Founded in 1983, Bank of New England offers banking services, including business and personal checking accounts, credit cards, loans, savings and IRAs, and online banking. The Bank of New England is an FDIC insured institution, with nine locations in Massachusetts and New Hampshire. The Bank of New England has a hefty deposit base of over $798 million. While the Bank of New England is certainly a reputable company, it might be time for you to shop around for the best deal.
The Bank of New England isn't the only bank in the area. There are hundreds of smaller banks and credit unions in the region, many of which are tucked away in small towns and hamlets. However, the Bank of New England is one of the larger players, and it is the 89th largest bank in the state of Massachusetts.
In honor of the bank's 15th anniversary, the Bank of New England is offering a number of bonuses. The Bank of New England has a great web application for online banking, and the bank also has a mobile app. The Bank of New England also has several loan and deposit products available, including mortgages, auto loans, and refinancing. The bank has also recently launched a high-yield money market account with a 0.40% APY.
The Bank of New England also has a very impressive Texas Ratio, which is a measure of how much bad assets you have compared to how much capital you have. This is a big deal in the financial world. The Bank of New England is among the very few institutions in the United States to have an average Texas Ratio of more than 1.37%. The high ratio indicates that your risk is higher. It also means that you are likely to be better off banking with the Bank of New England than with your local branch.
The Bank of New England is the first of the major players to have a smartphone app, and the mobile app is the best way to access your bank accounts. The app allows you to check your balance, transfer funds, and make deposits. There are no monthly fees and the mobile app is free to download. You can also get a quote on a home mortgage, car loan, or business loan using the app. There are no premium customer service representatives at the Bank of New England.
In a nutshell, the Bank of New England has a fair savings rate, but it doesn't have the most enticing savings account. The Bank of New England is a relatively new player on the banking scene, but it's definitely not the newest. In fact, the Bank of New England was founded in the halcyon days of the 1980s, and its earliest incarnation was a regional bank based in Boston. The Bank of New England Corporation was the 33rd largest bank in the United States when it was forced into bankruptcy, but it was bailed out in the first place.