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The Bank of Canton Review

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The Bank of Canton Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Bank of Canton first started operating in 1835 and has its headquarters in Canton, Massachusetts. The Bank of Canton handles assets of $653 million and deposits totaling $528 million, classifying it as a medium-size bank. The Bank of Canton lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.3 out of 5 stars, The Bank of Canton is a great choice and should warrant serious consideration. The Bank of Canton has a full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Bank of Canton has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, The Bank of Canton's standard checking account does not have a monthly fee. Using an institution with free checking and a high savings APY is your best bet for getting the most income on your deposits while maintaining easy access to your money.

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

3.2
SmartAsset Average: 3.5

With a savings rate of 0.15%, The Bank of Canton ranks poorly in comparison to other U.S. banks. The Bank of Canton's one-year CD earns at a rate of 0.55%, while its highest-yielding money market account earns at a rate of 0.15%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How The Bank of Canton's Savings Rates Compare

The Bank of Canton Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, The Bank of Canton charges its customers extremely low fees in comparison to the average U.S. bank. The Bank of Canton's checking account has no monthly fee, making it excellent for anyone looking for a simple account. For those who will need cash in a pinch, The Bank of Canton is ideal because it charges no out-of-network ATM fees. Also, at $25.00, The Bank of Canton has a considerably lower overdraft fee compared to 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 have to search for a The Bank of Canton ATM or accept the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $25.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

The Bank of Canton is a brick-and-mortar bank, with seven total branches in Massachusetts. With mobile and web apps, The Bank of Canton makes account access straightforward, even on the go. It does not provide access to 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, 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's online and mobile banking platforms receive moderately high marks from customers. The The Bank of Canton mobile app has an overall rating of 4.0 out of 5 (out of 18 ratings on iOS and Android) compared to the national average of 3.8. The Bank of Canton's mobile app allows you to control your funds by looking at monthly statements, sending and receiving funds and reaching support representatives. The Bank of Canton gets a superb 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 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

The Bank of Canton is currently a medium-size bank owning $653 million in assets and deposits totaling $528 million. Its Texas Ratio is 1.29%, indicating a low chance of failure. 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.

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Compare The Bank of Canton to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $10
Checking Account 0.05% APY $2000
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 1.41% APY
  • 36 Month: 1.56% APY
$1000 for all terms
Money Market Account 0.1% APY $10000

The Bank of Canton has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Bank of Canton does not have the best savings rate, which means you should think about 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 as compared against the national average.

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Find a The Bank of Canton Near Me

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

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