Southbridge Savings Bank is headquartered in Southbridge and is the 70th largest bank in the state of Massachusetts. It is also the 1,516st largest bank in the nation. It was established in 1848 and as of December of 2013, it had grown to 116 employees at 9 locations. Southbridge Savings Bank's savings rates are 5X the national average, and it has a A health rating.
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.
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 Southbridge Savings Bank had $6.3 million in non-current loans and owned real-estate with $51.26 million in equity and loan loss allowances on hand to cover it. This gives Southbridge Savings Bank a Texas Ratio of 12.30% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Southbridge Savings Bank decreased dramatically from 20.83% as of December 31, 2012 to 12.30% as of December 31, 2013, resulting in a positive change of 40.97%.This indicates that the balance sheet and financial strength for Southbridge Savings Bank has improved dramatically in recent periods.
In the past year, Southbridge Savings Bank has increased its total deposits by $12.1 million, resulting in 3.71% 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 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. Southbridge Savings Bank has $439.77 million in assets with $51.26 million in equity, resulting in a capitalization level of 11.66%, which is excellent.
|FDIC Certificate #||23524|
|Assets and Liabilities|
|Equity Capital||$47.96 million|
|Loan Loss Allowance||$3.30 million|
|Unbacked Noncurrent Loans||$5.07 million|
|Real Estate Owned||$1.23 million|
|Historic Data - December 2012|
|Equity Capital||$43.58 million|
|Loan Loss Allowance||$3.82 million|
|Unbacked Noncurrent Loans||$5.07 million|
|Real Estate Owned||$1.24 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.73%|
|Return on Assets||0.54%|
|Return on Equity||5.08%|
|Interest Income||$17.50 million|
Always verify rates and promotions with the bank or credit union. We are not Southbridge Savings Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.25%||$50k||-||Key Select Savings|
|0.05%||-||-||Passbook Savings Plan|
|0.25%||$5k||-||Personal Money Market|
|2.00%||-||$25k||Kasasa Cash Checking|
|0.05%||$500||-||Key Select Checking|
|0.05%||-||-||Kasasa Cash Checking|
|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|
|1.75%||-||-||57 Month IRA (Traditional,Roth)|
|1.50%||-||-||47 Month IRA (Traditional,Roth)|
|1.25%||-||-||38 Month IRA (Traditional,Roth)|
|1.00%||-||-||22 Month IRA (Traditional,Roth)|
|0.75%||-||-||18 Month IRA (Traditional,Roth)|
|0.75%||-||-||24 Month IRA (Traditional,Roth)|
|0.75%||-||-||30 Month IRA (Traditional,Roth)|
|0.75%||-||-||36 Month IRA (Traditional,Roth)|
|0.75%||-||-||48 Month IRA (Traditional,Roth)|
|0.75%||-||-||60 Month IRA (Traditional,Roth)|
|0.50%||-||-||8 Month IRA (Traditional,Roth)|
|0.25%||-||-||6 Month IRA (Traditional,Roth)|
|0.25%||-||-||12 Month IRA (Traditional,Roth)|
|Southbridge Savings Bank Locations|
|Holden Branch||1073 Main Street||Holden, MA 1520|
|Charlton Branch||2 Center Depot Road||Charlton, MA 1507|
|Sturbridge Branch||200 Charlton Road||Sturbridge, MA 1566|
|Southbridge Savings Bank||253 Main Street # 257||Southbridge, MA 1550|
|Southbridge Plaza Branch||495 East Main Street||Southbridge, MA 1550|
|North Oxford Branch||64 Leicester Street||North Oxford, MA 1537|
|West Boylston Street Branch||70 West Boylston Street||Worcester, MA 1606|
|Spencer Branch||70 West Main Street||Spencer, MA 1562|
|Webster Branch||86 Worcester Road||Webster, MA 1570|