Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Mascoma Bank Statement Savings review

A basic online savings account for Vermonters and New Hampshirites.

The Mascoma Bank Statement Savings account is a relatively standard product that’s part of a B-corp bank and offers mobile banking. But you’ll only earn 0.01% APY — and only if you keep at least $100 in your account.

No reviews yet. Write a review

0.01%

APY

$2 per month

Fee

$10

Minimum deposit to open

Details

Annual percentage yield (APY)0.01%
Fee$2 per month
To waive the feeyou need to keep at least $100 in your account.
Minimum deposit to open$10
Minimum balance to earn interest$100
Interest compoundingDaily
More info

More Info

Avatar

Review by


Alexa Serrano is an editor at Finder specializing in banking and kid’s debit cards. A certified anti-money laundering specialist, Alexa helps guide readers to the best savings and checking accounts for their financial goals. Her expertise has been featured on top publications including Best Company, U.S. News & World Report, MSN and Yahoo. And she’s frequently interviewed by broadcast news publications across the country, including Fox News and NBC News. Alexa earned a BA in English from Wesleyan College and enjoys reading memoirs in her spare time.

Expert review

The Mascoma Bank Statement Savings account may be best for those who prefer in-person banking and live nearby one of its locations. While it offers many of the features we’ve come to expect with modern banking — online and mobile banking and access to other financial products — the Mascoma Bank Statement Savings simply lags too far behind with its uncompetitive interest rates.

To illustrate, let’s say you deposit $500 into your account upon opening and then deposit $100 each month for 12 months. At 0.01% APY, you will have earned a measly $0.11 in interest over the course of a year, ending with a balance of $1,700.11. Now, let’s compare to Ally Bank, which currently offers 0.5% APY on its Online Savings Account. Using the same $500 opening deposit and $100 monthly deposits over the course of 12 months, opting instead for this high-yield savings account will earn you $5.26 in total interest, ending with a balance of $1,705.26. It may not be a life-changing amount, but it’s noticeably higher.

If the ability to bank in-person is what appeals to you most, theMascoma Bank Statement Savings is an option. Otherwise, if higher yields are what you’re after, shop around for a high-yield account.

How do I open a Mascoma Bank Statement Savings account?

To get started:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the provider site and click Menu in the top right corner. Under Personal Banking, click Deposit Accounts.
  3. Click Learn More in the Savings section. Scroll down and click the Apply Now button for Statement Savings.
  4. Provide your contact information such as your name, address, email, Social Security number and occupation.
  5. If you’re opening this as a joint account, add a co-owner to the account, then click Next.
  6. Select whether you want to sign up for paperless statements. Click Next.
  7. After providing some details on how you plan to use your account, review and submit your application.

Eligibility

To open a Statement Savings account with Mascoma Bank, you’ll need to meet the following eligibility criteria:

  • At least 18 years of age
  • US citizen or permanent resident
  • Valid Social Security number
  • $10 minimum opening deposit

Required information

Have the following information handy when you go to apply for your Mascoma Bank Statement Savings account:

  • Social Security number
  • Driver’s license, passport, state ID or military ID number
  • Primary home address
  • Personal information of any co-owners

What are the benefits of a savings account with Mascoma Bank?

Like most banks, Mascoma Bank offers its customers the ability to bank online and through a mobile app. In addition, you can connect this account to an eligible checking account and make automatic transfers to help build your savings more quickly. As an FDIC-insured bank, your money is also insured up to $250,000.

Aside from these standard benefits, you’ll also find the following perks that are unique to Mascoma Bank:

  • Manage My Money. This free money management tool allows you to sync and view all your financial accounts in one place, making it easier to manage your money, set budgets and achieve your financial goals. Think of it as a way to keep an eye on your financial big picture while the majority of your focus goes to reaching your savings goals.
  • A force for good. As a Certified B Corporation, Mascoma Bank focuses just as much on its customers and communities as it does generating a profit. Certified B Corporations are legally obligated to consider the impact of their decisions on their customers, community and the environment.

What should I look out for?

Mascoma Bank’s mobile banking and money management tool give you more control over your finances, but here are a few drawbacks to consider:
  • Low interest rates. You’ll only earn a meager 0.01% APY on the account as long as you meet the $100 minimum balance requirement. The interest is much lower than the national interest rate average of 0.06%.
  • $10 minimum to open. You’ll find other savings accounts like American Express High Yield Savings that offer higher rates with no minimum opening deposits.
  • Limited branches. You’ll need to live in Vermont or New Hampshire if you prefer visiting a branch for questions or other banking needs. Otherwise you can call 603-448-3650 to speak with a representative.

Compare Mascoma Bank Statement Savings with other savings accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
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% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
0.20%
$0
$100
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
loading

Compare up to 4 providers

How do I deposit or withdraw my money?

With a Mascoma Bank Statement Savings account, you can deposit or withdraw money several ways:

Funding options

  • Transfer money between Mascoma accounts or between accounts at other banks and Mascoma Bank
  • Mobile check deposit

Withdraw options

  • Transfer money between Mascoma accounts or between accounts at other banks and Mascoma Bank

What other savings options does Mascoma Bank offer?

Whether or not you choose to go with the Mascoma Bank Statement Savings account, the bank offers a handful of additional savings options that you might also be interested in:

  • Health Savings Account (HSA). Requiring $10 to open, the Mascoma Bank HSA allows you to save for eligible health expenses while earning a slightly higher APY (0.1%) than what the Statement Savings account currently offers.
  • Money Market Plus. Mascoma Bank’s Money Market Plus accounts come in four tiers, with APYs ranging from 0.05% to 0.3%. Each tier requires a minimum opening deposit of $1,000, but you’ll have to keep a minimum balance of either $1,000, $10,000, $100,000 or $1,000,000 to earn the APY, depending on the tier you choose.
  • Minor Savings. Don’t let the name fool you. While the Minor Savings account is intended for those younger than 18 years old, it boasts a higher APY (0.06%) than what you’ll find with the Statement Savings account). Unlike the Statement Savings, the account requires a minimum balance of $10 to earn the 0.06% APY.
  • CDs. Mascoma Bank offers several CDs to choose from with rates between 0.15% and 0.8%. Depending on the term, expect to pay a minimum opening deposit of between $500 and $5,000.
  • IRAs. Similar to its CDs, Mascoma Bank offers a variety of IRA terms and APYs depending on your needs. And like its CDs, the longer the term, the higher the APY you can earn.

How to contact Mascoma Bank about my savings account?

You can contact Mascoma Bank regarding your savings account in a few ways.

  1. Visit one of its Vermont or New Hampshire branches.
  2. Call 603-448-3650 or 888-627-2662 to speak with a customer service rep.
  3. Send an email to msbinfo@mascomabank.com.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site