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Essex Savings Bank Review

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

Overview

Essex Savings Bank first started operating in 1851 with its headquarters in Essex, Connecticut. It has assets of $386 million along with $333 million in deposits, classifying it as a small bank. Essex Savings Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4.1 out of 5 stars, Essex Savings Bank proves it is a respectable bank that should be given a look. Essex Savings Bank offers a full choice of banking products, including 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 looking for a checking account for everyday use, Essex Savings Bank offers an option without a maintenance or monthly fee. Institutions that offer free checking as well as a high savings APY are your best option for getting the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
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

Essex Savings Bank has a savings rate of 0.05%, which is poor compared to other U.S. banks. Its one-year CD earns at a rate of 0.25% and the five-year CD has a rate of 1.15%, while its highest-yielding money market account earns at a rate of 0.07%. Given Essex Savings Bank's poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Essex Savings Bank's Savings Rates Compare

Essex Savings Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.7
SmartAsset Average: 4.4

On average, Essex Savings Bank charges its customers extremely low fees in comparison to the national average. With no monthly fee, Essex Savings Bank is perfect for those who want a simple banking experience. For those who use cash often, Essex Savings Bank is good because it has an out-of-network ATM fee of $1.00, which is good in comparison to the average U.S. bank. Additionally, it has an overdraft fee of $30.00, which is considerably less than that of other U.S. banks. Essex Savings Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll be required to search for an Essex Savings Bank ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Essex Savings Bank is a brick-and-mortar bank, with six total bank locations in Connecticut. With mobile and web apps, Essex Savings Bank makes mobile banking straightforward, even on the go. Essex Savings Bank gets moderately satisfactory scores from users for its mobile app. The Essex Savings Bank mobile app is rated at 4.0 out of 5 (out of 7 customer reviews on iOS and Android) compared to the national average of 3.8. You can use Essex Savings Bank's mobile app to manage your accounts by reviewing account balances, transferring money as well as accessing customer service. Essex Savings Bank receives an exceptional consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

5.0
SmartAsset Average: 4.8

Essex Savings Bank is a small bank owning assets totaling $386 million as well as $333 million in deposits. Its Texas Ratio is 1.89%, suggesting that Essex Savings Bank is in outstanding financial well-being and improbable to fail. Additionally, Essex 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

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 Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.02% APY $1500
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.45% APY
  • 60 Month: 1.15% APY
$500 for all terms
Money Market Accounts 0.07% APY 0.07% APY $10000 $15000

Essex 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. Essex 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. Essex Savings Bank's CD rates are fair compared to the national average.

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Find a Essex Savings Bank Near Me

Essex Savings Bank has six branches in the U.S.

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