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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

South Shore Bank was founded in 1833 and has its headquarters in South Weymouth, Massachusetts. It has $1 billion in assets and deposits totaling $1 billion, ranking it as a medium-size bank. South Shore Bank 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 apps. We gave the bank a 4.2 out of 5 stars, suggesting South Shore Bank is a solid contender in your bank search. South Shore Bank provides customers with the complete slate of product offerings, including 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 interested in stress-free personal checking, South Shore Bank's most basic checking account does not carry a monthly charge. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best option for gaining the most income from your deposits while maintaining 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 compared to the national average. Its one-year CD has a rate of 0.60% and the five-year CD has a rate of 2.30%, while its highest-yielding money market account earns at an APY of 0.25%. Given South Shore Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

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

South Shore Bank typically has extremely low fees compared to the national average. With no monthly fee, South Shore Bank's checking account is perfect for people who need an easy checking account. South Shore Bank doesn't reimburse out-of-network ATM charges, which means you will have to locate a South Shore Bank ATM or pay 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

3.7
SmartAsset Average: 3.7

South Shore Bank is a brick-and-mortar bank, with 18 total bank locations in Massachusetts. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not provide access to all-day customer service with 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 7:00 a.m. to 2:00 p.m. ET. Additionally, South Shore Bank customers can access live chat for customer service questions, key for getting quick access to customer service. South Shore Bank receives unsatisfactory marks from users for its mobile banking services. The South Shore Bank mobile app has been given a 3.1 out of 5 (with 39 ratings on Apple and Android) compared to the national average of 3.8. South Shore Bank's mobile app lets you manage your finances by reviewing current statements, sending and receiving money and accessing support representatives. South Shore Bank gets a superb consumer satisfaction score due to comparatively few 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 ranks as a medium-size bank with assets totaling $1 billion as well as $1 billion in deposits. Its Texas Ratio is 4.24%, denoting a low possibility 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 Accounts 0.05% APY 0.25% APY $10000 $15000

South Shore Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. South Shore 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. South Shore Bank's CD rates are fair in comparison to other U.S. banks.

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Find a South Shore Bank Near Me

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

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