Sussex Bank Review

Overview

Started in 1976, Sussex Bank has assets totaling $978 million and deposits totaling $763 million, ranking it as a medium-size bank. Sussex Bank, whose headquarters are in Franklin, New Jersey, lacks premium access to customer service, with no live chat or all-day service options available. 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. At a SmartAsset rating of 4.2 out of 5 stars, Sussex Bank should be solidly in contention for your choice of bank. Sussex Bank offers a full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Sussex Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Sussex Bank's standard checking account does not have a monthly fee. Using an institution with no-fee checking and a high savings APY is the best option for getting the most income on your deposits while maintaining convenient 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 0.40%, Sussex Bank ranks poorly compared to the average U.S. bank. Its CD rates are 0.25% and 1.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.40%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Sussex Bank's Savings Rates Compare

Sussex Bank generally has extremely low fees in comparison to the average U.S. bank. With no monthly fee, Sussex Bank's checking account is perfect for people who want an easy banking experience. For those who will need cash in a pinch, it is perfect because it has no out-of-network ATM fees. Sussex Bank doesn't refund out-of-network ATM fees, which means you will have to search for a Sussex Bank ATM or pay the ATM charge.

Sussex Bank is a brick-and-mortar bank, with 14 total branches in New Jersey and New York. With mobile and web apps, Sussex Bank makes account access convenient, even on the go. Sussex Bank receives poor feedback from customers for its online presence. The Sussex Bank mobile app has been given a 2.9 out of 5 (out of 16 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Sussex Bank's mobile app to manage your funds by looking at account balances, transferring funds as well as reaching customer service. Sussex Bank receives a superb consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Sussex Bank ranks as a medium-size bank and has $978 million in assets and deposits totaling $763 million. Sussex Bank has a strong Texas Ratio of 6.64%, suggesting a small chance of failure. Additionally, Sussex 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.

Products Offered

Sussex 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. Sussex 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. Sussex Bank's CD rates are fair as compared against the national average.

Find a Sussex Bank Near Me

Sussex Bank has 14 locations in the U.S.