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The Guilford Savings Bank Review

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The Guilford Savings Bank Money Market
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Guilford Savings Bank started in 1875 and is headquartered in Guilford, Connecticut. The Guilford Savings Bank manages assets of $742 million along with $571 million in deposits, ranking it as a medium-size bank. The Guilford Savings Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, The Guilford Savings Bank is a great bank that you should seriously consider, with a rating of 4.2 out of 5 stars from our team. The Guilford Savings Bank provides customers with a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, The Guilford Savings Bank's standard checking does not have a monthly maintenance charge. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same bank is the best option for gaining the most income from your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
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

The Guilford Savings Bank's CD rates are 0.05% and 0.20% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.02%.

How The Guilford Savings Bank's Savings Rates Compare

The Guilford Savings Bank Money Market 0.02 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Guilford Savings Bank has generally extremely low fees compared to other U.S. banks. With no monthly fee, The Guilford Savings Bank's checking account is ideal for those who need an easy checking account. The Guilford Savings Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll have to locate a The Guilford Savings 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

4.2
SmartAsset Average: 3.7

The Guilford Savings Bank is a brick-and-mortar bank, with six total branches in Connecticut. With mobile and web apps, The Guilford Savings Bank makes mobile banking convenient, even on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 8:00 p.m. ET; Saturday, and 8:30 a.m. to 1:00 p.m. ET. The Guilford Savings Bank receives great scores from customers for its mobile banking services. With 240 customer reviews on both Apple and Android platforms, the The Guilford Savings Bank mobile app has an overall rating of 4.5 out of 5 (compared to the national average of 3.8). The Guilford Savings Bank's mobile app lets you control your bank accounts by reviewing current statements, sending and receiving money and reaching support representatives. The Guilford Savings Bank receives a superb consumer satisfaction rating based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

The Guilford Savings Bank ranks as a medium-size bank owning $742 million in assets and $571 million in deposits. Its Texas Ratio is 3.84%, denoting a low possibility of failure. Additionally, The Guilford Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.84%
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 The Guilford Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Checking Account 0.05% APY $50
Certificates of Deposit
  • 12 Month: 0.05% APY
  • 24 Month: 0.05% APY
  • 36 Month: 0.10% APY
  • 60 Month: 0.20% APY
$1000 for all terms
Money Market Account 0.02% APY $25000

The Guilford Savings Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Guilford Savings 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. The Guilford Savings Bank's CD rates are fair compared to the national average.

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Find a The Guilford Savings Bank Near Me

The Guilford Savings Bank has six locations across the U.S.

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