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Compare Franklin Savings Bank’s checking and savings

This 150-year-old bank has a full suite of accounts to meet the needs of New Hampshire’s residents.

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Franklin Savings Bank

Founded in 1869, Franklin Savings Bank (FSB) is a mutually owned community bank that offers a comprehensive selection of financial accounts and services exclusively for New Hampshirites.

Am I eligible?

To open an account with Franklin Savings Bank, you must meet these requirements:

  • Resident of New Hampshire
  • Social Security number
  • Valid government-issued photo ID

What banking products does Franklin Savings Bank offer?

Checking

  • Easy Checking. This basic checking account has no monthly fee and includes overdraft forgiveness, but it requires a $50 deposit to open and doesn’t bear interest.
  • Student Checking. This account for students ages 13 to 23 only requires a $10 deposit to open and includes various benefits specifically for young adults, but balances don’t earn interest.
  • PassKey Checking. This interest-bearing checking account offers several benefits, but it requires a balance of at least $25,000 across Franklin Savings Bank accounts.
  • Solutions Checking. If you’ve experienced financial difficulties in the past, this affordable checking account can help you get back on your feet for $9 per month.
  • Choice Checking. You can write unlimited checks with this account that earns interest on balances of $500 or more, but there’s a $7 monthly fee for anyone younger than 62.

Savings

  • Statement Savings. Balances greater than $100 earn interest in this account that combines the benefits of a savings account with the convenience of a checking account.
  • Kids’ Account. If you’re a parent of a child younger than 13, you can open this fee-free kid-centric account for as little as $0.50.
  • Choice Savings Club. Start saving for major expenses with this flexible account that supports automatic deposits but incurs a penalty fee for early withdrawals.

Money market

  • Money Market Advantage. Earn a higher yield than savings accounts offer, but you’ll need a $2,500 opening deposit and your interest is tiered on balances up to $75,000.
  • Lakes Money Market Plus. Franklin Savings Bank checking account holders can earn a tiered APY with this account that supports balances up to $250,000.

CDs

  • Certificates of deposit. FSB’s CDs offer flexible terms and decent interest rates while giving you the freedom to automatically withdraw interest or let it grow.
  • Smart CD. This CD permits deposits at any time and gives you the freedom to withdraw funds for educational purposes prior to maturity and without facing a penalty.

Other products

  • Credit cards. FSB offers three types of platinum cards that have competitive rates, attractive rewards and enhanced security.
  • IRAs. FSB offers Roth, traditional and variable-rate individual retirement accounts.
  • Mortgages. FSB has several mortgage programs for first-time and experienced home buyers.
  • Loans. FSB also offers auto loans, personal loans, home improvement loans and recreational vehicle loans.
  • Certificate of Deposit Account Registry Service (CDARS). If you need security beyond the FDIC’s limit of $250,000, this service can give you peace of mind by securing multimillion-dollar balances.
  • Health Savings accounts. If you have a high-deductible health plan, this account can help reduce your out-of-pocket expenses — without being subject to federal income tax.

How does Franklin Savings Bank compare to other banks?

Franklin Savings Bank has accounts for New Hampshire residents at any stage of life and with any set of needs. But the bank falls short in a few areas.

Checking accounts

Pros

  • No monthly fee options. There’s no monthly fee for Easy Checking and Student Checking.
  • Interest options. The PassKey Checking and Choice Checking accounts earn interest, but it’s low at 0.01% APY.

Cons

  • $50 initial deposit. Aside from Student Checking, all other FSB checking accounts require a $50 initial deposit, which is more than what many other banks require.

Savings accounts

Pros

  • Account variety. FSB has savings accounts for New Hampshirites of any age.
  • Accessible kids account. Open an account for your child with as little as $0.50.

Cons

  • Fees. To avoid FSB savings fees, you’ll need to meet certain balance requirements.
  • APYs aren’t competitive. Interest rates on FSB’s savings accounts range from 0.01% to 0.4%. Many high-yield savings accounts offer better rates.

CDs

Pros

  • Short terms. Terms for CDs start at just one week, which is shorter than what many other banks offer.
  • Periodic specials. Franklin Savings Bank offers occasional promotional rates on short-term CDs.
  • CDARS. Many banks only insure your account for up to $250,000, but this program can protect balances in the millions.

Cons

  • APYs aren’t great. Many other banks offer CDs with more competitive interest rates.
  • High minimum balance.Depending on the term you choose, you’ll need anywhere from $1,000 to $10,000 to open the CD.

Overall banking

Pros

  • Account diversity. Franklin Savings Bank has a broader selection of accounts and services than many other banks in its class.
  • Large ATM network.FSB is a member of the nationwide AllPoint ATM network, making it convenient to withdraw funds from more than 55,000 surcharge-free ATMs across the US.

Cons

  • Few reviews. This bank has relatively few online reviews, making it difficult to tell if current customers are satisfied with their experience.
  • Not nationwide. You need to be a resident of New Hampshire to open an account.

Compare Franklin Savings Bank with leading bank accounts

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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Franklin Savings Bank reviews and complaints

Franklin Savings Bank has relatively few customer reviews on popular review websites, but the bank does have several dozen reviews on Facebook. And as of January 2021, FSB has a rating of 4.5 out of 5 on the social media platform. Many comments remark having positive interactions at the bank’s branches.

Franklin Savings Bank customer service

Franklin Savings Bank representatives are available Monday through Wednesday from 8:00 a.m. to 5:00 p.m., Thursday and Friday from 8:00 a.m. to 5:30 p.m. and Saturday from 8:30 a.m. to 12:30 p.m. ET. You can contact a support representative in any of the following ways:
  • Call 603-934-4445 for general support
  • Call 1-800-472-3272 to report a lost or stolen card
  • Send an email to mybanker@fsbnh.bank
  • Submit a secure message using the form on FSB’s website
  • Chat with a representative on the website during the bank’s business hours
  • Send a message to FSB through Facebook, Twitter and LinkedIn
  • Send mail to PO Box 339, 387 Central St., Franklin, NH 03235-0339
  • Send a fax to 603-934-0486
  • Visit any of the eight branches throughout Central New Hampshire
  • Send a message to a support representative via FSB’s app

Bottom line

If you live in Central New Hampshire, Franklin Savings Bank offers a wealth of financial products and services to help you at any stage of life. However, the bank’s interest rates can’t compare to high-yield savings accounts. Open an FSB account today or compare other bank accounts.

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