Jeff Bank Review

Overview

Jeff Bank first started operating in 1913 and its headquarters are located in Jeffersonville, New York. It manages assets of $495 million as well as deposits totaling $437 million, classifying it as a medium-size bank. Jeff Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a score of 3.7 out of 5 stars, Jeff Bank should be near the middle of the pack in your search for a bank. Jeff Bank offers a selection of banking products, which include savings accounts, checking accounts, money market accounts, IRAs, mortgage products and credit cards. Jeff Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account carries a monthly fee of $3.00, which is acceptable in comparison to other U.S. banks. Locating a bank with free checking, in addition to a high interest rate savings account is your best bet for returning 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

With a savings rate of 0.10%, Jeff Bank ranks poorly in comparison to the national average. Its one-year CD earns at a rate of 0.30% and the five-year CD earns at a rate of 0.80%, while its highest-yielding money market account has an APY of 0.20%. Given Jeff Bank's poor savings rate, you should think about taking a look at other banks for savings accounts.

How Jeff Bank's Savings Rates Compare

Jeff Bank has generally high fees compared to other U.S. banks. At $3.00/month, Jeff Bank's checking account is less than great for those who want an easy banking experience. Jeff Bank doesn't reimburse out-of-network ATM fees, meaning you will need to find a Jeff Bank ATM or accept the withdrawal fee.

Jeff Bank is a brick-and-mortar bank, with 12 total bank locations in New York. It also offers access to mobile and web apps for an easy mobile-banking experience. Jeff Bank receives fairly satisfactory ratings from customers for its mobile app. With 28 ratings on iOS and Android platforms, the Jeff Bank mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). You can use Jeff Bank's mobile app to manage your bank accounts by checking account balances, sending and receiving money as well as reaching customer service. Jeff Bank gets an outstanding consumer satisfaction rating based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Jeff Bank is currently a medium-size bank owning assets totaling $495 million as well as $437 million in deposits. Jeff Bank's Texas Ratio is 15.79%, denoting a small likelihood of failure. Additionally, Jeff 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

Jeff Bank has several deposit products including savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. Jeff Bank does not have the best savings rate, which means you should consider 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. Jeff Bank's CD rates are fair as compared against the national average.

Find a Jeff Bank Near Me

Jeff Bank has 12 physical locations across the U.S.