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El Dorado Savings 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
El Dorado Savings Bank El Dorado Savings Bank
0.03% APY

Overview

Our Rating: 4.2/5 How we calculated this rating

El Dorado Savings Bank was founded in 1956 and its headquarters are located in Placerville, California. It has assets totaling $2 billion and deposits totaling $2 billion, ranking it as a large bank. El Dorado Savings Bank does not have the access to customer service other banks offer. It is a conventional brick-and-mortar bank, which means easier access to service representatives at a physical location, in addition to its online and mobile presence. With a score of 4.2 out of 5 stars, El Dorado Savings Bank should be solidly in contention for your choice of bank. 

El Dorado Savings Bank has a full suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. El Dorado Savings Bank has a fair savings rate, which means you can find higher rates with other banks. Perfect for basic banking needs, El Dorado Savings Bank offers one without a monthly fee. Why use checking and savings accounts with the same bank? Convenient transferring of funds between the two accounts translates to better interest rates in your savings account with the ability to spend from your checking.

Service Quality

El Dorado Savings Bank is a brick-and-mortar bank, with 35 total bank locations in California and Nevada. It also offers access to mobile and web apps for a straightforward mobile-banking experience.  

El Dorado Savings Bank's online and mobile banking platforms get reasonably positive scores from customers: the El Dorado Savings Bank mobile app has an overall rating of 3.6 out of 5 (out of 83 customer reviews on Apple and Android) compared to the national average of 3.8. El Dorado Savings Bank's mobile app lets you manage your accounts by monitoring account balances, transferring funds as well as accessing customer service. El Dorado Savings Bank receives an exceptional consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.03% APY $300 Compare Offers
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.55% APY
  • 60 Month: 2.06% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.05% APY
  • 25K tier: 0.08% APY
  • $5,000
  • $25,000
Compare Offers
Checking Accounts 0.02% APY $500 Compare Offers

El Dorado Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. El Dorado Savings Bank does not have the best savings rate, which means you should consider other options 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. El Dorado Savings Bank's CD rates are competitive in comparison to other U.S. banks.

Rates

With a savings rate of 0.03%, El Dorado Savings Bank ranks below the mean in comparison to the average U.S. bank. Its one-year CD earns at a rate of 0.20% and the five-year CD earns at a rate of 2.06%, while its highest-yielding money market account earns at a rate of 0.08%. It has a fair savings rate compared to the average savings account. Think about other options to earn more on your deposits.

Compare El Dorado Savings Bank to Other Competitive Offers

Fees

El Dorado Savings Bank typically has extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. 

Financial Health

El Dorado Savings Bank is a large bank with $2 billion in assets and $2 billion in deposits. El Dorado Savings Bank has an excellent Texas Ratio of 2.43%, indicating an extremely low possibility of failure. Additionally, El Dorado Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find an El Dorado Savings Bank Near Me

El Dorado Savings Bank has 35 physical branches across the U.S.

Save more with these rates that beat the National Average
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