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The Lowell Five Cent Savings Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
The Lowell Five Cent Savings Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Lowell Five Cent Savings Bank first started operating in 1854 with headquarters in Lowell, Massachusetts. It handles $1 billion in assets as well as $955 million in deposits, ranking it as a medium-size bank. The Lowell Five Cent Savings Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. We gave The Lowell Five Cent Savings Bank a 3.9 stars out of 5, which means it is a good bank that you should consider. The Lowell Five Cent Savings Bank has a variety of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. The Lowell Five Cent Savings Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, The Lowell Five Cent Savings Bank's ordinary checking account does not have a monthly fee. Using an institution with free checking, in addition to a high savings APY is the best bet for gaining the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

The Lowell Five Cent Savings Bank features a savings rate of 0.05%, which is fair in comparison to the average U.S. bank. Its one-year CD earns at a rate of 0.60% and the five-year CD has a rate of 1.50%, while its highest-yielding money market account has an APY of 0.50%. Given its below average savings rate, you should think about looking at the competition to open savings accounts.

How The Lowell Five Cent Savings Bank's Savings Rates Compare

The Lowell Five Cent Savings Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

The Lowell Five Cent Savings Bank charges its customers average fees in comparison to the average U.S. bank. With no monthly fee, The Lowell Five Cent Savings Bank's checking account is perfect for people who need an easy checking account. For those who withdraw money frequently, The Lowell Five Cent Savings Bank is fair because it has an out-of-network ATM fee of $2.00, which is reasonable compared to other U.S. banks. The Lowell Five Cent Savings Bank does not refund out-of-network ATM fees, which means you'll have to locate a The Lowell Five Cent Savings Bank ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

The Lowell Five Cent Savings Bank is a brick-and-mortar bank, with 16 total bank locations in Massachusetts and New Hampshire. With mobile and web apps, The Lowell Five Cent Savings Bank makes mobile banking convenient, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 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 8:00 a.m. to 2:00 p.m. ET. The Lowell Five Cent Savings Bank receives poor feedback from customers for its online presence. With 19 customer reviews on iOS and Android platforms, the The Lowell Five Cent Savings Bank mobile app is scored at 3.2 out of 5 (compared to the national average of 3.8). The Lowell Five Cent Savings Bank's mobile app allows you to control your bank accounts by reviewing current statements, transferring money as well as reaching customer service. The Lowell Five Cent Savings Bank receives an exceptional consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

The Lowell Five Cent Savings Bank is a medium-size bank and has assets totaling $1 billion and $955 million in deposits. Its Texas Ratio is 2.50%, indicating that the bank is in terrific financial condition and improbable to fail. Additionally, The Lowell Five Cent Savings 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 Lowell Five Cent Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $5000
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.80% APY
  • 36 Month: 1.20% APY
  • 48 Month: 1.30% APY
  • 60 Month: 1.50% APY
$500 for all terms
Money Market Accounts 0.2% APY 0.5% APY $10000 $15000

The Lowell Five Cent Savings 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 Lowell Five Cent Savings Bank does not have the best savings rate, which means you should consider 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 Lowell Five Cent Savings Bank's CD rates are fair as compared against the national average.

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Find a The Lowell Five Cent Savings Bank Near Me

The Lowell Five Cent Savings Bank has 16 physical branches in the U.S.

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