The Berkshire Bank Review

Overview

Founded in 1989, The Berkshire Bank has $597.6 million in assets along with $470.3 million in deposits, ranking it as a medium-size bank. The Berkshire Bank, whose headquarters are in New York, New York, 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 access to service representatives at a physical location, in addition to its online and mobile apps. Overall, The Berkshire Bank is a solid pick to be your bank, with a score of 4.2 out of 5 stars from our team. The Berkshire Bank offers a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Berkshire Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product carries a monthly fee of $3.00, which is acceptable compared to the national average. Finding 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 accruing the most income from your deposits while maintaining easy access to your money.

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

The Berkshire Bank has a savings rate of 0.10%, which is poor compared to the national average. The Berkshire Bank's one-year CD has a rate of 4.86%, while its highest-yielding money market account has a rate of 4.34%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How The Berkshire Bank's Savings Rates Compare

The Berkshire Bank charges customers high fees compared to the national average. At $3.00 per month, The Berkshire Bank is not the best product for those who want a simple banking experience. The Berkshire Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will need to search for a The Berkshire Bank ATM or pay the withdrawal fee.

The Berkshire Bank is a brick-and-mortar bank, with 9 total branches in New Jersey and New York. With mobile and web apps, The Berkshire Bank makes mobile banking easy, even on the go. The Berkshire Bank gets positive ratings from customers for its mobile app. With 5 ratings across iOS and Android platforms, the The Berkshire Bank mobile app has an overall rating of 4.6 out of 5 (compared to the national average of 3.8). The Berkshire Bank's mobile app allows you to manage your funds by monitoring monthly statements, sending and receiving funds as well as reaching support representatives. The Berkshire Bank gets a superb consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

The Berkshire Bank is a medium-size bank owning $597.6 million in assets and $470.3 million in deposits. Its Texas Ratio is 2.44%, signifying a minute chance of failure. Additionally, The Berkshire Bank 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 Berkshire Bank 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 Berkshire Bank 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 Berkshire Bank's CD rates are fair in comparison to other U.S. banks.

Find a The Berkshire Bank Near Me

The Berkshire Bank has 9 locations in the U.S.