Somerset Savings Bank Rates and Review February 2026
Content reviewed by
Brian McKay
Brian McKayFounder & Data ArchitectExpertise
Brian is the Founder of MonitorBankRates.com. For over 18 years, he has utilized his background in enterprise infrastructure to engineer proprietary systems that track rates from over 8,000 financial institutions.
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Somerset Savings Bank's Certificates of Deposit & IRAs 10-Month rates are at 2.50%, Certificates of Deposit & IRAs 60-Month rates are at 0.55%, Certificates of Deposit & IRAs 48-Month rates are at 0.40%, Certificates of Deposit & IRAs 36-Month rates are at 0.35%, Certificates of Deposit & IRAs 42-Month rates are at 0.35%. Somerset Savings Bank's savings rates are at 0.05%. Somerset Savings Bank's money market rates are at 0.10%. Somerset Savings Bank's Certificates of Deposit & IRAs 18 Month Variable IRA rates are at 3.53%.
Rate Updates and AvailabilitySomerset Savings Bank money market rates, and other rates, are continually updated to reflect market conditions, we recommend checking back frequently to get the best money market rates and other rates available. Have you opened an account or have any experiences at Somerset Savings Bank? Share your experience about Somerset Savings Bank by leaving a review below, or read customer reviews before you decide to use Somerset Savings Bank. Somerset Savings Bank Texas RatioSomerset Savings Bank's Texas Ratio is at 0.08%, which is considered excellent. The Texas Ratio for Somerset Savings Bank is lower than the national average of all banks, currently at 6.13%. The Texas Ratio was developed in the early 1980s, and it is used to identify potential problem banks. Banks that have a Texas Ratio of 100% or more have a high chance of failing. MonitorBankRates Rating
5.0
Excellent
Out of 5.0 Stars
Somerset Savings Bank has earned a Smart Rating of 5.0 out of 5 stars. Our proprietary rating system evaluates financial stability (including the Texas Ratio and capitalization) and combines it with customer feedback (user reviews) to help you make informed banking decisions. Overall, Somerset Savings Bank is a excellent bank worth considering, with an overall rating of 5.0 stars out of 5 stars. Current Interest RatesRate
APY/APR
vs. Avg
"N/A" indicates the product is not offered or the rate is unavailable. 
Somerset Savings Bank CD Rates
Somerset Savings Bank Savings Rates
Somerset Savings Bank Money Market Rates
Somerset Savings Bank Checking Rates
Methodology & Data SourcesMonitorBankRates Star Rating: Our rating for Somerset Savings Bank is derived from comprehensive financial data published quarterly by the FDIC. Our proprietary rating system evaluates financial stability (including the Texas Ratio and capitalization) and combines it with customer feedback (user reviews) to help you make informed banking decisions. Texas Ratio: We calculate the Texas Ratio using standard industry methodology. This ratio compares the bank's non-performing assets to its tangible common equity and loan loss reserves to assess financial health. Rate Data Aggregation: We gather Somerset Savings Bank rates using proprietary online rate aggregation technology. Our systems scan constantly to provide the most recent rates available to our visitors.
Disclaimer: Interest rates are variable and subject to change without notice. While we strive for accuracy, rates can change rapidly based on market conditions.
It is always advisable to check with Somerset Savings Bank's official website for the most current offers and terms.
Bank Profile & OverviewSomerset Savings Bank
220 W Union AveBound Brook, NJ 08805 Somerset Established Date: 01/01/1887 FDIC Certificate #: 28778 Date of FDIC Deposit Insurance: 06/04/1957 Bank Holding Company: SR BCORP INC How Many Domestic U.S. Offices? 16 How Many Branches are There? 15 Website: https://www.somersetsavings.com
Is Somerset Savings Bank FDIC Insured? Yes
What is Somerset Savings Bank's Cert number? 28778
What is the maximum amount for insured deposits? $250,000 per holder, per account
Financial Health & AssetsTotal Assets:
$1,051,728,000
Total Deposits:
$840,822,000
Equity Capital:
$197,099,000
Net Income:
$1,063,000
Return on Assets (ROA):
-0.6980%
Return on Equity (ROE):
-3.8900%
Headquarters:
Bound Brook
Regulator:
FDIC
# of Offices:
16
Source: FDIC | Last Updated 03/31/2024
Frequently Asked Questions About Somerset Savings BankHow do I open an account at Somerset Savings Bank?You can typically open an account at Somerset Savings Bank by visiting a local branch or applying through their official website. Is there a first-time homebuyer program?Currently, Somerset Savings Bank provides a range of mortgage and home equity products. Is Somerset Savings Bank a safe place to deposit money?Yes, Somerset Savings Bank is considered a safe financial institution. Your accounts are federally insured by the FDIC up to $250,000 per depositor. Does Somerset Savings Bank offer online and mobile banking?Most modern institutions like Somerset Savings Bank provide digital access including online balance checks and transfers. Compare to other Banks |
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