Wednesday, 20 January 2021

The Berkshire Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

The Berkshire Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
02 Mar
9:48

The Berkshire Bank’s checking account options

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How The Berkshire Bank’s checking accounts compare

While The Berkshire Bank offers a very wide range of checking account options, none of them can compete with the best online checking accounts. Most of these accounts have higher interest rates and no monthly service fees, and many of them also reimburse ATM fees.

In comparison, almost all the checking accounts at The Berkshire Bank charge monthly service fees, and they aren’t so easy to waive. Most of its accounts also come with some odd limitations, such as limits on holding accounts with other institutions, on the number of debit transactions you can complete per month and on the number of times you can use The Berkshire Bank ATMs for free per month.

Most banks don’t limit customers on any of those fronts. Also, while the interest-earning checking accounts at The Berkshire Bank do earn rates higher than what you might find at bigger traditional banks, they still aren’t as high as what you’ll get from our favorite online checking accounts.

The Berkshire Bank’s savings account options

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How The Berkshire Bank’s savings accounts compare

The Berkshire Bank offers a range of different savings options, although they’re all very similar. The main difference between each savings account is the rates. While these savings accounts do offer decent interest rates, the best online savings accounts offer rates that are more than double what The Berkshire Bank provides.

Most of these online savings accounts don’t come with any monthly maintenance fees. Only two of The Berkshire Bank’s four savings options compare on fees, as one has a monthly service fee and the other requires you to open a checking account that comes with a monthly service fee.

The Berkshire Bank offers middle-of-the-road options when it comes to savings accounts. They’re better than many savings accounts offered by traditional banks, but they don’t come close to competing with the best online savings accounts.

The Berkshire Bank’s CD rates

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How The Berkshire Bank’s CD rates compare

If you’re looking for short-term CDs of less than six months, The Berkshire Bank offers some unique options. The 2 month and 4 month CDs stand out as products that very few banks offer. The 14 month CD is also hard to find.

That being said, The Berkshire Bank’s short-term CDs barely offer better rates than a regular savings account. All its CDs have rates that are notably lower than the best CD rates, and the rates on the 36 month CD drop far below the competition. If you want a CD for longer than three years, The Berkshire Bank doesn’t even offer the option. The penalty is also steep, particularly if you have a longer CD.

The Berkshire Bank’s money market account option

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How The Berkshire Bank’s money market accounts compare

The rates offered by The Berkshire Bank’s money market accounts are much lower than those offered by the best money market accounts. That being said, they are more accessible than many of the money market accounts with the highest rates due to their low minimum balance amount.

It’s still possible to find money market accounts with low balance requirements — some as low as $0 — that offer much higher rates than what’s offered by The Berkshire Bank. Also, several of them don’t charge monthly maintenance fees or ATM fees.

The Berkshire Bank’s IRA account options

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How The Berkshire Bank’s IRA CD rates compare

You’ll have to call The Berkshire Bank to get the latest rates on their IRA CDs. You can then compare those with the best IRA CD rates before making a decision.

The Berkshire Bank does offer a wide range of IRA CD terms, especially if you’re looking for something under 6 months. They also have a low minimum opening deposit requirement. However, many of the best IRA CD rates have minimum opening deposit requirements that are the same or even lower.

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Source: https://www.magnifymoney.com/blog/reviews/the-berkshire-bank/

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