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Essex Bank Review

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Essex Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1926, Essex Bank has $1 billion in assets along with deposits totaling $1 billion, making the institution a medium-size bank. Essex Bank, whose headquarters are in Richmond, Virginia, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at a commendable 4.4 stars out of 5, Essex Bank proves it is a great choice and should warrant serious consideration. Essex Bank offers a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Essex Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Essex Bank's standard checking account does not have a monthly fee. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is the best option for returning the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.9
SmartAsset Average: 3.5

Essex Bank has a savings rate of 0.05%, which is fair as compared against the national average. Essex Bank's one-year and five-year term lengths CDs earn at a rate of 1.81% and 2.68%, respectively, while its highest-yielding money market account earns at an APY of 0.15%. Given Essex Bank's below average savings rate, you should consider choosing another bank to earn more on your deposits.

How Essex Bank's Savings Rates Compare

Essex Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Essex Bank generally has extremely low fees compared to other U.S. banks. With no monthly fee, Essex Bank is perfect for those who want a simple checking account. Essex Bank unfortunately does not reimburse out-of-network ATM charges, which means you will be required to locate an Essex Bank ATM or accept 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

4.0
SmartAsset Average: 3.7

Essex Bank is a brick-and-mortar bank, with 26 total branches in Virginia. It also offers access to mobile and web apps for simple access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 11:00 p.m. ET; Saturday, and 9:00 a.m. to 12:00 p.m. ET. Essex Bank receives relatively decent feedback from users for its mobile app. Out of 61 customer reviews on Apple and Android platforms, the Essex Bank mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). You can use Essex Bank's app to manage your bank accounts by looking at account balances, transferring money as well as reaching customer service. Essex Bank receives an outstanding consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Essex Bank is a medium-size bank owning assets totaling $1 billion as well as deposits totaling $1 billion. Its Texas Ratio is 10.41%, signifying a tiny opportunity of failure. Additionally, Essex Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

10.41%
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 Essex Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1000
Checking Account 0.1% APY $1500
Certificates of Deposit
  • 12 Month: 1.81% APY
  • 24 Month: 2.12% APY
  • 36 Month: 2.42% APY
  • 60 Month: 2.68% APY
$500 for all terms
Money Market Account 0.1% APY $5000

Essex Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Essex Bank does not have the best savings rate, which means you should consider 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. Essex Bank's CD rates are fair compared to the average U.S. bank.

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Find a Essex Bank Near Me

Essex Bank has 26 physical locations across the U.S.

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