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Chesapeake Bank 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
Chesapeake Bank Savings
0.15% APY

Overview

Our Rating: 3.9/5 How we calculated this rating

Chesapeake Bank first started operating in 1900 and its headquarters are located in Kilmarnock, Virginia. Chesapeake Bank manages $781 million in assets as well as $677 million in deposits, which makes it a medium-size bank. Chesapeake Bank has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, Chesapeake Bank is a respectable bank that gets the job done at a score of 3.9 out of 5 stars from the SmartAsset experts. 

Chesapeake Bank offers the full slate of banking products, which include savings accounts, checking accounts, CDs, IRAs and mortgage products. Chesapeake Bank has a fair savings rate compared to the average savings account. The bank's standard checking product has a $5.00 monthly fee, which is not too bad as compared against the national average. Opening accounts in one place is ideal for getting the highest interest rates on your deposits while keeping easy access to your money.

Service Quality

Chesapeake Bank is a brick-and-mortar bank, with 17 total branches in Virginia. It also offers access to mobile and web apps for simple access and banking on the go.  Additionally, Chesapeake Bank customers can access live chat for their banking questions or needs, which may provide helpful service without getting on the phone.

Chesapeake Bank's online and mobile banking services get fair feedback from customers: the Chesapeake Bank mobile app scored a 3.8 out of 5 (out of 50 reviews on Apple and Android) compared to the national average of 3.8. You can access Chesapeake Bank's mobile app to control your accounts by checking monthly statements, transferring money and reaching support representatives. Chesapeake Bank gets an outstanding consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $100 Compare Offers
Certificates of Deposit
  • 3 Month: 0.20%
  • 12 Month: 0.60% APY
  • 24 Month: 0.95% APY
  • 36 Month: 1.24% APY
  • 60 Month: 2.38% APY
$1,000 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.15% APY $2,500 Compare Offers
Checking Accounts 0.25% APY $2,000 Compare Offers

Chesapeake Bank has several deposit products including savings accounts, checking accounts and CDs, providing you with many options to manage your money. It does not have the best savings rate, which means you should consider taking a look 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. Chesapeake Bank's CD rates are fair in comparison to the average U.S. bank.

Rates

Chesapeake Bank features a savings rate of 0.15%, which is fair compared to other U.S. banks. Its CD rates are 0.60% and 2.38% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.15%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

Compare Chesapeake Bank to Other Competitive Offers

Fees

Chesapeake Bank charges customers above-average fees compared to the average U.S. bank. At $5.00 per month, Chesapeake Bank is less than great for those who want a simple checking account. Chesapeake Bank reimburses their ATM fees (with conditions), which means convenient access to cash at any time.

Financial Health

Chesapeake Bank ranks as a medium-size bank with $781 million in assets as well as $677 million in deposits. It has a very good Texas Ratio of 9.01%, indicating that the bank is in good financial well-being and improbable to fail. Additionally, Chesapeake Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Chesapeake Bank Near Me

Chesapeake Bank has 17 branches across the U.S.

 

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