Introduction
Greenfield Savings Bank has been a pillar of the Western Massachusetts community for over 150 years. Founded in 1869, this locally owned and operated bank has stayed true to its mission of providing secure financial services and products to residents of Franklin and Hampshire Counties. In this comprehensive review, we’ll take an in-depth look at Greenfield Savings Bank’s offerings, customer service, financial health, and overall value proposition to help you determine if it’s the right banking partner for your needs.
As a medium-sized bank with $1.16 billion in assets and $1.01 billion in deposits, Greenfield Savings Bank combines the personalized service of a community bank with a wide range of modern banking capabilities. With 10 branch locations across Western Massachusetts and robust online and mobile banking options, Greenfield Savings Bank aims to meet the diverse financial needs of individuals, families, and businesses in the region.
In this review, we’ll explore Greenfield Savings Bank’s account options, interest rates, fees, customer service, digital banking features, and more. We’ll also examine expert ratings, customer reviews, and key financial metrics to give you a well-rounded picture of what banking with Greenfield Savings Bank is really like. Whether you’re considering switching banks or simply want to learn more about this long-standing local institution, read on for our comprehensive Greenfield Savings Bank review.
Account Options and Features
Checking Accounts
Greenfield Savings Bank offers several checking account options to meet different needs:
- Free Checking: No monthly maintenance fees or minimum balance requirements. Includes free online and mobile banking, bill pay, and a Visa debit card.
- Interest Checking: Earn interest on your balance with a low minimum balance requirement. Includes all the features of free checking.
- Student Checking: Designed for students age 14-22, with no monthly fees and free checks.
- Business Checking: Multiple options for businesses of various sizes, including free business checking for smaller operations.
Savings Accounts
- Statement Savings: Basic savings account with a competitive interest rate and low $10 minimum balance to earn APY.
- Money Market Accounts: Tiered interest rates with higher yields for larger balances. $10,000 minimum balance to avoid fees.
Certificates of Deposit (CDs)
Greenfield Savings Bank offers CDs with terms ranging from 91 days to 60 months. Some notable options include:
- 7 Month Special CD: 4.59% APY
- 9 Month Special CD: 4.33% APY
- 14 Month Special CD: 4.07% APY
These special rates are significantly higher than national averages, making Greenfield Savings Bank’s CDs an attractive option for savers.
Loans and Mortgages
- Home Loans: Fixed and adjustable-rate mortgages, construction loans, home equity loans and lines of credit
- Auto Loans: Competitive rates for new and used vehicle purchases
- Personal Loans: Unsecured loans for various purposes
- Business Loans: Term loans, lines of credit, commercial mortgages, and SBA loans
Other Services
- Trust and Investment Services: The only community bank in the region with its own trust department
- Online and Mobile Banking: User-friendly platforms for managing accounts, paying bills, and more
- Business Services: Merchant services, payroll solutions, and cash management tools
Interest Rates and Fees
Savings Account Rates
As of June 2024, Greenfield Savings Bank offers a 0.15% APY on its basic savings account with a $10 minimum balance. While this rate is higher than many large national banks, it falls below the national average and rates offered by online high-yield savings accounts.
Money Market Account Rates:
- $10 – $999.99: 0.20% APY
- $10,000 and over: 0.30% APY
These tiered rates provide a slight boost for larger balances but still lag behind top-yielding accounts nationally.
CD Rates
Greenfield Savings Bank’s CD rates are more competitive, particularly for their special term CDs:
- 7 Month Special: 4.59% APY
- 9 Month Special: 4.33% APY
- 14 Month Special: 4.07% APY
- 12 Month Standard: 0.40% APY
- 60 Month Standard: 0.80% APY
The special term CDs offer excellent rates that beat many national competitors. However, standard term CDs have lower yields comparable to other local banks.
Checking Account Rates
The interest-bearing checking account offers a 0.03% APY, which is low but fairly typical for checking accounts.
Fees
Greenfield Savings Bank stands out for its low-fee structure:
- Free Checking: No monthly maintenance fees
- Savings Account: No monthly fees with $10 minimum balance
- ATM Fees: No fees at Greenfield Savings Bank ATMs; up to $10 in monthly rebates for other banks’ ATM fees
- Overdraft Fees: $32 per item, with a one-time refund available upon request
Overall, Greenfield Savings Bank’s fee structure is customer-friendly, with multiple ways to avoid common banking fees.
Customer Service and Accessibility
Branch Network
Greenfield Savings Bank operates 10 branch locations across Franklin and Hampshire Counties in Western Massachusetts. While this network is limited geographically, it provides convenient access for residents in the bank’s service area. Branches are located in:
- Greenfield (Main Office)
- Amherst (2 locations)
- Conway
- Hadley
- Northampton (2 locations)
- Shelburne Falls
- South Deerfield
- Turners Falls
Customer Support
Greenfield Savings Bank offers customer support through multiple channels:
- In-person assistance at branch locations
- Phone support during business hours
- Email support
- Secure messaging through online banking
However, the bank does not offer 24/7 phone support or live chat options, which may be inconvenient for some customers.
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Digital Banking Capabilities
Online and Mobile Banking
Greenfield Savings Bank provides modern digital banking tools for convenient account management:
- Online Banking: View accounts, transfer funds, pay bills, and manage alerts
- Mobile Banking App: Available for iOS and Android devices, offering mobile check deposit and fingerprint login
- Mobile Wallet: Compatible with Apple Pay, Google Pay, and Samsung Pay
The mobile app receives mixed reviews, with an average rating of 3.5 out of 5 stars across Apple and Android platforms. While functional, it may not offer as robust features as some larger banks’ apps.
Online Account Opening
Customers can open certain accounts online, including checking and savings accounts. This convenient option allows new customers to get started without visiting a branch.
Financial Health and Stability
As a local bank, Greenfield Savings Bank’s financial health is crucial for customer confidence. Key indicators show that the bank is in strong financial condition:
- Texas Ratio: 2.38% (excellent, indicating very low risk of failure)
- Assets: $1.16 billion
- Deposits: $1.01 billion
- Equity Capital: $119.7 million (as of Q1 2024)
- FDIC Insured: Yes, providing standard $250,000 coverage per depositor
The bank’s A+ health rating from independent analysts further confirms its stability and sound management.
Pros and Cons
Pros:
- Long-standing local presence with deep community roots
- Wide variety of account options for personal and business banking
- Competitive CD rates, especially on special terms
- Low-fee structure with multiple ways to avoid common charges
- Strong financial health indicators
- Only community bank in the region with a trust department
Cons:
- Limited geographic reach with branches only in Western Massachusetts
- Savings and money market account rates below national averages
- Mixed reviews on mobile app functionality
- Lack of 24/7 customer support options
Customer Reviews and Reputation
Customer feedback on Greenfield Savings Bank is mixed, with opinions varying widely across different platforms:
- BBB Rating: A+ (highest possible)
- BBB Customer Reviews: 1/5 stars (based on 1 review)
- WalletHub Rating: 4.5/5 stars (based on 12 reviews)
Positive reviews frequently mention:
- Friendly, personalized service at branch locations
- Helpful staff for complex financial needs
- Community involvement and support
Negative reviews often cite:
- Issues with account holds or fund availability
- Frustrations with online and mobile banking platforms
- Concerns about information sharing (isolated incidents)
It’s important to note that online reviews can be skewed towards extreme opinions and may not represent the average customer experience. The bank’s long history and continued growth suggest that many customers are satisfied with its services.
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Community Involvement
As a local institution, Greenfield Savings Bank places a strong emphasis on community involvement. The bank supports various local initiatives, non-profit organizations, and events throughout Western Massachusetts. This commitment to the community is a significant factor for many customers who choose to bank locally.
Comparison to Competitors
To provide context, let’s briefly compare Greenfield Savings Bank to some alternatives:
National Banks (e.g., Bank of America, Wells Fargo)
- Pros: Wider ATM/branch network, more advanced digital tools
- Cons: typically higher fees, lower savings rates, less personalized service
Online Banks (e.g., Ally, Marcus)
- Pros: Higher savings rates, usually no monthly fees
- Cons: No physical branches, limited product range
Local Credit Unions
- Pros: Often offer better rates and lower fees
- Cons: May have stricter membership requirements, fewer product options
Greenfield Savings Bank positions itself as a middle ground, offering more personalized service than large banks, better in-person access than online banks, and a wider range of services than many credit unions.
Conclusion
Greenfield Savings Bank offers a solid banking option for residents of Western Massachusetts who value local service and community involvement. With its long history, strong financial health, and wide range of products, the bank caters well to both personal and business banking needs.
The bank’s strengths lie in its personalized service, competitive CD rates, and low-fee structure. Its commitment to the local community is also a significant draw for many customers. However, those seeking the highest savings rates or the most advanced digital banking features may find the offerings somewhat limited compared to online banks or larger institutions.
For customers in Franklin and Hampshire Counties who prefer face-to-face banking and appreciate supporting a local institution, Greenfield Savings Bank is certainly worth considering. Its blend of traditional banking values and modern services makes it a viable choice for many in the region.
Ultimately, the best bank for you depends on your specific financial needs, preferences, and location. We recommend comparing Greenfield Savings Bank’s offerings with other local and national options to find the best fit for your banking needs.
To learn more about Greenfield Savings Bank’s products and services or to open an account, visit their website at www.greenfieldsavings.com or stop by one of their branch locations in Western Massachusetts.
FAQs
Is Greenfield Savings Bank FDIC insured?
Yes, Greenfield Savings Bank is FDIC insured. Deposits are protected up to $250,000 per depositor, per ownership category.
Can I open a Greenfield Savings Bank account online?
Yes, you can open certain accounts online, including checking and savings accounts. Visit the bank’s website to start the process.
What are Greenfield Savings Bank’s hours?
Branch hours vary by location, but most are open Monday-Friday 9 am – 4 pm, with extended hours on Fridays and limited Saturday hours. Check the bank’s website for specific branch information.
Does Greenfield Savings Bank offer business banking services?
Yes, Greenfield Savings Bank provides a range of business banking services, including checking accounts, loans, merchant services, and cash management tools.
How does Greenfield Savings Bank’s mobile app work?
The mobile app allows customers to check balances, transfer funds, deposit checks, pay bills, and locate ATMs/branches. It’s available for both iOS and Android devices.
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