Founded in 1911, Millington Bank has assets totaling $563 million and deposits totaling $461 million, which makes the institution a medium-size bank. Millington Bank, whose headquarters are in Millington, New Jersey, 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 in-person service, in addition to its online and mobile apps. On the whole, Millington Bank is an average bank that leaves room for improvement, with a rating of 3.8 stars out of 5 from our team. Millington Bank provides customers with the full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Millington Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking does not have a monthly charge. Obtaining a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best bet for accruing the most income from your deposits alongside easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.12%, Millington Bank ranks poorly compared to other U.S. banks. Millington Bank's one-year CD earns at a rate of 0.49% and the five-year CD has a rate of 2.00%, while its highest-yielding money market account has a rate of 0.30%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.
How Millington Bank's Savings Rates Compare
On average, Millington Bank charges its customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Millington Bank is perfect for people who want a simple checking account. For those who often withdraw money from the ATM, Millington Bank is ideal because it has no out-of-network ATM fees. Millington Bank doesn't refund out-of-network ATM charges, which means you'll need to search for a Millington Bank ATM or accept the ATM charge.
Millington Bank is a brick-and-mortar bank, with four total bank locations in New Jersey. It also offers access to mobile and web apps for easy access and banking on the go. You can use Millington Bank's app to control your bank accounts by checking account balances, transferring funds and reaching customer service. Millington Bank receives a superb consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.
Millington Bank is currently a medium-size bank owning $563 million in assets and deposits totaling $461 million. It has a strong Texas Ratio of 6.43%, signifying a tiny opportunity of failure. Additionally, Millington 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.Back to Overview
Compare Millington Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.12% APY||$50|
|Checking Account||0.05% APY||$100|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Accounts||0.3% APY 0.3% APY||$10000 $15000|
Millington Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Millington 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. Millington Bank's CD rates are fair compared to the national average.Back to Overview
Find a Millington Bank Near Me
Millington Bank has four physical branches across the U.S.Back to Overview