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Explore Cambridge Savings Bank’s suite of bank accounts

This Massachusetts bank offers several types of accounts, but APYs aren’t competitive.

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Cambridge Savings Bank

Among the oldest and largest community banks in Massachusetts, Cambridge Savings Bank (CSB) has account types for individuals at any stage of life. But it only offers one savings option, and you can find stronger APYs among its competitors.

Am I eligible?

Although there’s no minimum age requirement to open an account with Cambridge Savings Bank, you must be a resident of New England to be eligible. During the application process, you’ll need to provide two forms of identification. If you want to open an account without a Social Security number, you’ll need to visit a branch.

What banking products does Cambridge Savings Bank offer?

Cambridge Savings Bank offers four checking accounts and only one savings account.

Checking

  • Simple. This account for everyday banking doesn’t have a monthly maintenance fee and the minimum opening deposit is $10.
  • Performance. This stepped-up version of the Simple account includes free checks and up to $12 in ATM surcharge refunds each month. But you’ll need to keep an average monthly balance of $1,000 or more to avoid the $10 monthly fee.
  • Performance Plus. Get unlimited surcharge refunds, free money orders and the opportunity to earn 0.05% APY if you maintain a minimum daily balance of $10. But you’ll need a combined balance of at least $20,000 across CSB accounts to avoid the $20 monthly fee.
  • CSB One. This account includes $12 in monthly ATM surcharge refunds and a 1.5% APY on balances up to $5,000. But you must open a Connect Invest account within 60 days.

Savings

  • Simple Savings. This basic, all-around savings account requires an initial deposit of just $1. But it only earns 0.05% APY and you must maintain an average monthly balance of $250 to avoid the $5 monthly fee.

Money Market

  • Performance Money Market. This account only requires an initial deposit of $1 and has tiered interest rates ranging from 0.1% to 0.3% APY. But you must maintain a balance of at least $1,000 to avoid the $10 monthly fee and only balances of $5,000 or more will earn the maximum yield.
  • Performance Plus Money Market. This FDIC- and DIF-insured account offers tiered APYs up to 0.4%. But the maximum yield is only available on balances of $50,000 or more.

CDs

  • Certificates of Deposit. Cambridge Savings Bank offers CDs with terms spanning from three months to five years and APYs ranging from 0.15% to 0.75%. But they require an investment of $500 or more.

Other products

  • Mortgages. CSB offers fixed- and adjustable-rate mortgages as well as first-time homebuyer programs, among other options.
  • Home equity options. CSB’s home equity loans and lines of credit give you access to funds to cover the cost of one-time or ongoing expenses.
  • Personal loans. CSB offers secured and unsecured loans, credit builder loans and personal lines of credit tailored to your needs.
  • Auto loans. You can buy a new set of wheels with an auto loan from Cambridge Savings Bank.

How does Cambridge Savings Bank compare to other banks?

Cambridge Savings Bank accounts have some attractive features, but they also have significant drawbacks.

Checking accounts

Pros

  • Low initial deposits. Each of CSB’s checking accounts only requires an initial deposit of $10.
  • ATM surcharge refunds. Except for the Simple checking account, each of CSB’s other checking accounts includes at least $12 of ATM surcharge rebates each month.

Cons

  • Low interest options. Although two CSB checking accounts accrue interest, their APYs aren’t competitive and you’ll need to meet certain balance requirements to earn the APY.

Savings accounts

Pros

  • Low initial deposit. You can open a Cambridge Savings Bank savings account with just $1.
  • Avoidable monthly fee. If you’re under 18, over 65 or maintain an average monthly balance of $250, you can avoid the Simple Savings account’s $5 monthly fee.

Cons

  • Only one option. Cambridge Savings Bank only offers one type of traditional savings account.
  • Low APY. The APY for CSB’s Simple Savings account is only 0.05%.

Certificates of Deposit

Pros

  • Low minimum deposit. While it’s not the lowest, its $500 minimum deposit to open a CD is on the lower end compared to other banks.

Cons

  • APYs aren’t competitive. Cambridge Savings Bank’s CDs offer APYs up to 0.75%, which is lower than what some other banks offer.

Overall banking

Pros

  • Gives back to Boston. CSB offers grants, sponsorships and scholarships to local businesses, organizations and students.

Cons

  • Only one savings account. CSB only offers one option for a standard savings account.
  • No nationwide ATM network. Cambridge Savings Bank only has ATMs in the Greater Boston metropolitan area and they don’t participate in any nationwide ATM networks.
  • No live chat. There’s no option to connect with a support specialist via live chat. You only have the option of calling, visiting a branch or sending a secure message through your account online.

Compare Cambridge Savings Bank with leading bank accounts

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.50%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
CIT Bank Money Market
Finder Rating: 3.9 / 5: ★★★★★
CIT Bank Money Market
0.45%
$0
$100
A savings account with a higher-than-average rate and minimal fees.
CIT Savings Connect
Finder Rating: 4 / 5: ★★★★★
CIT Savings Connect

0.50% on + If you deposit $200+ monthly into your eChecking account, otherwise 0.42%
$0
$100
CIT Savings Connect combines aspects of a checking and savings account in one product.
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Compare up to 4 providers

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
38,000 fee-free ATMs nationwide
$2.50
Get rid of fees with this mobile-first bank offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Chase Total Checking
Finder Rating: 2.8 / 5: ★★★★★
Chase Total Checking
N/A
$0
Access to 16,000 ATMs and more than 4,700 branches nationwide
$2.50
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and more than 4,700. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
HSBC Premier Checking
0.01%
$1
Free to use at all ATMs in the US
$0
Get a 3% cash bonus, up to $600 (max. $100 per month) during first six months after account opening. Must open HSBC Premier checking account through offer page by September 30, 2020, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
BBVA Online Checking
Finder Rating: 4.2 / 5: ★★★★★
BBVA Online Checking
N/A
$25
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$3
A full-service account with convenient, surcharge-free access to two massive ATM networks.
Axos Bank Essential Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Essential Checking
N/A
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
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Compare up to 4 providers

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
CIT Bank Term CDs
0.3%
0.3%
0.4%
0.4%
0.5%
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Radius Bank CDs
0.5%
0.5%
0.5%
0.5%
0.5%
Enjoy a low minimum deposit of $500 and earn 0.5% APY on your balance. Apply online for 1 year, 18 month and 3 year terms.
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Cambridge Savings Bank reviews and complaints

Cambridge Savings Bank is relatively small compared to many of the best banks in the US and has relatively few online reviews from customers. Cambridge Savings Bank has 59 customer reviews on Facebook, where it has an average score of 3.8 out of 5. Many customers rave about the bank’s service, but several customers have had negative experiences as well. To its credit, Cambridge Savings Bank has responded to many unhappy customers and offered to resolve their issues.

Cambridge Savings Bank customer service

If you have questions or concerns about your Cambridge Savings Bank account, there are several ways to contact a support specialist:

  • Visit any of the 17 branches in the Greater Boston metropolitan area.
  • Call 888-418.5626 on weekdays from 8 a.m. to 6 p.m. and Saturdays from 9 a.m. to 3 p.m.
  • Send a secure message via the website.
  • Send mail to Cambridge Savings Bank, P.O. Box 380206, Cambridge, MA 02238-9906.

Bottom line

Cambridge Savings Bank is one of New England’s oldest and most reputable community banks. But other banks offer more options and the opportunity to earn more interest. If you want more savings account options and free checking account options, explore other bank accounts.

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