Blue Hills Bank is headquartered in Boston and is the 25th largest bank in the state of Massachusetts. It is also the 514st largest bank in the nation. It was established in 1871 and as of December of 2013, it had grown to 147 employees at 6 locations. Blue Hills Bank's savings rates are 25% higher than the national average, and it boasts a A+ health rating.
This bank has not been careful in making debits correctly and in erroneously charging fees where they were not warranted. Complaints can correct the mistake at the time, but more keep happening. They do not check the tellers and others. I can't help wonder if many others have had the same problem, but perhaps do not even realize it if they do not check their statements on line.
As a long term customer, over twenty years, I have always been satisifed with the service I've received. On line banking, checking, safety deposit box, mortgage, personal loans, home equity loan, etc. are some of the services I've received. In over twenty years, NO COMPLAINTS! I love my bank. I work in financial services so I'm quite picky but Blue Hills fka Hyde Park Savings Bank has been a positive part of my life.
When I saw the low financing costs being offered by Hyde Park Savings, I was happy. It seemed that it beat out the competitors not just by rate but also by APR. There was no doubt in my mind that this was the way to secure my mortgage. My initial contact with the bank staff was friendly and seemingly informative but once they became confident that I was likely to do business with them, they neglected to provide crucial information that resulted in a significantly higher interest rate than was quoted. Sure my ignorance of the process got in the way so when I realized that I should have requested to lock the interest rate and requested to do so, I was told that the rate had gone up. Fine. "Well, I am requesting to lock it now," I stated. "You'll have to speak to the originator." Fine again. "Oh, I'm sorry, the originator is on the phone right now." Somehow,that originator was not available to me until the very next day when the rates had increased by 0.275 and 0.375 points higher than had been originally quoted.
I will go a step further. Those low rates that were offered on line, are totally inaccurate. Mortgage Marvel will tell you that there are these incredibly low rates. However, when it gets down to the nitty gritty, Hyde Park unlike other institutions does not include PMI payments so their very competitive rates are similar to most and actually more expensive than some. I suppose that's good business sense for some but outright dishonesty for me. I wish I had been knowledgeable enough to see through the deception. There are some institutions that level with you outright. Once I got suspicious of this bank I checked out a few others but unfortunately, I had already made some financial commitments like home appraisal and didn't want to just let that go. Don't be caught unprepared like I was. Keep asking questions, you'll soon see the inconsistencies!
I have kept some accounts or financial instruments with this bank since childhood. They have always been efficient and friendly. I recently had to cash in a CD after having lost the book and being many miles from Massachusetts. They put me on the right path to getting this done quickly through snail mail.
Years ago I had an account with this bank and it was a good local bank. Fast forward three years and what a mess! First the papers with my new address don't get sent to the main office so check and debit card go to the wrong place. I have to open a new account but have to leave money in first account because I arranged for direct deposit. A bill payment is short $3 because my money is divided payment denied $30 fee. This happened twice even though they paid another payment that was short I have paid $90 in fees in the first month. One star is generous in this review.
I had to go to the Truman Highway location to activate my debit card. I waited 35 minutes for someone to help me. There were 4 people working, but they were helping only 2 customers. So when they finally saw how aggravated I was getting, someone came out to help me. My first question to her was "why does it take 4 people to help just 2 customers?" Of course no good answer. But again, THE WORSE CUSTOMER SERVICE!! Never let your customers wait a hour!!!!!!!!!!!!!!! Looking for a new bank with better customer service. Which would be any other bank but this one.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Blue Hills Bank had $1.62 million in non-current loans and owned real-estate with $151.99 million in equity and loan loss allowances on hand to cover it. This gives Blue Hills Bank a Texas Ratio of 1.06% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Blue Hills Bank decreased slightly from 1.32% as of December 31, 2012 to 1.06% as of December 31, 2013, resulting in a positive change of 19.46%.This indicates that the balance sheet and financial strength for Blue Hills Bank has improved slightly in recent periods.
In the past year, Blue Hills Bank has increased its total deposits by $116.91 million, resulting in 14.25% 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 Blue Hills Bank has shown is excellent.
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. Blue Hills Bank has $1.3 billion in assets with $151.99 million in equity, resulting in a capitalization level of 11.65%, which is excellent.
|FDIC Certificate #||90160|
|Assets and Liabilities|
|Equity Capital||$142.32 million|
|Loan Loss Allowance||$9.67 million|
|Unbacked Noncurrent Loans||$1.62 million|
|Real Estate Owned||$0|
|Historic Data - December 2012|
|Equity Capital||$147.17 million|
|Loan Loss Allowance||$5.55 million|
|Unbacked Noncurrent Loans||$1.62 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||2.21%|
|Return on Assets||0.22%|
|Return on Equity||1.86%|
|Interest Income||$33.08 million|
Always verify rates and promotions with the bank or credit union. We are not Blue Hills Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.35%||$50k||-||Money Market Account|
|1.20%||-||-||60 Month Ultimate CD (with Ultimate Checking)|
|1.10%||-||-||60 Month CD|
|0.90%||-||-||48 Month Ultimate CD (with Ultimate Checking)|
|0.85%||-||-||36 Month Ultimate CD (with Ultimate Checking)|
|0.80%||-||-||48 Month CD|
|0.75%||-||-||36 Month CD|
|0.70%||-||-||24 Month Ultimate CD (with Ultimate Checking)|
|0.60%||-||-||24 Month CD|
|0.60%||-||-||18 Month Ultimate CD (with Ultimate Checking)|
|0.50%||-||-||18 Month CD|
|0.50%||-||-||12 Month Ultimate CD (with Ultimate Checking)|
|0.40%||-||-||12 Month CD|
|0.15%||-||-||6 Month CD|
|0.10%||-||-||91 Day CD|
|Blue Hills Bank Locations|
|Truman Parkway Branch||1065 Truman Parkway||Boston, MA 2136|
|Norwood Branch||111 Lenox Street||Norwood, MA 2062|
|Blue Hills Bank||1196 River Street||Boston, MA 2136|
|Brookline Branch||1337 Beacon Street||Brookline, MA 2446|
|West Roxbury Branch||1920 Centre Street||West Roxbury, MA 2132|
|Dedham Branch||741 Providence Highway||Dedham, MA 2026|