Century Bank of Massachusetts Savings Account

Century Bank of Massachusetts Savings Account Review

Century Bank of Massachusetts Savings Account is offered by Century Bank of Massachusetts, a bank founded in 1969 and based in Somerville, MA. Century Bank of Massachusetts Savings Account are available in 1 state across the USA.

Key Takeaways

• Low interest rate. The maximum annual percentage yield for this account is only 0.02%.
• Charges a monthly fee. This account charges a monthly service fee of $0.50.
• Small minimum initial deposit. You only need $1 to open an account.

Century Bank of Massachusetts Savings Account Pros & Cons

Pros	Cons
Interest-yielding account. Access to physical branches. Free debit card and the option to lock/unlock the card if lost or stolen	No signup bonus. Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Only available in one state. Higher than average wire transfer fees. Monthly service charge.

Century Bank of Massachusetts Savings Account FAQ

Are savings accounts from Century Bank of Massachusetts federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #19943). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Century Bank of Massachusetts offer a signup bonus?

Century Bank of Massachusetts Savings Account doesn't offer a signup bonus.

What is the minimum initial deposit for Century Bank of Massachusetts Savings Account?

The minimum deposit to open a Century Bank of Massachusetts Savings Account is $1.

Century Bank of Massachusetts Savings Account Minimums

Description
Minimum Balance to Earn APY	$10
Minimum Opening Deposit	Starting at $1

What APY does Century Bank of Massachusetts Savings Account offer?

Century Bank of Massachusetts Savings Account offers an APY of 0.02% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Century Bank of Massachusetts Savings Account charge?

This account charges a monthly service fee of $0.50.

• Outgoing domestic bank transfers come with a $20 fee.
• Incoming domestic bank transfers come with a $10 fee.
• Outgoing international bank transfers come with a $35 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
• Incoming international bank transfers come with a $10 fee.

What features and perks does Century Bank of Massachusetts Savings Account offer?

This savings account includes the following features:

• Mobile Banking Services - Century Bank of Massachusetts Savings Account allows you to manage your money online or with a mobile app.

Can you set up a direct deposit to Century Bank of Massachusetts Savings Account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Century Bank of Massachusetts Savings Account?

The customer support email for Century Bank of Massachusetts Savings Account is socialwebteam@easternbank.com.