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UniBank for Savings Review

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UniBank for Savings Savings
0.50% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1870, UniBank for Savings has $2 billion in assets as well as deposits totaling $1 billion, ranking it as a large bank. UniBank for Savings, whose headquarters are in Whitinsville, 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. SmartAsset experts rated the bank 4.3 out of 5 stars, suggesting UniBank for Savings is a solid contender in your bank search. UniBank for Savings provides customers with a varied selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. UniBank for Savings has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, UniBank for Savings offers an option without a monthly fee. Finding a bank with no-fee checking as well as a high interest rate savings account is your best bet for accruing the most income from your deposits while having 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

3.3
SmartAsset Average: 3.5

With a savings rate of 0.50%, UniBank for Savings ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 0.90% and the five-year CD earns at a rate of 1.75%, while its highest-yielding money market account earns at a rate of 0.15%. Given UniBank for Savings's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.

How UniBank for Savings's Savings Rates Compare

UniBank for Savings Savings 0.50 National Average 0.26 Compare Offers
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Fees

4.8
SmartAsset Average: 4.4

UniBank for Savings has generally extremely low fees in comparison to other U.S. banks. With no monthly fee, UniBank for Savings's checking account is perfect for people who want an easy checking account. Additionally, it has an overdraft fee of $33.00, which is lower than the national average overdraft fee. UniBank for Savings unfortunately does not reimburse out-of-network ATM fees, meaning you'll need to find a UniBank for Savings ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $33.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

UniBank for Savings is a brick-and-mortar bank, with 14 total bank locations in Massachusetts. With mobile and web apps, UniBank for Savings makes account access convenient, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 8:30 a.m. to 1:00 p.m. ET. UniBank for Savings gets moderately decent scores from users for its mobile app. The UniBank for Savings mobile app is rated at 4.0 out of 5 (with 78 customer reviews on iOS and Android) compared to the national average of 3.8. You can use UniBank for Savings's app to manage your funds by monitoring current statements, transferring money as well as accessing customer service. UniBank for Savings gets an exceptional consumer satisfaction rating due to relatively 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

UniBank for Savings ranks as a large bank and owns $2 billion in assets and $1 billion in deposits. UniBank for Savings's Texas Ratio is 2.24%, signifying a negligible probability of failure. Additionally, UniBank for Savings 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 UniBank for Savings to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.5% APY $10
Checking Account 0.05% APY $10
Certificates of Deposit
  • 12 Month: 0.90% APY
  • 24 Month: 2.25% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.75% APY
$500 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

UniBank for Savings has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. UniBank for Savings 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. UniBank for Savings's CD rates are fair compared to the average U.S. bank.

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Find a UniBank for Savings Near Me

UniBank for Savings has 14 branches in the U.S.

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