Hyde Park Savings Bank Rates & Review

Hyde Park Savings Bank Review

Hyde Park Savings Bank offers financial products and services to Massachusetts residents.

Founded in 1871, Hyde Park Savings Bank is based in Boston's Hyde Park neighborhood and has several branches in greater Boston. According to the Boston Business Journal, the bank has attracted attention for its light loan activity and big investment portfolio. The article also says the bank is profitable, well-capitalized, and free of troubled loans.

Deposit accounts

Massachusetts residents can open an account with the bank online or at a branch. Customers can bank by phone. The Triangle Interest Checking Account allows customers to avoid a monthly service fee when there is a combined average daily balance of $5,000 in a Hyde Park savings or mortgage loan account. Triangle Interest Checking also allows for bonus rates on Triangle CD accounts.

Savings options include a passbook and statement savings account, both of which have no monthly fees. The Triangle Statement Savings Account monthly fee is waived with a combined minimum daily balance of $5,000 in Hyde Park accounts. Customers can also save money in a money market account that has tiered interest rates.

Loan products

The bank's lending center offers several mortgage loan products for home buyers. Home equity, home refinance and construction loans also are available. Home loan applications can be completed online. Loans are available only in Massachusetts.

Deposit insurance

Hyde Park Savings Bank is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.

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