Middlesex Savings Bank is the 2nd largest mutual bank in Massachusetts, and the 6th largest mutual bank in the country, with assets exceeding $3.5 billion and 25 branch locations.
As a mutual savings bank, they don't have stockholders. They can't be sold, and they don't sell their customer relationships. Instead, they focus on providing value, convenience and personal attention to all of their customers. They believe that their commitment to providing outstanding and memorable customer service is one of the most important differences between their Bank and other financial institutions in their marketplace.
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High 3 Month CD
This bank takes honors of having the highest 3 month rate CD. They had only one review up and an old one at that. We don’t know what kind of place this is.
The Worst Customer Service Ever
I just want to start this with I've been with Middlesex for 10+ years so you'd think they would take into account how long I've had an account with them. Throughout the last several years I have had the worst support experiences of my life and today just topped it off for me to leave a review which I never do even when I dislike a product. I called Middlesex today because my daily limit for using my debit card is far too low in terms of certain payments I need to make (fortunately I have a good credit score so I can use my credit cards to cover bigger charges), however it would be nice to call middlesex and not get a grumpy person who rushes you off the phone every time. Today I had to call 3 seperate times because as I was waiting for an actual human being to talk to they hung up on me. I finally got answered on the 3rd try and the woman was explaining how she could increase my limit, but for only 48 hours.... how does that make sense you may ask it doesn't. I then asked "well if you can increase it for 48 hours can you not just increase the overall daily limit?" she sighed in frustration as if she explained it at all clear before and then gave me attitude in the response before saying "Hello Hello" as if I didn't respond to her and hung up. Overall a miserable experience and one that has me thinking I should find a better bank that isn't rude and completely useless for on the phone customer service.
Data as of Q3 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 90183 |
| Year Established | 1835 |
| Employees | 506 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.34% |
| Return on Equity - YTD | 3.15% |
| Annual Interest Income | $184.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $5.98B$6.26B |
| Loans | Q3 2024vs Q3 2023 | $3.63B$3.76B |
| Deposits | Q3 2024vs Q3 2023 | $5.15B$4.88B |
| Equity Capital | Q3 2024vs Q3 2023 | $710.3MM$617MM |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $26.3MM$31.1MM |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $3.7MM$3.7MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $0$0 |
