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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


Severn Savings Bank first started operating in 1949 with its headquarters in Annapolis, Maryland. It manages $801 million in assets as well as $605 million in deposits, making it a medium-size bank. Severn Savings Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. On the whole, Severn Savings Bank is a great bank that you should seriously consider, with a rating of 4.4 out of 5 stars from the SmartAsset team. Severn Savings Bank has a complete selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Severn Savings Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Severn Savings Bank's standard checking account does not have a monthly maintenance charge. Locating a bank with no-fee checking, in addition to a high interest rate savings account is your best option for getting the most income from your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.20%, Severn Savings Bank ranks poorly compared to other U.S. banks. Severn Savings Bank's one-year and five-year term lengths CDs earn at a rate of 1.25% and 2.25%, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.

How Severn Savings Bank's Savings Rates Compare

Severn Savings Bank Savings 0.20 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Severn Savings Bank charges its customers extremely low fees compared to other U.S. banks. With no monthly fee, Severn Savings Bank is ideal for people who want a basic checking account. For those who will need cash in a pinch, it is perfect because it charges no out-of-network ATM fees. Additionally, at $35.00, its overdraft fee is lower than the average U.S. overdraft fee. Severn Savings Bank does not reimburse out-of-network ATM fees, which means you will need to find a Severn Savings Bank ATM or accept 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

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's online and mobile banking platforms receive high praise from customers. Out of 6 ratings on both iOS and Android platforms, the Severn Savings Bank mobile app rates a 4.5 out of 5 (compared to the national average of 3.8). You can access Severn Savings Bank's mobile app to control your accounts by checking monthly statements, sending and receiving money and reaching customer service. Severn Savings Bank receives an excellent consumer satisfaction rating based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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

SmartAsset Average: 4.8

Severn Savings Bank is currently a medium-size bank owning assets totaling $801 million and $605 million in deposits. Severn Savings Bank has a strong Texas Ratio of 5.60%, suggesting a small possibility of 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

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: 1.25% APY
  • 24 Month: 1.55% APY
  • 36 Month: 1.85% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.25% APY
$1000 for all terms
Money Market Account 0.2% APY $2500

Severn Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Severn Savings Bank does not have the best savings rate, which means you should consider other options 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 as compared against the national average.

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Find a Severn Savings Bank Near Me

Severn Savings Bank has five physical locations in the U.S.

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