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The Milford 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 Milford Bank Savings
0.01% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Milford Bank was founded in 1872 with headquarters in Milford, Connecticut. It owns $442 million in assets and deposits totaling $350 million, which makes it a medium-size bank. The Milford Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 4.3 out of 5 stars, The Milford Bank should be solidly in contention for your choice of bank. The Milford Bank provides customers with a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. The Milford Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, The Milford Bank's standard checking account does not have a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best bet for gaining the most income on your deposits alongside easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
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 Milford Bank features a savings rate of 0.01%, which is poor in comparison to the national average. Its one-year CD earns at a rate of 0.40% and the five-year CD has a rate of 1.00%, while its highest-yielding money market account earns at a rate of 0.10%. Given The Milford Bank's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How The Milford Bank's Savings Rates Compare

The Milford Bank Savings 0.01 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Milford Bank has typically extremely low fees as compared against the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. The Milford Bank does not reimburse out-of-network ATM charges, which means you'll have to search for a The Milford Bank ATM or pay the withdrawal fee.

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

4.4
SmartAsset Average: 3.7

The Milford Bank is a brick-and-mortar bank, with eight total bank locations in Connecticut. It also offers access to mobile and web apps for straightforward access and banking on the go. The Milford Bank receives positive feedback from customers for its mobile platform. Out of 9 ratings across iOS and Android platforms, the The Milford Bank mobile app is scored at 4.9 out of 5 (compared to the national average of 3.8). You can use The Milford Bank's mobile app to manage your finances by looking at current statements, transferring money as well as accessing customer service. The Milford Bank gets a superb consumer satisfaction score due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.9/5
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 Milford Bank ranks as a medium-size bank owning $442 million in assets and $350 million in deposits. Its Texas Ratio is 3.35%, indicating a minute likelihood of failure. Additionally, The Milford Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.35%
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 Milford Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.01% APY $5
Checking Account 0.02% APY $5
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.80% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.00% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

The Milford Bank 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 Milford 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. The Milford Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a The Milford Bank Near Me

The Milford Bank has eight locations in the U.S.

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