Cambridge Savings Bank
Cambridge Savings Bank is headquartered in Cambridge and is the 11st largest bank in the state of Massachusetts. It is also the 278th largest bank in the nation. It was established in 1834 and as of March of 2014, it had grown to 331 employees at 18 locations. Cambridge Savings Bank has a A health rating.
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Poor Customer Service And Will Deny Clients With High Credit Scores
As strange this may appear, this bank denied my application for a high yield checking, since I have over 820 credit score, and already a checking with Danversbank (just maxed out the $25k limit). So they must have figured that I want to park $25k and do all the requirements to qualify for the 4% APY.
They will deny clients like that, since they make money when you forget to meet all requirements.
Also, they pull a HARD inquiry on your credit score, I learned the hard way, even though they only disclaim a "verification inquiry".
Cambridge Savings Bank Is Ok After All...
Since they changed/enahnced their SuperSmart Checking terms (from 15 debit transactions to 10 and from monthly fee waived only with 20 debit transactions to no monthly fee), and one branch is just one mile from my home; I went in and opened an account with them this morning.
The account opening is both smooth and speedy. I later wanted to add my wife to my account (as a joint account) and it took ten more minutes. Some great benefits:
-- Unlimited ATM refund with other banks
-- Friendly and superb customer service
-- One box of free checks, plus starter checks
-- ID monitor/protection
-- Free ACH to other banks (very rare these days)
-- Large asset size ($2.2B)
-- FDIC plus Mass DIF protection
-- Minimum check-hold even for new accounts (next-day availability)
Well, I do not like the hard-pull, but it is worthwhile in this case.
I think it is a good bank with a good reward checking account offer.
Better Than Most
This is a great bank with excellent customer service. The interest for SuperSmart Checking is currently at 2% annually which is a lot lower than a year ago (4%), but still very good in comparison to other banks. The requirements are not too difficult to meet with (1)10 debit transactions per month, (2)eStatement enrollment, and (3)direct deposit (no minimum).
Keep in mind, credit transactions on the debit card DO count as debit transactions. No fee if you do not meet the 3 requirements, and ATM fees are STILL reimbursed. You can only have one account per household, which caps the SuperSmart interest to $25,000 per household (.025% on funds greater than that OR on everything if you don't meet the requirements).
The only annoyance I've encountered iis that the bank charges for debit card replacement. I think this is fair, especially compared to the fees other banks charge on ridiculous requirements, but still an annoyance.
Rewards Checking Was Better
I signed up with this bank after I moved to the area, as they're close to my commute. Their rewards checking reeled me in, as at the time (Dec 2010) they were offering 3.75% APY on it, with 10 debit transactions, direct deposit, and e-statements. It's now September 2011, and the rate has dropped like a rock to 2.00%, with the same criteria. They reimburse foreign ATM fees, but I never use that feature. I may start looking for alternatives with a higher rate, but in general they're pretty okay.
Data for Q1 2014
Institution Health
Texas Ratio
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Cambridge Savings Bank had $7.04 million in non-current loans and owned real-estate with $274.5 million in equity and loan loss allowances on hand to cover it. This gives Cambridge Savings Bank a Texas Ratio of 2.56% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Cambridge Savings Bank experienced no significant changes from 2.74% as of March 31, 2013 to 2.56% as of March 31, 2014, resulting in a positive change of 6.30%.This indicates that the balance sheet and financial strength for Cambridge Savings Bank has had no significant changes in recent periods.
Deposit Growth
In the past year, Cambridge Savings Bank has decreased its total deposits by -$16.31 million, resulting in -0.78% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Cambridge Savings Bank has shown is average.
Capitalization
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Cambridge Savings Bank has $2.63 billion in assets with $274.5 million in equity, resulting in a capitalization level of 10.46%, which is above average.
Institution Statistics
| Overall | |
|---|---|
| FDIC Certificate # | 17870 |
| Year Established | 1834 |
| Employees | 331 |
| Primary Regulator | FDIC |
| Assets and Liabilities | |
|---|---|
| Assets | $2.63 billion |
| Loans | $1.86 billion |
| Deposits | $2.08 billion |
| Equity Capital | $256.78 million |
| Loan Loss Allowance | $17.72 million |
| Unbacked Noncurrent Loans | $6.88 million |
| Real Estate Owned | $158,000 |
| Historic Data - March 2013 | |
|---|---|
| Assets | $2.51 billion |
| Equity Capital | $249.12 million |
| Loan Loss Allowance | $14.41 million |
| Unbacked Noncurrent Loans | $6.88 million |
| Real Estate Owned | $255,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 2.91% |
| Return on Assets | 0.5% |
| Return on Equity | 5.13% |
| Interest Income | $20.30 million |
Always verify rates and promotions with the bank or credit union. We are not Cambridge Savings Bank, we are a rate comparison website and can not provide official rates or promotions.
Cambridge Savings Bank Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.30% | $1m | $3m | Community Partner Savings | |
| 0.25% | $100k | $1m | Relationship Banking Statement Savings Account | |
| 0.25% | $1m | $3m | bizSavings | |
| 0.05% | - | - | eSavings Account | |
| 0.05% | - | - | Passbook Savings | |
| 0.05% | - | - | Statement Savings |
Cambridge Savings Bank Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.15% | $50k | - | Money Market Account | |
| 0.15% | $50k | - | IRA Money Market Account | |
| 0.15% | $50k | - | Keogh Money Market Account |
Cambridge Savings Bank Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.75% | - | $25k | Supersmart Checking - Qualifying | |
| 0.50% | - | $25k | bizPlus Checking | |
| 0.35% | - | - | EarnSmart Checking - Qualifying | |
| 0.15% | - | - | Community Partner Checking | |
| 0.05% | - | - | Supersmart Checking - Non Qualifying | |
| 0.05% | - | - | EarnSmart Checking - Non Qualifying | |
| 0.05% | - | - | Relationship Checking |
Cambridge Savings Bank CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 2.10% | $1k | $1m | 59 Month Statement CD Special | |
| 1.20% | $1k | $1m | 35 Month Statement CD Special | |
| 1.15% | $1k | - | CSB Premier Package 5 Year CD | |
| 0.99% | $1k | - | Standard 5 Year CD | |
| 0.99% | $1k | - | CSB Classic Package 5 Year CD | |
| 0.70% | $1k | - | CSB Premier Package 3-<5 Year CD | |
| 0.55% | $1k | - | Standard 3-<5 Year CD | |
| 0.55% | $1k | - | CSB Classic Package 3-<5 Year CD | |
| 0.55% | $1k | - | CSB Premier Package 2-<3 Year CD | |
| 0.50% | $1k | $1m | 13 Month Statement CD Special | |
| 0.40% | $1k | - | Standard 2-<3 Year CD | |
| 0.40% | $1k | - | CSB Classic Package 2-<3 Year CD | |
| 0.35% | $1k | $1m | 5 Month Statement CD Special | |
| 0.30% | $1k | - | CSB Premier Package 1-<2 Year CD | |
| 0.20% | $1k | - | CSB Premier Package 3-<6 Month CD | |
| 0.20% | $1k | - | CSB Premier Package 6 Month-<1 Year CD | |
| 0.15% | $1k | - | Standard 1-<2 Year CD | |
| 0.15% | $1k | - | CSB Classic Package 1-<2 Year CD | |
| 0.05% | $1k | - | Standard 3-<6 Month CD | |
| 0.05% | $1k | - | Standard 6 Month-<1 Year CD | |
| 0.05% | $1k | - | CSB Classic Package 3-<6 Month CD | |
| 0.05% | $1k | - | CSB Classic Package 6 Month-<1 Year CD |
Cambridge Savings Bank IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 2.10% | $500 | $1m | 59 Month Statement IRA Special | |
| 1.20% | $500 | $1m | 35 Month Statement IRA Special | |
| 1.15% | $500 | - | CSB Premier Package 5 Year IRA | |
| 0.99% | $500 | - | CSB Classic Package 5 Year IRA | |
| 0.99% | $500 | - | Standard 5 Year IRA | |
| 0.70% | $500 | - | CSB Premier Package 3-<5 Year IRA | |
| 0.55% | $500 | - | CSB Premier Package 2-<3 Year IRA | |
| 0.55% | $500 | - | CSB Classic Package 3-<5 Year IRA | |
| 0.55% | $500 | - | Standard 3-<5 Year IRA | |
| 0.50% | $500 | $1m | 13 Month Statement IRA Special | |
| 0.40% | $500 | - | CSB Classic Package 2-<3 Year IRA | |
| 0.40% | $500 | - | Standard 2-<3 Year IRA | |
| 0.35% | $500 | $1m | 5 Month Statement IRA Special | |
| 0.30% | $500 | - | CSB Premier Package 1-<2 Year IRA | |
| 0.20% | $500 | - | CSB Premier Package 3-<6 Month IRA | |
| 0.20% | $500 | - | CSB Premier Package 6 Month-<1 Year IRA | |
| 0.15% | $500 | - | CSB Classic Package 1-<2 Year IRA | |
| 0.15% | $500 | - | Standard 1-<2 Year IRA | |
| 0.05% | $500 | - | CSB Classic Package 3-<6 Month IRA | |
| 0.05% | $500 | - | Standard 3-<6 Month IRA | |
| 0.05% | $500 | - | CSB Classic Package 6 Month-<1 Year IRA | |
| 0.05% | $500 | - | Standard 6 Month-<1 Year IRA |
Cambridge Savings Bank has 16 locations. Click to view all Cambridge Savings Bank locations.