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The Milford Bank Review

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

Overview

Started in 1872, The Milford Bank has assets totaling $442 million along with $350 million in deposits, ranking the institution as a medium-size bank. The Milford Bank, whose headquarters are in Milford, Connecticut, lacks premium access to customer service, 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. With a score of 4.3 stars out of 5, The Milford Bank should be solidly in contention for your choice of bank. The Milford Bank provides customers with a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts 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 Milford Bank offers an option without a monthly fee. Institutions that offer no-fee checking, in addition to a high savings APY are your best option for accruing the highest income from your deposits while having convenient 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 has a savings rate of 0.01%, which is poor as compared against the national average. The Milford Bank's one-year CD has a rate of 0.25% and the five-year CD has a rate of 1.00%, while its highest-yielding money market account has a rate of 0.10%. Given The Milford Bank's noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

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 generally has extremely low fees in comparison to the national average. The Milford Bank's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. The Milford Bank unfortunately doesn't refund out-of-network ATM charges, meaning you will need to find a The Milford Bank ATM or pay the cost of withdrawal.

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 branches in Connecticut. It also offers access to mobile and web apps for a straightforward mobile-banking experience. The Milford Bank receives high praise from customers for its mobile app. The The Milford Bank mobile app has been given a 4.9 out of 5 (out of 9 ratings on iOS and Android) compared to the national average of 3.8. The Milford Bank's mobile app lets you manage your finances by reviewing account balances, transferring money as well as reaching support representatives. The Milford Bank gets an exceptional consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 as well as deposits totaling $350 million. The Milford Bank has an excellent Texas Ratio of 3.35%, denoting that the bank is in outstanding financial well-being and far from 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: 0.25% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.80% APY
  • 48 Month: 0.90% APY
  • 60 Month: 1.00% APY
$1000 for all terms
Money Market Account 0.1% APY $25000

The Milford Bank has several deposit products like 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 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 Milford Bank's CD rates are fair as compared against the national average.

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Find a The Milford Bank Near Me

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

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