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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 full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking does not have a monthly fee. Finding an institution with free checking and a high interest rate savings account is the best option for getting the most income from your deposits while maintaining 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 the average U.S. bank. StonehamBank's CDs feature a rate of 0.55% and 1.16% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.75%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

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

StonehamBank charges its customers extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. For those who frequently visit the ATM, it is perfect because it has no out-of-network ATM fees. StonehamBank doesn't reimburse out-of-network ATM charges, which means you will need to locate a StonehamBank ATM or pay 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 branches in Massachusetts. It also offers access to mobile and web apps for a simple 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 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. Additionally, StonehamBank customers can access live chat for help, which may provide helpful service without getting on the phone. StonehamBank receives moderate reviews from customers for its online presence. The StonehamBank mobile app is rated at 3.9 out of 5 (out of 11 ratings on iOS and Android) compared to the national average of 3.8. You can utilize StonehamBank's mobile app to control your accounts by checking current statements, transferring funds and reaching support representatives. StonehamBank receives an excellent consumer satisfaction score based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 a medium-size bank with assets totaling $603 million and $433 million in deposits. StonehamBank's Texas Ratio is 1.67%, denoting that the bank is in superb financial shape 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: 0.55% APY
  • 24 Month: 0.70% APY
  • 36 Month: 0.85% APY
  • 48 Month: 1.15% APY
  • 60 Month: 1.16% APY
$1000 for all terms
Money Market Account 0.5% APY $10

StonehamBank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. StonehamBank does not have the best savings rate, which means you should think about 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 the national average.

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Find a StonehamBank Near Me

StonehamBank has two physical branches across the U.S.

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