Cambridge Savings Bank

Overview / Commentary
1374 Massachusetts Avenue
Cambridge, MA 02138

Cambridge Savings Bank is headquartered in CAMBRIDGE and is the 6th largest bank in the state of Massachusetts. It is also the 218th largest bank in the nation. It was established in 1834 and as of December of 2023, it had grown to 485 employees at 20 locations. Cambridge Savings Bank's money market rates are 11X the national average, and it has an A health rating.

Reviews (5)

Better Than Most

Posted by: |

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

Posted by: |

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.

Cambridge Savings Bank Is Ok After All...

Posted by: |

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.

Ivy Bank Is Terrible.

Posted by: |

(Ivy Bank is part of Cambridge Savings Bank.) I talked to an Ivy Bank representative over the phone. That representative hung up on me once the call was approaching 6 minutes. I tried calling back and got a message stating that the number you reached is not in service. Ivy Bank blocked my phone number since calling from a different phone number worked. Ivy Bank also ghosted the email I sent afterwards.

Poor Customer Service And Will Deny Clients With High Credit Scores

Posted by: |

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".


Health Grade Components

FDIC Certificate #17870
Year Established1834
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.35%
Return on Equity - YTD4.16%
Annual Interest Income$313.7MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$6.87B$6.47B
LoansQ4 2023vs Q4 2022$5.63B$5.27B
DepositsQ4 2023vs Q4 2022$5.38B$4.79B
Equity CapitalQ4 2023vs Q4 2022$604.4MM$557.4MM
Loan Loss AllowanceQ4 2023vs Q4 2022$52.4MM$48.6MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$8.6MM$11.9MM
Real Estate OwnedQ4 2023vs Q4 2022$0$0
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Always verify rates and promotions with the bank or credit union. We are not Cambridge Savings Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Cambridge Savings Bank Savings Account Rates

0.15%$10-Simple Savings
0.02%$10-Basic Savings

Cambridge Savings Bank Money Market Rates

4.80%$10-High Yield Money Market Special
4.80%$250k-High Yield Money Market Special - Bonus Tier
3.00%$50k-High Yield Money Market - Bonus Tier
3.00%$50k-IRA High Yield Money Market IRA - Bonus Tier
2.50%*$50k*-High Yield Money Market
OTHER TIERS: 1.00% $10 - $10k | 1.50% $10k - $30k | 2.00% $30k - $50k
2.50%*$50k*-High Yield Money Market IRA
OTHER TIERS: 1.00% $10 - $10k | 1.50% $10k - $30k | 2.00% $30k - $50k
0.45%*$10$5mSmall Business Money Market Account
OTHER TIERS: 0.40% $5m+

Cambridge Savings Bank Checking Account Rates

3.08%--IOLTA Checking Account
3.00%-$5kCSB One Checking
0.10%$10-Performance Plus Checking

Cambridge Savings Bank CD Rates

5.00%$10-11 Month CD Special
5.00%$10-Business 11 Month CD Special
4.75%$10-14 Month CD Special
4.75%$10-Business 14 Month CD Special
3.50%$10-2 Year CD
3.50%$10-Business 2 Year CD
3.50%$10-9 Month CD Special
3.50%$10-Business 9 Month CD Special
3.00%$10-3 Month CD
3.00%$10-6 Month CD
3.00%$10-Business 3 Month CD
3.00%$10-Business 6 Month CD
2.75%$10-3 Year CD
2.75%$10-Business 3 Year CD
2.00%$10-1 Year CD
2.00%$10-5 Year CD
2.00%$10-Business 1 Year CD
2.00%$10-Business 5 Year CD

Cambridge Savings Bank IRA Rates

3.50%$10-2 Year IRA
3.00%$10-3 Month IRA
3.00%$10-6 Month IRA
2.75%$10-3 Year IRA
2.00%$10-1 Year IRA
2.00%$10-5 Year IRA


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