Cambridge Savings Bank is headquartered in Cambridge and is the 11th largest bank in the state of Massachusetts. It is also the 259th largest bank in the nation. It was established in 1834 and as of December of 2019, it had grown to 390 employees at 17 locations. Cambridge Savings Bank has an A health rating.
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.
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.
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.
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".
|FDIC Certificate #||17870|
|Return on Assets - YTD||0.95%|
|Return on Equity - YTD||9.63%|
|Annual Interest Income||$165.0MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$4.30B$3.88B|
|Loans||Q4 2019vs Q4 2018||$3.36B$3.01B|
|Deposits||Q4 2019vs Q4 2018||$3.15B$2.98B|
|Equity Capital||Q4 2019vs Q4 2018||$425.8MM$377.7MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$34.1MM$32.8MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$21.6MM$21.7MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$0$0|
Rates for Cambridge Savings Bank are currently being reviewed.