Featured Savings Rates
Featured Accounts

Southbridge Savings Bank

Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
2.00%Reward CheckingKasasa Cash Checking
0.75%Reward SavingsKasasa Saver
0.75%5-year CD60 Month CD

Overview / Commentary
508-765-9103
253 Main Street #257
Southbridge, MA 01550

Southbridge Savings Bank is headquartered in Southbridge and is the 64th largest bank in the state of Massachusetts. It is also the 1,346th largest bank in the nation. It was established in 1848 and as of December of 2015, it had grown to 106 employees at 9 locations. Southbridge Savings Bank's savings rates are 5X the national average, and it has a B+ health rating.

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Reviews (1)

Kasasa Cash RCA At Southbridge Savings Bank

Posted by: nothlit | Jan 17, 2013

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.



Health
B+

Health Grade Components

Overall
FDIC Certificate #23524
Year Established1848
Employees106
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.37%
Return on Equity - YTD4.59%
Annual Interest Income$18.4MM
Assets and Liabilities
AssetsQ4 2015vs Q4 2014$511.3MM$451.5MM
LoansQ4 2015vs Q4 2014$434.3MM$381.4MM
DepositsQ4 2015vs Q4 2014$379.8MM$349.5MM
Equity CapitalQ4 2015vs Q4 2014$40.1MM$38.2MM
Loan Loss AllowanceQ4 2015vs Q4 2014$3.7MM$3.4MM
Unbacked Noncurrent LoansQ4 2015vs Q4 2014$5.7MM$7.0MM
Real Estate OwnedQ4 2015vs Q4 2014$535.00K$1.2MM
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Southbridge Savings Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%*-$500Moola Savings
OTHER TIERS: 0.05% $500+
0.75%*-$50kKasasa Saver
OTHER TIERS: 0.25% $50k+
0.25%*$50k*-Key Select Savings
OTHER TIERS: 0.05% $50 - $25k | 0.10% $25k - $50k
0.25%--IRA Savings
0.05%--Key Savings
0.05%--Passbook Savings
0.05%--Christmas Savings Plan

Southbridge Savings Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$5k*-Personal Money Market
OTHER TIERS: 0.05% Up to $5k

Southbridge Savings Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%*-$25kKasasa Cash Checking
OTHER TIERS: 0.25% $25k+
0.05%$500-Key Select Checking

Southbridge Savings Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%$500-57 Month CD
1.50%$500-47 Month CD
1.25%$500-38 Month CD
1.25%$500-22 Month CD
1.00%$500-15 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

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%$500-57 Month IRA
1.50%$500-47 Month IRA
1.25%$500-38 Month IRA
1.25%$500-22 Month IRA
1.00%$500-15 Month IRA
0.75%$500-18 Month IRA
0.75%$500-24 Month IRA
0.75%$500-30 Month IRA
0.75%$500-36 Month IRA
0.75%$500-48 Month IRA
0.75%$500-60 Month IRA
0.50%$500-8 Month IRA
0.25%$500-6 Month IRA
0.25%$500-12 Month IRA
Locations


Southbridge Savings Bank Locations
Holden Branch1073 Main StreetHolden, MA 01520
Charlton Branch2 Center Depot RoadCharlton, MA 01507
Sturbridge Branch200 Charlton RoadSturbridge, MA 01566
Southbridge Savings Bank253 Main Street # 257Southbridge, MA 01550
Southbridge Plaza Branch495 East Main StreetSouthbridge, MA 01550
North Oxford Branch64 Leicester StreetNorth Oxford, MA 01537
West Boylston Street Branch70 West Boylston StreetWorcester, MA 01606
Spencer Branch130 West Main StreetSpencer, MA 01562
Webster Branch86 Worcester RoadWebster, MA 01570