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Elmira Savings Bank Review

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Elmira Savings Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Elmira Savings Bank was founded in 1869 and has its headquarters in Elmira, New York. It owns assets of $555 million as well as $458 million in deposits, making it a medium-size bank. Elmira Savings Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated Elmira Savings Bank 4.2 stars out of 5, indicating that it is a great choice and should warrant serious consideration. Elmira Savings Bank has a diverse array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Elmira Savings Bank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best option for getting the most income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more


SmartAsset Average: 3.5

Elmira Savings Bank features a savings rate of 0.03%, which is poor compared to other U.S. banks. Elmira Savings Bank's one-year and five-year term lengths CDs earn at a rate of 0.20% and 1.00%, respectively, while its highest-yielding money market account has an APY of 0.03%. Given Elmira Savings Bank's below average savings rate, you should think about looking elsewhere to open savings accounts.

How Elmira Savings Bank's Savings Rates Compare

Elmira Savings Bank Savings 0.03 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Elmira Savings Bank typically has extremely low fees compared to the average U.S. bank. With no monthly fee, Elmira Savings Bank's checking account is ideal for people who need a hassle-free banking experience. Elmira Savings Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll have to search for an Elmira Savings Bank ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Elmira Savings Bank is a brick-and-mortar bank, with 13 total bank locations in New York. It also offers access to mobile and web apps for an easy mobile-banking experience. Elmira Savings Bank gets high praise from customers for its online presence. Out of 14 ratings across iOS and Android platforms, the Elmira Savings Bank mobile app is scored at 4.5 out of 5 (compared to the national average of 3.8). Elmira Savings Bank's mobile app allows you to control your finances by reviewing current statements, transferring money and reaching support representatives. Elmira Savings Bank gets a superb consumer satisfaction rating due to relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Elmira Savings Bank is currently a medium-size bank owning assets totaling $555 million as well as deposits totaling $458 million. Elmira Savings Bank's Texas Ratio is 4.77%, indicating that the bank is in excellent financial well-being and unlikely to fail. Additionally, Elmira Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Elmira Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $200
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.70% APY
  • 48 Month: 0.75% APY
  • 60 Month: 1.00% APY
$10000 for all terms
Money Market Account 0.03% APY $25000

Elmira Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Elmira Savings Bank does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Elmira Savings Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Elmira Savings Bank Near Me

Elmira Savings Bank has 13 locations in the U.S.

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