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The 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 Savings Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1912, The Savings Bank has assets totaling $352 million along with deposits totaling $300 million, which makes it a small bank. The Savings Bank, whose headquarters are in Circleville, Ohio, lacks premium access to support representatives, 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. Coming in at a commendable 4.3 stars out of 5, The Savings Bank is a great bank that you should seriously consider. The Savings Bank offers the full selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking product has a monthly fee of $2.00, which is acceptable as compared against the national average. Locating a bank with no-fee checking as well as a high savings APY is the best bet for accruing the highest income from your deposits alongside convenient 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

3.5
SmartAsset Average: 3.5

With a savings rate of 0.10%, The Savings Bank ranks poorly as compared against the national average. Its one-year CD has a rate of 1.97%, while its highest-yielding money market account earns at a rate of 0.14%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

How The Savings Bank's Savings Rates Compare

The Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.3
SmartAsset Average: 4.4

The Savings Bank charges customers low fees as compared against the national average. At $2.00 per month, The Savings Bank is not ideal for people who want a simple checking account. Additionally, The Savings Bank has an overdraft fee of $28.00, which is considerably less than the national average. The Savings Bank does not reimburse out-of-network ATM charges, which means you will be required to search for a The Savings Bank ATM or pay the cost of withdrawal.

Monthly Fee $2.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $28.00 National Average: $35.00
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Service Quality

4.4
SmartAsset Average: 3.7

The Savings Bank is a brick-and-mortar bank, with five total bank locations in Ohio. With mobile and web apps, The Savings Bank makes mobile banking straightforward, even on the go. The Savings Bank's online and mobile banking platforms get high marks from users. The The Savings Bank mobile app is rated at 4.8 out of 5 (out of 8 ratings on Apple and Android) compared to the national average of 3.8. You can use The Savings Bank's mobile app to control your funds by checking current statements, sending and receiving funds as well as reaching customer service. The Savings Bank gets an excellent consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

The Savings Bank is currently a small bank owning assets totaling $352 million and deposits totaling $300 million. The Savings Bank has a strong Texas Ratio of 5.23%, denoting that the bank is in fine financial health and unlikely to fail. Additionally, The 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

5.23%
High Risk 75% 50% 20% 10% Low Risk

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 Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 1.97% APY
  • 24 Month: 2.17% APY
  • 36 Month: 3.04% APY
$1000 for all terms
Money Market Accounts 0.14% APY 0.14% APY $10000 $15000

The 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 Savings Bank 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 Savings Bank's CD rates are fair compared to the national average.

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Find a The Savings Bank Near Me

The Savings Bank has five locations in the U.S.

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