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

Overview

Founded in 1875, The Guilford Savings Bank has assets totaling $742 million as well as deposits totaling $571 million, which makes it a medium-size bank. The Guilford Savings Bank, whose headquarters are in Guilford, Connecticut, lacks premium access to customer service, with no options for live chat or all-day service. 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. With a score of 4.2 stars out of 5, The Guilford Savings Bank should be solidly in contention for your choice of bank. The Guilford Savings Bank offers a complete array 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 looking for a checking account for everyday use, The Guilford Savings Bank's ordinary checking account does not have a monthly fee. Institutions that offer free checking, in addition to a high interest rate savings account are the best bet for returning the most income from your deposits alongside 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

Its one-year and five-year term lengths CDs earn at a rate of 0.05% and 0.20%, 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 typically extremely low fees in comparison to the national average. With no monthly fee, The Guilford Savings Bank is ideal for people who want a basic banking experience. The Guilford Savings Bank unfortunately does not reimburse out-of-network ATM charges, which means you will be required to find 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 bank locations in Connecticut. With mobile and web apps, The Guilford Savings Bank makes account access convenient, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service 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's online and mobile banking services get positive ratings from customers. With 240 customer reviews on iOS and Android platforms, the The Guilford Savings Bank mobile app is scored at 4.5 out of 5 (compared to the national average of 3.8). You can use The Guilford Savings Bank's mobile app to manage your bank accounts by monitoring monthly statements, transferring funds as well as accessing customer service. The Guilford Savings Bank gets a superb consumer satisfaction rating due to relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 is a medium-size bank owning $742 million in assets and deposits totaling $571 million. The Guilford Savings Bank's Texas Ratio is 3.84%, signifying that The Guilford Savings Bank is in outstanding financial health and far from 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 Accounts 0.02% APY 0.02% APY $10000 $15000

The Guilford Savings Bank has 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 think about 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 in comparison to other U.S. banks.

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Find a The Guilford Savings Bank Near Me

The Guilford Savings Bank has six physical locations in the U.S.

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