Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

The Savings Bank Review

Your Details Done
by Updated
The Savings Bank Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Savings Bank started in 1869 with headquarters located in Wakefield, Massachusetts. It owns $579 million in assets and $472 million in deposits, ranking it as a medium-size bank. The Savings 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 offerings. At a SmartAsset rating of 4.3 stars out of 5, The Savings Bank should be solidly in contention for your choice of bank. The Savings Bank has a variety of banking products, which include savings accounts, checking accounts, CDs, IRAs and mortgage products. The Savings Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, The Savings Bank offers an option without a monthly fee. Using an institution with no-fee checking, in addition to a high interest rate savings account is your best option for getting the most income on your deposits while having easy 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

3.2
SmartAsset Average: 3.5

With a savings rate of 0.07%, The Savings Bank ranks poorly as compared against the national average. The Savings Bank's CDs feature a rate of 0.75% and 1.45% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.30%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How The Savings Bank's Savings Rates Compare

The Savings Bank Savings 0.07 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

The Savings Bank has typically extremely low fees in comparison to other U.S. banks. With no monthly fee, The Savings Bank's checking account is perfect for people who want a hassle-free checking account. For those who withdraw cash often, The Savings Bank is perfect because it charges no out-of-network ATM fees. The Savings Bank does not reimburse out-of-network ATM fees, which means you'll need to search for a The Savings Bank ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee N/A National Average: $35.00
Back to Overview

Service Quality

4.0
SmartAsset Average: 3.7

The Savings Bank is a brick-and-mortar bank, with nine total bank locations in Massachusetts. It also offers access to mobile and web apps for simple access and banking on the go. The Savings Bank gets moderately high marks from customers for its mobile banking services. Out of 18 customer reviews on both Apple and Android platforms, the The Savings Bank mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). The Savings Bank's mobile app lets you control your bank accounts by checking monthly statements, transferring money and reaching support representatives. The Savings Bank receives an outstanding consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.9
SmartAsset Average: 4.8

The Savings Bank is currently a medium-size bank owning $579 million in assets and deposits totaling $472 million. The Savings Bank's Texas Ratio is 2.61%, indicating a minute possibility of failure. 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

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.

Back to Overview

Compare The Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.075% APY $10
Checking Account 0.025% APY $10
Certificates of Deposit
  • 12 Month: 0.75% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.15% APY
  • 48 Month: 1.30% APY
  • 60 Month: 1.45% APY
$1000 for all terms
Money Market Account 0.2% APY $10000

The Savings Bank has several deposit products like savings accounts, checking accounts and CDs that provide you with 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.

Back to Overview

Find a The Savings Bank Near Me

The Savings Bank has nine locations across the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure