

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

3.7
SmartAsset Average: 3.7

South Shore Bank is a brick-and-mortar bank, with 18 total branches in Massachusetts. With mobile and web apps, South Shore Bank makes mobile banking straightforward, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. ET; Saturday, and 7:00 a.m. to 2:00 p.m. ET. South Shore Bank also offers a live chat feature, which may provide helpful service without getting on the phone. South Shore Bank gets poor feedback from customers for its online presence. With 39 customer reviews across iOS and Android platforms, the South Shore Bank mobile app has an overall rating of 3.1 out of 5 (compared to the national average of 3.8). You can use South Shore Bank's app to manage your finances by looking at monthly statements, sending and receiving money as well as reaching support representatives. South Shore Bank receives an exceptional consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.8
SmartAsset Average: 4.8

South Shore Bank is a medium-size bank owning assets totaling $1 billion and $1 billion in deposits. Its Texas Ratio is 4.24%, denoting a negligible probability of failure. Additionally, South Shore Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.24%
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 South Shore Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $10
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.80% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.25% APY
  • 60 Month: 2.30% APY
$1000 for all terms
Money Market Account 0.05% APY $2500

South Shore 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. South Shore 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. South Shore Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a South Shore Bank Near Me

South Shore Bank has 18 locations in the U.S.

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