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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

Overview

Elmira Savings Bank first started operating in 1869 and its headquarters are located in Elmira, New York. It owns $555 million in assets along with deposits totaling $458 million, which makes 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 traditional 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, which means it is a solid pick to be your bank. Elmira Savings Bank has a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly fee. Banks that offer free checking and a high interest rate savings account are the best bet for gaining the highest income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.03%, Elmira Savings Bank ranks poorly as compared against the national average. Elmira Savings Bank's CDs feature a rate of 0.20% and 1.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.03%. Given Elmira Savings Bank's noncompetitive savings rate, you should think about taking a look at other banks for 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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Fees

5.0
SmartAsset Average: 4.4

Elmira Savings Bank has generally extremely low fees in comparison to the average U.S. bank. Elmira Savings Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Elmira Savings Bank doesn't reimburse out-of-network ATM charges, meaning you'll be required to find an Elmira Savings Bank ATM or pay the cost of withdrawal.

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

4.2
SmartAsset Average: 3.7

Elmira Savings Bank is a brick-and-mortar bank, with 13 total branches in New York. It also offers access to mobile and web apps for a simple mobile-banking experience. Elmira Savings Bank receives high praise from customers for its mobile app. Out of 14 ratings on 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 manage your finances by reviewing account balances, sending and receiving money as well as reaching customer service. Elmira Savings Bank receives an exceptional consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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

4.8
SmartAsset Average: 4.8

Elmira Savings Bank is a medium-size bank with assets totaling $555 million and $458 million in deposits. Elmira Savings Bank's Texas Ratio is 4.77%, suggesting a negligible possibility of failure. 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

4.77%
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 Accounts 0.03% APY 0.03% APY $10000 $15000

Elmira Savings Bank has several deposit products like 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 looking elsewhere 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 compared to the average U.S. bank.

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Find a Elmira Savings Bank Near Me

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

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