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StonehamBank Review

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

Overview

Founded in 1887, StonehamBank has $603 million in assets along with deposits totaling $433 million, which makes it a medium-size bank. StonehamBank, whose headquarters are in Stoneham, Massachusetts, has above-average customer service access 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. Coming in at a commendable 4.3 stars out of 5, StonehamBank is a solid contender in your bank search. StonehamBank provides customers with a complete choice of banking products, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. StonehamBank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, StonehamBank offers an option without a maintenance or monthly fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same institution 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

3.0
SmartAsset Average: 3.5

With a savings rate of 0.05%, StonehamBank ranks poorly in comparison to other U.S. banks. StonehamBank's CDs feature a rate of 1.00% and 2.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.75%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How StonehamBank's Savings Rates Compare

StonehamBank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, StonehamBank charges customers extremely low fees in comparison to the national average. StonehamBank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. StonehamBank does not refund out-of-network ATM charges, meaning you'll have to find a StonehamBank ATM or eat the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

StonehamBank is a brick-and-mortar bank, with two total bank locations in Massachusetts. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Wednesday, 8:00 a.m. to 5:00 p.m. ET; Thursday and Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 2:00 p.m. ET. StonehamBank also offers a live chat feature, which may provide helpful service without getting on the phone. StonehamBank gets moderate reviews from customers for its mobile banking services. With 11 customer reviews on Apple and Android platforms, the StonehamBank mobile app is scored at 3.9 out of 5 (compared to the national average of 3.8). You can access StonehamBank's mobile app to manage your finances by looking at monthly statements, sending and receiving money and reaching support representatives. StonehamBank gets a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

5.0
SmartAsset Average: 4.8

StonehamBank is currently a medium-size bank and has $603 million in assets and $433 million in deposits. StonehamBank has an excellent Texas Ratio of 1.67%, suggesting that the bank is in excellent financial health and far from failure. Additionally, StonehamBank 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 StonehamBank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $10
Checking Account 0.05% APY $10
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 0.70% APY
  • 36 Month: 0.85% APY
  • 48 Month: 1.15% APY
  • 60 Month: 2.00% APY
$1000 for all terms
Money Market Accounts 0.5% APY 0.75% APY $10000 $15000

StonehamBank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. StonehamBank 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. StonehamBank's CD rates are fair compared to other U.S. banks.

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Find a StonehamBank Near Me

StonehamBank has two locations across the U.S.

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