Average User Rating:
4 star rating based on 1 review.

Southbridge Savings Bank

253 Main Street #257
Southbridge, MA 01550
800.939.9103
www.southbridgesavingsbank.com

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Southbridge Savings Bank is headquartered in Southbridge and is the 69^th largest bank in the state of Massachusetts. It is also the 1,580^th largest bank in the nation. It was established in 1848 and as of December of 2012, it had grown to 115 employees at 9 locations. Southbridge Savings Bank's savings rates are 44% higher than the national average, and it has a 3-star health rating.

Southbridge Savings Bank Routing Number: 211371735

Southbridge Savings Bank RCA Rate Drop From 2.5% To 2% APY (Forum) - 2/23/2013

Effective Feb. 23, 2013, Southbridge Savings Bank's "Kasasa Cash" RCA has dropped from 2.5% APY to 2% APY. The corresponding "Kasasa Saver" savings account has dropped from 1% APY to 0.75% APY. The last rate drop (from 3% to 2.5%) occurred back in Octob

Southbridge RCA Rate Drop From 3% APY To 2.5% APY (Forum) - 10/25/2012

As of October 24, the interest rate for the Kasasa Cash RCA at Southbridge Savings Bank has dropped from 3.00% APY to 2.50% APY. I have not received any direct notice from the bank regarding this change, but I discovered it when reviewing my account follo

Reward Checking and Savings Accounts at Southbridge Savings Bank in MA and Parts of CT and RI - 9/12/2012

As we have seen over the last few years, the vast majority of changes on reward checking accounts have been rate and/or balance cap reductions. There have been rare occasions when a bank increases the ...

2.00% 15-Month CD at Southbridge Savings Bank in MA - Local Only - 2/26/2010

Southbridge Savings Bank is offering a special 2.00% APY 15-month CD. Minimum deposit is $500. It's also available as a Traditional and Roth IRA. This special is listed in the bank's rate tables as o ...

2007

7/20 - 2.50% Reward Checking Account at a Massachusetts Bank (Southbridge Savings)

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See Rates for: Checking | Savings | Money Market | CD | IRA

Southbridge Savings Bank Checking Account Rates

Apy	Min	Max	Product
2.00%	-	$25k	Kasasa Cash Checking
0.05%	$500	-	Key Select Checking

Southbridge Savings Bank Savings Account Rates

Apy	Min	Max	Product
2.50%	-	$500	Moola Savings
0.75%	-	$50k	Kasasa Saver
0.25%	$50k	-	Key Select Savings
0.05%	-	-	Key Savings
0.05%	-	-	Passbook Savings Plan

Southbridge Savings Bank Money Market Rates

	Apy	Min	Max	Product
	0.25%	$5k	-	Personal Money Market

Southbridge Savings Bank CD Rates

Apy	Min	Max	Product
1.75%	$500	-	57 Month CD
1.50%	$500	-	47 Month CD
1.25%	$500	-	38 Month CD
1.00%	$500	-	22 Month CD
0.75%	$500	-	18 Month CD
0.75%	$500	-	24 Month CD
0.75%	$500	-	30 Month CD
0.75%	$500	-	36 Month CD
0.75%	$500	-	48 Month CD
0.75%	$500	-	60 Month CD
0.50%	$500	-	8 Month CD
0.25%	$500	-	6 Month CD
0.25%	$500	-	12 Month CD

Southbridge Savings Bank IRA Rates

Apy	Min	Max	Product
1.75%	-	-	57 Month IRA
1.75%	-	-	57 Month Roth IRA
1.50%	-	-	47 Month IRA
1.50%	-	-	47 Month Roth IRA
1.25%	-	-	38 Month IRA
1.25%	-	-	38 Month Roth IRA
1.00%	-	-	22 Month IRA
1.00%	-	-	22 Month Roth IRA
0.75%	-	-	18 Month IRA
0.75%	-	-	24 Month IRA
0.75%	-	-	30 Month IRA
0.75%	-	-	36 Month IRA
0.75%	-	-	48 Month IRA
0.75%	-	-	60 Month IRA
0.75%	-	-	18 Month Roth IRA
0.75%	-	-	24 Month Roth IRA
0.75%	-	-	30 Month Roth IRA
0.75%	-	-	36 Month Roth IRA
0.75%	-	-	48 Month Roth IRA
0.75%	-	-	60 Month Roth IRA
0.50%	-	-	8 Month IRA
0.50%	-	-	8 Month Roth IRA
0.25%	-	-	6 Month IRA
0.25%	-	-	12 Month IRA
0.25%	-	-	6 Month Roth IRA
0.25%	-	-	12 Month Roth IRA

Rates updated: 5/23/2013

Data for Q4 2012

Institution Statistics

Southbridge Savings Bank
FDIC Certificate #	23524
BankRate Report	View
Year Established	1848
Employees	115
Primary Regulator	FDIC
Assets and Liabilities
Assets	$421.06 million
Loans	$336.02 million
Deposits	$326.44 million
Equity Capital	$43.58 million
Loan Loss Allowance	$3.82 million
Unbacked Noncurrent Loans	$8.64 million
Real Estate Owned	$1.24 million
Historic Data - December 2011
Assets	$419.34 million
Equity Capital	$41.34 million
Loan Loss Allowance	$3.36 million
Unbacked Noncurrent Loans	$4.94 million
Real Estate Owned	$1.54 million
Profit Margin - Quarterly
Net Interest Margin	3.94%
Return on Assets	0.56%
Return on Equity	5.54%
Interest Income	$18.45 million

Institution Health

Overall Score:

3 out of 5

Texas Ratio
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, 2012 Southbridge Savings Bank had $9.88 million in non-current loans and owned real-estate with $47.4 million in equity and loan loss allowances on hand to cover it. This gives Southbridge Savings Bank a Texas Ratio of 20.83% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Southbridge Savings Bank increased slightly from 14.50% as of December 31, 2011 to 20.83% as of December 31, 2012, resulting in a negative change of 43.70%. This indicates that the balance sheet and financial strength for Southbridge Savings Bank has declined slightly in recent periods.
Deposit Growth
In the past year, Southbridge Savings Bank has decreased its total deposits by -$2.98 million, resulting in -0.9% 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 Southbridge 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. Southbridge Savings Bank has $421.06 million in assets with $47.4 million in equity, resulting in a capitalization level of 11.26%, which is above average.

Kasasa Cash RCA At Southbridge Savings Bank
4 stars

- nothlit - Thursday, January 17, 2013 - 12:39 PM

I opened a "Kasasa Cash with Saver" account here in the summer of 2012. (It's actually a pair of accounts: checking and savings.) My previous reward checking rate at another bank had fallen below 2%, and Southbridge Savings Bank was advertising a rate of 3% at the time. Opening the account via the bank's web site was fairly routine. I did have to print and mail a couple of signature forms. I was a little disappointed that I could only initially fund $20k ($10k checking, $10k savings) even though the reward limit on the checking account is $25k. This made it impossible to transfer over all of my existing RCA funds in one step, but was not a dealbreaker as I was able to deposit the remaining funds in person a few days later. I could have also sent the additional deposit by mail or ACH transfer once the account was set up.

One nice benefit of this account is that for each month that the checking account qualifies for the reward interest rate (currently 2.5%) the savings account also qualifies for a lesser reward rate, but still quite competitive compared to other savings accounts (currently 1%). This is beneficial if you've maxed out the RCA but still have additional cash you want to save.

A few annoyances to be aware of, though none of them are dealbreakers for me:

SSB does not offer an ACH transfer feature for personal accounts. You'll need an external ACH-capable account to push/pull from.
The checking account interest is automatically swept into the savings account at the end of every month. I would prefer it to remain in the checking account, but was informed there is no way to disable this. So I have to manually transfer it back each month.
The online banking system can only export transactions in QuickBooks (IIF) and CSV format (no OFX, QFX, or QIF). So it's more difficult for me to import transactions into my personal finance software. However, the site is compatible with Mint.com.