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The Bank of Delmarva Review

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The Bank of Delmarva Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Bank of Delmarva first started operating in 1896 with its headquarters in Seaford, Delaware. It handles assets of $562 million as well as $465 million in deposits, which makes it a medium-size bank. The Bank of Delmarva has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4.1 stars out of 5, The Bank of Delmarva is a respectable bank that deserves your consideration. The Bank of Delmarva has the complete package of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, The Bank of Delmarva offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same bank is the best bet for accruing the most income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

With a savings rate of 0.15%, The Bank of Delmarva ranks poorly compared to the average U.S. bank. The Bank of Delmarva's CD rates are 0.55% and 1.51% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.18%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How The Bank of Delmarva's Savings Rates Compare

The Bank of Delmarva Savings 0.15 National Average 0.26 Compare Offers
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Fees

4.3
SmartAsset Average: 4.4

On average, The Bank of Delmarva charges customers low fees compared to the national average. With no monthly fee, The Bank of Delmarva is ideal for those who want a simple checking account. For those who often withdraw cash from the ATM, it is fair because it has an out-of-network ATM fee of $1.50, which is reasonable compared to the average U.S. bank. Also, at $35.00, it has a lower overdraft fee compared to the national average. The Bank of Delmarva unfortunately does not reimburse out-of-network ATM fees, meaning you'll be required to find a The Bank of Delmarva ATM or pay the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.50 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

4.6
SmartAsset Average: 3.7

The Bank of Delmarva is a brick-and-mortar bank, with 17 total branches in Delaware and New Jersey. With mobile and web apps, The Bank of Delmarva makes account access straightforward, even on the go. The Bank of Delmarva also offers a live chat feature, something to consider if you work during the customer service hours. The Bank of Delmarva's online and mobile banking services get high praise from users. Out of 340 customer reviews across both Apple and Android platforms, the The Bank of Delmarva mobile app has an overall rating of 4.7 out of 5 (compared to the national average of 3.8). You can utilize The Bank of Delmarva's app to control your accounts by monitoring account balances, sending and receiving funds as well as accessing customer service. The Bank of Delmarva gets a superb consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.2
SmartAsset Average: 4.8

The Bank of Delmarva is a medium-size bank owning assets totaling $562 million and deposits totaling $465 million. It has a strong Texas Ratio of 16.51%, denoting a tiny possibility of failure. Additionally, The Bank of Delmarva is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

16.51%
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 The Bank of Delmarva to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.91% APY
  • 36 Month: 1.09% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.51% APY
$500 for all terms
Money Market Account 0.15% APY $1000

The Bank of Delmarva has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Bank of Delmarva does not have the best savings rate, which means you should consider 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. The Bank of Delmarva's CD rates are fair in comparison to the average U.S. bank.

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Find a The Bank of Delmarva Near Me

The Bank of Delmarva has 17 branches across the U.S.

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