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

Overview

Founded in 1988, Silvergate Bank has assets totaling $2 billion along with $2 billion in deposits, ranking it as a large bank. Silvergate Bank, whose headquarters are in La Jolla, California, lacks premium access to support representatives, 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 offerings. We gave Silvergate Bank a 3.8 stars out of 5, which means it is an acceptable bank choice, but may leave you wanting more. Silvergate Bank offers a diversity of banking products, which include savings accounts, checking accounts, money market accounts and mortgage products. Silvergate Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking account does not have a monthly maintenance charge. Institutions that offer no-fee checking as well as a high savings APY are your best bet for getting the highest income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Silvergate Bank ranks poorly compared to the national average. Its one-year CD earns at a rate of 0.10% and the five-year CD has a rate of 0.10%, while its highest-yielding money market account has a rate of 0.05%. Given Silvergate Bank's poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Silvergate Bank's Savings Rates Compare

Silvergate Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Silvergate Bank charges its customers extremely low fees as compared against the national average. With no monthly fee, Silvergate Bank's checking account is ideal for those who want a hassle-free checking account. Silvergate Bank unfortunately does not refund out-of-network ATM charges, which means you will need to find a Silvergate Bank ATM or accept 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

2.5
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 an easy mobile-banking experience. It does not have 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 app to control your finances by looking at account balances, sending and receiving money and accessing customer service. Silvergate Bank receives a superb consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed 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

4.8
SmartAsset Average: 4.8

Silvergate Bank is a large bank and has $2 billion in assets as well as deposits totaling $2 billion. Its Texas Ratio is 4.84%, signifying a negligible possibility of 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

4.84%
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 Accounts 0.05% APY 0.05% APY $10000 $15000

Silvergate Bank offers 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 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. Silvergate Bank's CD rates are fair compared to the average U.S. bank.

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Find a Silvergate Bank Near Me

Silvergate Bank has five locations across the U.S.

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