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Silvergate Bank Review

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Silvergate Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Founded in 1988, Silvergate Bank has assets totaling $2 billion as well as deposits totaling $2 billion, making the institution a large bank. Silvergate Bank, whose headquarters are in La Jolla, California, 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 access to service representatives at a physical location, in addition to its online and mobile apps. Coming in at an average 3.8 out of 5 stars, Silvergate Bank is a bank with better alternatives. Silvergate Bank offers a mixture of banking products, including savings accounts, checking accounts, money market accounts and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Silvergate Bank offers an option without a maintenance or monthly fee. Finding a bank with free checking, in addition to a high interest rate savings account is the best option for returning the highest income on your deposits alongside easy access to your money.

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 0.05%, Silvergate Bank ranks poorly in comparison to the average U.S. bank. Silvergate Bank's one-year and five-year term lengths CDs earn at a rate of 0.10% and 0.10%, respectively, while its highest-yielding money market account earns at an APY of 0.05%. Given Silvergate Bank's noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Silvergate Bank's Savings Rates Compare

Silvergate Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Silvergate Bank has typically extremely low fees compared to the national average. With no monthly fee, Silvergate Bank's checking account is ideal for people who need a hassle-free checking account. Silvergate Bank unfortunately does not refund out-of-network ATM charges, which means you will be required to find a Silvergate Bank ATM or eat the ATM charge.

Monthly Fee $0 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

SmartAsset Average: 3.7

Silvergate Bank is a brick-and-mortar bank, with five total branches in California. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. PT. You can use Silvergate Bank's mobile app to control your funds by checking account balances, sending and receiving money as well as reaching support representatives. Silvergate Bank gets an outstanding consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

SmartAsset Average: 4.8

Silvergate Bank is currently a large bank and has assets totaling $2 billion and deposits totaling $2 billion. It has an excellent Texas Ratio of 4.84%, suggesting that the bank is in outstanding financial condition and far from failure. Additionally, Silvergate 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 Silvergate Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.10% APY
  • 24 Month: 0.10% APY
  • 36 Month: 0.10% APY
  • 48 Month: 0.10% APY
  • 60 Month: 0.10% APY
$10000 for all terms
Money Market Account 0.05% APY $10000

Silvergate Bank has several deposit products like savings accounts, checking accounts and money market accounts to give you many options to manage your money. Silvergate Bank does not have the best savings rate, which means you should think about 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. Silvergate Bank's CD rates are fair as compared against the national average.

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Find a Silvergate Bank Near Me

Silvergate Bank has five physical locations in the U.S.

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