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Jeff Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Jeff Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

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.

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 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 Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

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.

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 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.

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 $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

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 Accounts 0.1% APY 0.2% APY $10000 $15000

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.

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Find a Jeff Bank Near Me

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

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