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Severn Savings Bank Review

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Severn Savings Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1949, Severn Savings Bank has assets totaling $801 million as well as deposits totaling $605 million, making the institution a medium-size bank. Severn Savings Bank, whose headquarters are in Annapolis, Maryland, lacks premium access to customer service, with no options for live chat or all-day service. 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. Coming in at a commendable 4.4 out of 5 stars, Severn Savings Bank is a great choice and should warrant serious consideration. Severn Savings Bank has a variety of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Severn Savings Bank's standard checking does not have a monthly maintenance charge. Finding an institution with free checking, in addition to a high interest rate savings account is the best option for accruing the highest income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

Severn Savings Bank has a savings rate of 0.20%, which is poor compared to the national average. Severn Savings Bank's CD rates are 1.90% and 2.80% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

How Severn Savings Bank's Savings Rates Compare

Severn Savings Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

4.7
SmartAsset Average: 4.4

Severn Savings Bank has generally extremely low fees in comparison to other U.S. banks. With no monthly fee, Severn Savings Bank is ideal for people who want a basic banking experience. For those who will need cash in a pinch, it is ideal because it charges no out-of-network ATM fees. Also, at $35.00, Severn Savings Bank has a lower overdraft fee compared to that of other U.S. banks. Severn Savings Bank does not refund out-of-network ATM charges, meaning you will have to find a Severn Savings Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

Severn Savings Bank is a brick-and-mortar bank, with five total branches. With mobile and web apps, Severn Savings Bank makes account access straightforward, even on the go. Severn Savings Bank receives great feedback from customers for its online presence. The Severn Savings Bank mobile app rates a 4.5 out of 5 (with 6 customer reviews on Apple and Android) compared to the national average of 3.8. Severn Savings Bank's mobile app lets you control your finances by looking at monthly statements, sending and receiving money as well as accessing customer service. Severn Savings Bank gets a superb consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Severn Savings Bank is a medium-size bank with assets totaling $801 million and deposits totaling $605 million. Its Texas Ratio is 5.60%, signifying that the bank is in fine financial shape and far from failure. Additionally, Severn Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.6%
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 Severn Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $200
Checking Account 0.2% APY $1000
Certificates of Deposit
  • 12 Month: 1.90% APY
  • 24 Month: 2.20% APY
  • 36 Month: 2.50% APY
  • 48 Month: 2.65% APY
  • 60 Month: 2.80% APY
$1000 for all terms
Money Market Accounts 0.2% APY 0.25% APY $10000 $15000

Severn Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Severn Savings Bank does not have the best savings rate, which means you should think about 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. Severn Savings Bank's CD rates are fair compared to the average U.S. bank.

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Find a Severn Savings Bank Near Me

Severn Savings Bank has five physical branches across the U.S.

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