Sussex Bank Review

Overview

Sussex Bank started in 1976 and its headquarters are located in Franklin, New Jersey. It handles assets of $978 million along with $763 million in deposits, making it a medium-size bank. Sussex Bank 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 in-person service, in addition to its online and mobile apps. Overall, Sussex Bank is a solid pick to be your bank, with a score of 4.2 stars out of 5 from the SmartAsset team. Sussex Bank provides customers with a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Sussex Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking account does not carry a monthly charge. Institutions that offer no-fee checking, in addition to a high interest rate savings account are the best bet for getting the highest income from your deposits alongside convenient access to your money.

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 as compared against the national average. Its one-year CD earns at a rate of 0.25% and the five-year CD earns at a rate of 1.00%, while its highest-yielding money market account has a rate of 0.40%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Sussex Bank's Savings Rates Compare

Sussex Bank generally has extremely low fees as compared against the national average. With no monthly fee, Sussex Bank's checking account is perfect for those who want an easy checking account. For those who often frequent the ATM, it is ideal because it has no out-of-network ATM fees. Sussex Bank unfortunately doesn't refund out-of-network ATM charges, meaning you'll need to search for a Sussex Bank ATM or eat the withdrawal fee.

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 mobile banking easy, even on the go. Sussex Bank's online and mobile banking platforms receive poor feedback from customers. Out of 16 customer reviews on both Apple and Android platforms, the Sussex Bank mobile app rates a 2.9 out of 5 (compared to the national average of 3.8). You can utilize Sussex Bank's app to manage your funds by monitoring account balances, sending and receiving money and accessing customer service. Sussex Bank gets a superb consumer satisfaction score based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Sussex Bank is currently a medium-size bank and manages $978 million in assets and $763 million in deposits. It has a strong Texas Ratio of 6.64%, denoting that the bank is in fine financial shape and far from 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 including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Sussex Bank does not have the best savings rate, which means you should think about taking a look 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 compared to the average U.S. bank.

Find a Sussex Bank Near Me

Sussex Bank has 14 physical locations in the U.S.