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The Lowell Five Cent Savings Bank Review

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The Lowell Five Cent Savings Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1854, The Lowell Five Cent Savings Bank has $1 billion in assets as well as $955 million in deposits, classifying the institution as a medium-size bank. The Lowell Five Cent Savings Bank, whose headquarters are in Lowell, Massachusetts, 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 offerings. With a score of 3.9 out of 5 stars, The Lowell Five Cent Savings Bank should be near the middle of the pack in your search for a bank. The Lowell Five Cent Savings Bank provides customers with a complete choice of product offerings, including 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; you can find higher rates with other banks. If you're looking for a checking account for everyday use, The Lowell Five Cent Savings Bank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same institution is the best bet for getting the most income from your deposits while maintaining convenient 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 other U.S. banks. The Lowell Five Cent Savings Bank's one-year CD has a rate of 0.60% and the five-year CD has a rate of 1.50%, while its highest-yielding money market account earns at an APY of 0.50%. Given its poor savings rate, you should think about choosing another bank to earn more on your deposits.

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 generally has average fees compared to other U.S. banks. With no monthly fee, The Lowell Five Cent Savings Bank is ideal for people who want a simple banking experience. For those who regularly visit the ATM, it is fair because it has an out-of-network ATM fee of $2.00, which is reasonable in comparison to the average U.S. bank. The Lowell Five Cent Savings Bank doesn't reimburse out-of-network ATM fees, meaning you will need to locate a The Lowell Five Cent Savings Bank ATM or eat the cost of withdrawal.

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 account access straightforward, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its customer service 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 inferior marks from customers for its mobile app. With 19 ratings across iOS and Android platforms, the The Lowell Five Cent Savings Bank mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). You can use The Lowell Five Cent Savings Bank's app to control your bank accounts by looking at current statements, transferring money as well as reaching support representatives. The Lowell Five Cent Savings Bank gets a superb consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 owning $1 billion in assets and $955 million in deposits. Its Texas Ratio is 2.50%, signifying that The Lowell Five Cent Savings Bank is in terrific financial health and far from failure. 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 Account 0.2% APY $2500

The Lowell Five Cent Savings Bank has several deposit products like 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 think about taking a look 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 Lowell Five Cent Savings Bank's CD rates are fair compared to 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 across the U.S.

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