The Berkshire Bank


Overview / Commentary
212-802-1000
4 East 39th Street
New York, NY 10016

The Berkshire Bank is headquartered in New York and is the 73rd largest bank in the state of New York. It is also the 1,366th largest bank in the nation. It was established in 1989 and as of June of 2021, it had grown to 82 employees at 10 locations. The Berkshire Bank has a B health rating.

Great Place To Bank

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Great place to bank.
Great people and customer service.

Outstanding Customer Service

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On Feb. 1st I opened a CD and Power NOW Checking accounts at the Teaneck, NJ branch of The Berkshire Bank. The branch manager and staff treated me as if I were "visiting royalty," and convinced me that the bank truly wanted my accounts and that they were committed to the bank's motto of "putting your interests first." I got the 18-month CD special being offered at the time at a rate of 1.9% APY. The Power NOW Checking is the bank's reward checking with a qualifying rate of 2.5% APY, which is guaranteed until March 31, 2011. Note: the Power NOW Checking requires a minimum balance of $1500 to avoid monthly fee ($10); 6 debit card uses per month (either point-of-sale or PIN) totaling $100 per month to get qualifying rate; 50 debit card uses per month are free (additional uses will be charged $0.25 per debit); direct deposit is not required; balance cap is $25K; only one Power NOW Checking account per household; interest compounds daily. If all account terms are not met for 2 consecutive statement cycles, account will convert to NOW Checking account. Account earns the qualifying rate for the first 30 days without having to use the debit card in order to allow time for you to get the debit card in the mail. In fact, I received the debit card and the first 50 checks (which was offered to me "on the house") 10 days after opening the account. What has truly impressed me is the responsiveness of the branch since opening the account. The branch manager has called, without fail, every time he said he would. He even called to tell me the trial verification amounts when they posted to my account from Capital One and Charles Schwab. Furthermore, when I called the bank's main telephone number, I got a live person immediately! The only thing about the Berkshire Bank that is a bit behind the times is the enrollment process for online banking. You need to fill out a form at a branch (or print it and bring it to a branch), which will then take about 2 weeks to be processed, before you get a user ID and password to enroll for online banking. Many banks make it easier than this to enroll in online banking. Furthermore, although The Berkshire Bank can initiate ACH transfers (certainly a plus), that requires filling out another form to be processed, and providing a voided check for every external account to be linked (up to a maximum of three external accounts). This means, evidently, that only checking and money market checking accounts can be linked. Now that I have everything set up, I think I'll be very happy with The Berkshire Bank. I only hope that they keep the qualifying rate on the Power NOW Checking competitive after the expiration of the rate guarantee.

Berkshire Bank Stinks

They are horrible the app is trash the website is trash the people aren't bad but the stupid logo is trash I can't stand them don't waste your time on this bank and if you do read the fine print they kept putting fees on my account until it racked up to 800 dollars I'll say it again this bank is garbage oh and on they charge 4 dollars a month just to have a savings account

Worst Customer Service

I'm very frustrated with the customer service from my local branch and even the customer service phone line. I am a new customer with Berkshire and everything I have experienced so far has been nothing but inconvient and unreasonable. The rules that are held for new accounts are absolutely ridiculous. If I knew what I was getting myself into I wouldn't have opened accounts with this bank.

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Health

Health Grade Components

Overall
FDIC Certificate #27503
Year Established1989
Employees82
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.16%
Return on Equity - YTD0.88%
Annual Interest Income$8.7MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$665.8MM$737.9MM
LoansQ2 2021vs Q2 2020$317.6MM$328.4MM
DepositsQ2 2021vs Q2 2020$534.1MM$606.5MM
Equity CapitalQ2 2021vs Q2 2020$124.1MM$123.7MM
Loan Loss AllowanceQ2 2021vs Q2 2020$10.3MM$7.3MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$10.9MM$1.3MM
Real Estate OwnedQ2 2021vs Q2 2020$63.00K$63.00K
Rates
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Always verify rates and promotions with the bank or credit union. We are not The Berkshire 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.

The Berkshire Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%*$1m*$4mBlue Ribbon Savings
OTHER TIERS: 0.10% $10k+ | 0.20% $250k - $1m
0.25%*$2m*-Business Statement Super Savings
OTHER TIERS: 0.15% $25k - $2m
0.25%*$3m*-Business Statement Savings
OTHER TIERS: 0.10% $300 - $3m
0.20%*$1m*$5mPlatinum Super Savings
OTHER TIERS: 0.10% $10k+ | 0.15% $50k - $1m
0.20%*$1m*$10mStatement Super Savings
OTHER TIERS: 0.10% $10m+ | 0.15% $15k - $1m
0.15%*$100k*$3mStatement Savings
OTHER TIERS: 0.10% $300+
0.10%$50k-Business Platinum Super Savings

The Berkshire Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.35%*$20k*-Gold Money Market - New Money
OTHER TIERS: 0.10% $2.5k - $20k
0.25%*$1m*-Business Money Market
OTHER TIERS: 0.10% $5k - $50k | 0.15% $50k - $1m
0.20%*$100k*$1mMoney Market Checking
OTHER TIERS: 0.10% $2.5k+ | 0.15% $25k - $100k

The Berkshire Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%$500$100kSuper Security Checking
0.15%*$1m*-NOW Checking
OTHER TIERS: 0.10% $1.5k - $1m

The Berkshire Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$10k*$500k3 Month CD
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500k6 Month CD
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500k9 Month CD
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500k12 Month CD
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500k18 Month CD
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500k24 Month CD
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500k36 Month CD
OTHER TIERS: 0.20% $1k - $10k
0.25%*$10k*$500kBusiness 3 Month CD
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500kBusiness 6 Month CD
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500kBusiness 9 Month CD
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500kBusiness 12 Month CD
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500kBusiness 18 Month CD
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500kBusiness 24 Month CD
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500kBusiness 36 Month CD
OTHER TIERS: 0.20% $1k - $10k
0.10%*$10k*$500k1 Month CD
OTHER TIERS: 0.05% $1k - $10k
0.10%*$10k*$500kBusiness 1 Month CD
OTHER TIERS: 0.05% $1k - $10k

The Berkshire Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$10k*$500k3 Month IRA
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500k6 Month IRA
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500k9 Month IRA
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500k12 Month IRA
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500k18 Month IRA
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500k24 Month IRA
OTHER TIERS: 0.15% $1k - $10k
0.25%*$10k*$500k36 Month IRA
OTHER TIERS: 0.20% $1k - $10k
0.10%*$10k*$500k1 Month IRA
OTHER TIERS: 0.05% $1k - $10k
Locations


Cities: Brooklyn, Goshen, Harriman, New York, New York City, Teaneck

Brooklyn Branches
Kings Highway Branch1421 Kings HighwayBrooklyn, NY 11229
16th Avenue Branch4917 16th AvenueBrooklyn, NY 11204

Goshen Branches
Goshen Savings Bank Branch2 South Church StreetGoshen, NY 10924
G. Arden Life Care Ret. Com. Branch214 Harriman DriveGoshen, NY 10924

Harriman Branches
Harriman Branch80 Route 17mHarriman, NY 10926

New York Branches
Washington Heights Branch210 Pinehurst AvenueNew York, NY 10033
The Berkshire Bank4 East 39th StreetNew York, NY 10016
5 Broadway Branch5 BroadwayNew York, NY 10004

New York City Branches
Brooklyn Branch5010 13th AvenueNew York City, NY 11219

Teaneck Branches
Teaneck Branch517 Cedar LaneTeaneck, NJ 07666

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