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Chemung Canal Trust Company (NY) Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Chemung Canal Trust Company Savings
0.05% APY

Overview

Our Rating: 3.9/5 How we calculated this rating

Founded in 1833, Chemung Canal Trust Company Bank has $2 billion in assets along with $1 billion in deposits, making it a large bank. Chemung Canal Trust Company, whose headquarters are in Elmira, New York, lacks premium access to support representatives, with no options of live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Chemung Canal Trust Company is a good bank that deserves your consideration with a rating of 3.9 stars out of 5 from the SmartAsset experts. 

Chemung Canal Trust Company provides customers with a full choice of product offerings, which include savings accounts, checking accounts, money market accounts, IRAs and credit cards. Chemung Canal Trust Company has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Chemung Canal Trust Company's most basic checking account does not have a monthly maintenance charge. Keeping both checking and savings accounts in the same place is ideal for getting the highest return on your money while maintaining convenient control over your funds.

Service Quality

Chemung Canal Trust Company Bank is a brick-and-mortar bank, with 35 total branches in New York and Pennsylvania. It also offers access to mobile and web apps for simple access and banking on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, 9:00 a.m. to 1:00 p.m. ET. 

Chemung Canal Trust Company's online and mobile banking platforms get inadequate marks from users: the Chemung Canal Trust Company mobile app is rated at 3.3 out of 5 (with 200 customer reviews on Apple and Android) compared to the national average of 3.8. You can use Chemung Canal Trust Company's app to manage your finances by monitoring current statements, transferring funds and accessing support representatives. Chemung Canal Trust Company gets an excellent consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $250 Compare Offers
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.35% APY
  • 36 Month: 0.50% APY
  • 48 Month: 0.55% APY
  • 60 Month: 0.90% APY
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.05% APY
  • 25K tier: 0.10% APY
  • $1,000
  • $25,000
Compare Offers
Checking Accounts 0.05% APY $1,000 Compare Offers

Chemung Canal Trust Company Bank offers several deposit products including savings accounts, checking accounts and money market accounts, providing you with many options to manage your money. It does not have the best savings rate, which means you should think about looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Chemung Canal Trust Company's CD rates are fair in comparison to the average U.S. bank. 

Rates

Chemung Canal Trust Company features a savings rate of 0.05%, which is poor compared to other U.S. banks. Chemung Canal Trust Company's one-year CD earns at a rate of 0.20% and the five-year CD has a rate of 0.90%, while its highest-yielding money market account earns at a rate of 0.10%. Given Chemung Canal Trust Company's below average savings rate, you should consider taking a look at other banks for savings accounts.

Compare Chemung Canal Trust Company to Other Competitive Offers

Fees

Chemung Canal Trust Company charges customers low fees compared to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Also, at $35, Chemung Canal Trust Company has a lower overdraft fee compared to the average U.S. overdraft fee. 

Financial Health

Chemung Canal Trust Company is a large bank with $2 billion in assets and $1 billion in deposits. It has a very good Texas Ratio of 9.60%, signifying a small likelihood of failure. Additionally, Chemung Canal Trust Company is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Chemung Canal Trust Company Near Me

Chemung Canal Trust Company has 35 physical locations across the U.S.

 

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