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Jeff Bank Review

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Jeff Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1913, Jeff Bank has assets totaling $495 million along with $437 million in deposits, making it a medium-size bank. Jeff Bank, whose headquarters are in Jeffersonville, New York, lacks premium access to customer service, 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 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 has an array product offerings, including savings accounts, checking accounts, money market accounts, IRAs, mortgage products and credit cards. Jeff Bank has a fair savings rate; other popular banks have higher rates. The bank's standard checking product has a $3.00 monthly fee, which is acceptable in comparison to the national average. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best option for accruing the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.10%, Jeff Bank ranks poorly as compared against the national average. Jeff Bank's one-year and five-year term lengths CDs earn at a rate of 0.30% and 0.80%, respectively, while its highest-yielding money market account earns at an APY of 0.20%. Given its noncompetitive savings rate, you should consider looking elsewhere to open savings accounts.

How Jeff Bank's Savings Rates Compare

Jeff Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Jeff Bank generally has high fees compared to the average U.S. bank. Jeff Bank's checking account has a monthly fee of $3.00, ranking it slightly worse for anyone looking for a simple account. Jeff Bank does not reimburse out-of-network ATM fees, meaning you'll have to search for a Jeff Bank ATM or pay the fee.

Monthly Fee $3.00 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

Jeff Bank is a brick-and-mortar bank, with 12 total branches in New York. With mobile and web apps, Jeff Bank makes account access straightforward, even on the go. Jeff Bank's online and mobile banking services get moderately high ratings from customers. With 28 ratings across 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 utilize Jeff Bank's app to manage your funds by looking at current statements, sending and receiving money and reaching customer service. Jeff Bank receives an outstanding consumer satisfaction rating based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.3
SmartAsset Average: 4.8

Jeff Bank is currently a medium-size bank owning assets totaling $495 million as well as deposits totaling $437 million. It has a strong Texas Ratio of 15.79%, suggesting a tiny possibility 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

15.79%
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 Jeff Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.05% APY $2500
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.65% APY
  • 48 Month: 0.70% APY
  • 60 Month: 0.80% APY
$1000 for all terms
Money Market Account 0.1% APY $10000

Jeff Bank has several deposit products like 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 taking a look 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 compared to other U.S. banks.

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Find a Jeff Bank Near Me

Jeff Bank has 12 branches in the U.S.

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