Needham Bank

Overview / Commentary
1063 Great Plain Avenue
Needham, MA 02492

Needham Bank is headquartered in NEEDHAM and is the 16th largest bank in the state of Massachusetts. It is also the 304th largest bank in the nation. It was established in 1892 and as of December of 2023, it had grown to 342 employees at 12 locations. Needham Bank's CD rates are 6X the national average, and it boasts an A+ health rating.

Reviews (3)

I See A 3-Star Review, Critical Of The Needham Bank On-Line Banking Site, Has Apparently Been Deleted!

Yesterday, I forwarded to a Needham Bank Service Representative with whom I do business, a copy of a 3-star review by a customer -- a real estate broker, as I recall -- who was critical of the bank's on-line banking program. Today, that review seems no longer to exist. I'd like to know if the review was withdrawn with the knowledge and assistance of the DepositAccounts website, and, if so, for what reason. I have come to rely on the impartiality and integrity of DepositAccounts for banking information and would like to believe that I can continue to do so.

My ratings of the Needham Bank constitute my true opinions.

Needham Bank, a local branch on every street

I started using Needham Bank because in 2005 they started specializing in construction loans. They were one of the few local banks that started developing relationships with the builders. Since I work in real estate, it was a smart move to start banking where all the builders bank. Plus I live down the street. Over the past 12 years I feel like the bank expanded 10 fold. There is literally a branch on every corner. Their checking accounts are free, but I think thats common at every neighborhood bank. One of my biggest issues with them is the online website and user interface is still terrible. I miss the Bank of America interface that shows all my accounts on 1 screen, heck even Capital One banking allows me to see all my accounts on 1 screen and move money between them. Needham bank online screen almost looks like the old DOS format. Unappealing and difficult to use

There Are Lots Of Banks. Choose Another, Not This One.

I had a personal checking account and a business account. All went well until I sent a polite letter pointing out that it is improper, and not good practice, to make online passwords expire. Why should they, if they are perfectly good and uncompromised? Nor is it proper to prevent me from seeing the new password as I type it (twice). Did I mention that this was a polite letter? I was only trying to be helpful.

A week later, I got two certified letters cancelling both of my accounts.


Health Grade Components

FDIC Certificate #26483
Year Established1892
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.59%
Return on Equity - YTD5.86%
Annual Interest Income$221.9MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$4.39B$3.59B
LoansQ4 2023vs Q4 2022$3.86B$2.99B
DepositsQ4 2023vs Q4 2022$3.44B$2.89B
Equity CapitalQ4 2023vs Q4 2022$576.5MM$344MM
Loan Loss AllowanceQ4 2023vs Q4 2022$32.2MM$25MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$10.8MM$12.9MM
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 Needham 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.

Needham Bank Savings Account Rates

0.05%$10-Statement Savings

Needham Bank Money Market Rates

4.50%*$50k*-Super Saver Money Market - New Money
OTHER TIERS: 0.50% Up to $50k
0.30%*$100k*$1mMoney Market Account
OTHER TIERS: 0.10% Up to $25k | 0.15% $25k - $50k | 0.25% $50k - $100k
0.30%*$100k*$1000kMoney Market IRA
OTHER TIERS: 0.10% Up to $25k | 0.15% $25k - $50k | 0.25% $50k - $100k
0.30%*$100k*$1mBusiness Money Market Account
OTHER TIERS: 0.10% Up to $25k | 0.15% $25k - $50k | 0.25% $50k - $100k

Needham Bank Checking Account Rates

0.05%--NB Business Interest Checking
0.05%--NB Checking

Needham Bank CD Rates

5.25%$1k-9 Month CD Special
5.25%$1k-3 Month CD Special
5.00%$1k-1 Year CD
5.00%$1k-15 Month CD Special
4.75%$1k-6 Month CD
4.00%$1k-18 Month CD
3.75%$1k-2 Year CD
3.50%$1k-5 Year CD
3.50%$1k-3 Year CD
3.50%$1k-4 Year CD

Needham Bank IRA Rates

5.25%$250-9 Month IRA Special
5.25%$2.5k-3 Month IRA Special
5.00%$250-1 Year IRA
5.00%$250-15 Month IRA Special
4.75%$250-6 Month IRA
4.00%$250-18 Month IRA
3.75%$250-2 Year IRA
3.50%$250-3 Year IRA
3.50%$250-5 Year IRA
3.50%$250-4 Year IRA


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