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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
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1869, The Savings Bank has $579 million in assets and $472 million in deposits, ranking the institution as a medium-size bank. The Savings Bank, whose headquarters are in Wakefield, Massachusetts, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, The Savings Bank is a solid pick to be your bank, with a rating of 4.3 out of 5 stars from the SmartAsset team. The Savings Bank provides customers with a mixture of banking products, which include savings accounts, checking accounts, CDs, IRAs and mortgage products. The Savings Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, The Savings Bank's ordinary checking account does not have a monthly fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best option for gaining the most income from your deposits while maintaining 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

3.2
SmartAsset Average: 3.5

The Savings Bank has a savings rate of 0.07%, which is poor compared to the average U.S. bank. The Savings Bank's one-year CD has a rate of 0.75% and the five-year CD earns at a rate of 1.45%, while its highest-yielding money market account earns at a rate of 0.30%. Given The Savings Bank's below average savings rate, you should think about 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
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Fees

5.0
SmartAsset Average: 4.4

The Savings Bank has typically extremely low fees in comparison to the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. For those who often frequent the ATM, it is ideal because it charges no out-of-network ATM fees. The Savings Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you will be required to locate a The Savings Bank ATM or accept the ATM charge.

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

4.0
SmartAsset Average: 3.7

The Savings Bank is a brick-and-mortar bank, with nine total branches in Massachusetts. With mobile and web apps, The Savings Bank makes account access straightforward, even on the go. The Savings Bank's online and mobile banking services receive moderately high marks from customers. The The Savings Bank mobile app rates a 4.0 out of 5 (with 18 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize The Savings Bank's app to control your bank accounts by checking monthly statements, transferring money and reaching customer service. The Savings Bank receives a superb consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.0/5
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 Savings Bank is currently a medium-size bank and owns $579 million in assets as well as $472 million in deposits. The Savings Bank has an excellent Texas Ratio of 2.61%, indicating a minute chance 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.

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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 0.075% 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 Accounts 0.2% APY 0.3% APY $10000 $15000

The Savings Bank has several deposit products like savings accounts, checking 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 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 Savings Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a The Savings Bank Near Me

The Savings Bank has nine physical branches across the U.S.

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