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The Berkshire Bank Review

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The Berkshire Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Berkshire Bank first started operating in 1989 and is headquartered in New York, New York. It manages $665 million in assets as well as deposits totaling $549 million, making it a medium-size bank. The Berkshire Bank 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. SmartAsset experts rated The Berkshire Bank 4.2 out of 5 stars, suggesting it is a solid contender in your bank search. The Berkshire Bank provides customers with a complete suite of banking products, which include 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 features a monthly fee of $3.00, which is acceptable in comparison to other U.S. banks. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same institution is the best option for accruing the most income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

4.1
SmartAsset Average: 3.5

The Berkshire Bank features a savings rate of 0.20%, which is fair compared to the average U.S. bank. Its one-year CD earns at a rate of 1.75%, while its highest-yielding money market account earns at an APY of 0.20%. Given its below average savings rate, you should consider looking at the competition to open savings accounts.

How The Berkshire Bank's Savings Rates Compare

The Berkshire Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

The Berkshire Bank charges customers high fees compared to the average U.S. bank. Its checking account has a monthly fee of $3.00, which makes it slightly worse for anyone looking for a hassle-free account. The Berkshire Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you will be required to locate a The Berkshire Bank ATM or eat the withdrawal fee.

Monthly Fee $3.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

The Berkshire Bank is a brick-and-mortar bank, with 12 total branches in New Jersey and New York. It also offers access to mobile and web apps for straightforward access and banking on the go. The Berkshire Bank's online and mobile banking services receive great scores from users. The The Berkshire Bank mobile app is rated at 4.6 out of 5 (with 5 reviews on iOS and Android) compared to the national average of 3.8. You can utilize The Berkshire Bank's app to control your accounts by monitoring monthly statements, transferring money and accessing support representatives. The Berkshire Bank receives an exceptional consumer satisfaction score due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
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 Berkshire Bank is a medium-size bank with assets totaling $665 million and deposits totaling $549 million. It has an excellent Texas Ratio of 0.01%, suggesting a minute likelihood 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.

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Compare The Berkshire Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $300
Checking Account 0.3% APY $1500
Certificates of Deposit
  • 12 Month: 1.75% APY
  • 24 Month: 2.25% APY
  • 36 Month: 1.05% APY
$10000 for all terms
Money Market Account 0.1% APY $2500

The Berkshire Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Berkshire Bank does not have the best savings rate, which means you should think about other options 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.

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Find a The Berkshire Bank Near Me

The Berkshire Bank has 12 physical branches in the U.S.

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