The Bank of Canton Review

Overview

The Bank of Canton was founded in 1835 and is headquartered in Canton, Massachusetts. It handles assets of $653 million and $528 million in deposits, classifying it as a medium-size bank. The Bank of Canton lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a commendable 4.3 out of 5 stars, The Bank of Canton proves it is a great bank that you should seriously consider. The Bank of Canton offers the full slate of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, The Bank of Canton offers an option without a maintenance or monthly fee. Locating a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is your best bet for gaining the most income on your deposits alongside easy access to your funds.

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

The Bank of Canton features a savings rate of 0.15%, which is poor compared to other U.S. banks. The Bank of Canton's one-year CD earns at a rate of 0.75%, while its highest-yielding money market account has an APY of 0.15%. Given The Bank of Canton's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How The Bank of Canton's Savings Rates Compare

The Bank of Canton charges customers extremely low fees in comparison to the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. For those who frequent the ATM, it is ideal because it has no out-of-network ATM fees. Additionally, at $25.00, The Bank of Canton's overdraft fee is noticeably lower than the average overdraft fee charged by U.S. banks. The Bank of Canton doesn't reimburse out-of-network ATM fees, which means you will be required to search for a The Bank of Canton ATM or pay the ATM charge.

The Bank of Canton is a brick-and-mortar bank, with seven total bank locations in Massachusetts. It also offers access to mobile and web apps for easy access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Wednesday, 8:00 a.m. to 5:00 p.m. ET; Thursday, 8:00 a.m. to 6:00 p.m. ET; Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET. The Bank of Canton receives relatively high praise from users for its mobile banking services. The The Bank of Canton mobile app is rated at 4.0 out of 5 (out of 18 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize The Bank of Canton's app to manage your funds by reviewing account balances, sending and receiving money and accessing customer service. The Bank of Canton receives an exceptional consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

The Bank of Canton ranks as a medium-size bank with $653 million in assets and deposits totaling $528 million. The Bank of Canton's Texas Ratio is 1.29%, indicating that the bank is in outstanding financial shape and improbable to fail. Additionally, The Bank of Canton 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.

Products Offered

The Bank of Canton has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Bank of Canton does not have the best savings rate, which means you should consider looking 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. The Bank of Canton's CD rates are fair in comparison to other U.S. banks.

Find a The Bank of Canton Near Me

The Bank of Canton has seven locations across the U.S.