Essex Bank Review

Overview

Essex Bank first started operating in 1926 with its headquarters in Richmond, Virginia. It handles $1 billion in assets along with $1 billion in deposits, ranking it as a medium-size bank. Essex 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. On the whole, Essex Bank is a solid contender in your bank search, with a score of 4.4 stars out of 5 from our team. 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 interested in stress-free personal checking, Essex Bank offers an option without a monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best bet for gaining the most income from your deposits alongside convenient access to your money.

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

Essex Bank has a savings rate of 0.05%, which is poor compared to other U.S. banks. Its one-year CD has a rate of 1.81% and the five-year CD has a rate of 2.68%, while its highest-yielding money market account earns at a rate of 0.15%. Given Essex Bank's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How Essex Bank's Savings Rates Compare

Essex Bank has typically extremely low fees in comparison to the average U.S. bank. With no monthly fee, Essex Bank is perfect for those who want a simple checking account. Essex Bank doesn't reimburse out-of-network ATM charges, meaning you will have to locate an Essex Bank ATM or eat the ATM charge.

Essex Bank is a brick-and-mortar bank, with 26 total bank locations in Virginia. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its customer service 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's online and mobile banking services get moderately high marks from customers. The Essex Bank mobile app rates a 4.0 out of 5 (out of 61 customer reviews on Apple and Android) compared to the national average of 3.8. Essex Bank's mobile app allows you to control your finances by looking at monthly statements, sending and receiving funds as well as accessing customer service. Essex Bank receives an exceptional consumer satisfaction rating due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Essex Bank ranks as a medium-size bank owning $1 billion in assets and $1 billion in deposits. Its Texas Ratio is 10.41%, denoting a tiny chance 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

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.

Products Offered

Essex Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Essex 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. Essex Bank's CD rates are fair in comparison to the national average.

Find a Essex Bank Near Me

Essex Bank has 26 locations in the U.S.