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Ulster 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
Ulster Savings Bank Savings
0.10% APY

Overview

Our Rating: 4.2/5 How we calculated this rating

Founded in 1851, Ulster Savings Bank has $841 million in assets and deposits totaling $723 million, classifying it as a medium-size bank. Ulster Savings Bank, whose headquarters are in Kingston, New York, lacks premium access to support representatives, with no options of live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4.2 out of 5 stars, Ulster Savings Bank proves it is a solid pick to be your bank. 

Ulster Savings Bank offers a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Ulster Savings Bank offers an option without a monthly fee. Using one bank for checking and savings can be ideal when you want to get the largest interest rates on your income while retaining access to your money without getting penalized for withdrawing.

Service Quality

Ulster Savings Bank is a brick-and-mortar bank, with 14 total branches in New York. It also offers access to mobile and web apps for a straightforward mobile-banking experience. 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 6:00 p.m. ET; Saturday, 9:00 a.m. to 2:00 p.m. ET. 

Ulster Savings Bank's online and mobile banking platforms receive moderately high praise from customers: the Ulster Savings Bank mobile app scored a 4.4 out of 5 (out of 240 customer reviews on iOS and Android) compared to the national average of 3.8. Ulster Savings Bank's mobile app lets you control your accounts by monitoring current statements, transferring money as well as reaching customer service. Ulster Savings Bank receives a superb consumer satisfaction score due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $250 Compare Offers
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.30% APY
  • 60 Month: 1.55% APY
  • $2,500
  • $500
  • $500
  • $500
  • $500
Compare Offers
Money Market Accounts 10K tier: 0.15% APY $2,500 Compare Offers
Checking Accounts 0.15% APY $2,500 Compare Offers

Ulster Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. Ulster Savings Bank does not have the best savings rate, which means you should think about other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Ulster Savings Bank's CD rates are fair compared to other U.S. banks. 

Rates

Ulster Savings Bank features a savings rate of 0.10%, which is fair in comparison to the average U.S. bank. Its one-year CD earns at a rate of 0.50% and the five-year CD has a rate of 1.55%, while its highest-yielding money market account earns at a rate of 0.15%. Given its noncompetitive savings rate, you should contemplate other options to earn more on your deposits.

Compare Ulster Savings Bank to Other Competitive Offers

Fees

Ulster Savings Bank charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Ulster Savings Bank's checking account is perfect for those who want an easy banking experience. For those who withdraw cash often, Ulster Savings Bank is ideal because it charges no ATM fees. Additionally, it has an overdraft fee of $30, which is significantly less than the average overdraft fee charged by U.S. banks. 

Financial Health

Ulster Savings Bank ranks as a medium-size bank with assets totaling $841 million and $723 million in deposits. Its Texas Ratio is 8.71%, signifying that the bank is in fine financial health and improbable to fail. Additionally, Ulster Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find an Ulster Savings Bank Near Me

Ulster Savings Bank has 14 physical locations across the U.S.

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