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Jefferson 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
Jefferson Bank Savings
0.15% APY

Overview

Our Rating: 3.6/5 How we calculated this rating

Founded in 1946, Jefferson Bank has assets totaling $2 billion along with $2 billion in deposits, classifying it as a large bank. Jefferson Bank, whose headquarters are in San Antonio, Texas, lacks premium access to support representatives, with no options of 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 3.6 out of 5 stars, Jefferson Bank should be near the middle of the pack in your search for a bank. 

Jefferson Bank offers a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product has a monthly fee of $10.00, although banks sometimes have requirements that allow you to waive the fee. Why have checking and savings accounts with one bank? Quick transferring between the two accounts means you can still get better interest rates in your savings account but still use your funds from your checking.

Service Quality

Jefferson Bank is a brick-and-mortar bank, with 14 total branches in Texas. With mobile and web apps, Jefferson Bank makes mobile banking easy, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 9:00 a.m. to 5:00 p.m. CT. 

Jefferson Bank gets fairly high marks from users for its mobile platform: the Jefferson Bank mobile app is rated at 4.3 out of 5 (out of 14 ratings on Apple and Android) compared to the national average of 3.8. Jefferson Bank's mobile app lets you manage your accounts by looking at current statements, transferring money as well as accessing customer service. Jefferson Bank receives a superb consumer satisfaction rating based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 2.10% APY
  • 24 Month: 2.20% APY
  • 36 Month: 2.20% APY
$1,000 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.40% APY
  • 25K tier: 0.45% APY
  • $10,000
  • $25,000
Compare Offers
Checking Accounts 0.01% APY $1 Compare Offers

Jefferson Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. Jefferson Bank does not have the best savings rate, which means you should consider other options for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Jefferson Bank's CD rates are competitive compared to the average U.S. bank.

Rates

With a savings rate of 0.15%, Jefferson Bank ranks below the mean compared to the average U.S. bank. Its one-year CD earns at a rate of 1.00%, while its highest-yielding money market account has an APY of 0.45%. Given its noncompetitive savings rate, you should contemplate other options to earn more on your deposits.

Compare Jefferson Bank to Other Competitive Offers

Fees

On average, Jefferson Bank charges its customers high fees in comparison to other U.S. banks. Its checking account has a monthly fee of $10.00, which makes it fair for anyone looking for a hassle-free account. 

Financial Health

Jefferson Bank is currently a large bank owning assets totaling $2 billion and $2 billion in deposits. Jefferson Bank's Texas Ratio is 2.82%, suggesting an exceedingly low chance of failure. Additionally, Jefferson Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Jefferson Bank Near Me

Jefferson Bank has 14 locations in the U.S.

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