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Wilmington Savings Fund Society Review

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Wilmington Savings Fund Society Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Wilmington Savings Fund Society Bank first started operating in 1832 and has its headquarters in Wilmington, Delaware. Wilmington Savings Fund Society has assets of $7 billion and $5 billion in deposits, making it a large bank. Wilmington Savings Fund Society 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 access to service representatives at a physical location, in addition to its online and mobile apps. With a score of 3.7 out of 5 stars, Wilmington Savings Fund Society should be near the middle of the pack in your search for a bank. Wilmington Savings Fund Society has a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Wilmington Savings Fund Society has a fair savings rate; other popular banks have higher rates. The bank's standard checking product has a $3.00 monthly fee, which is acceptable as compared against the national average. Banks that offer no-fee checking and a high savings APY are your best option for accruing the highest income on your deposits while having convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

Wilmington Savings Fund Society has a savings rate of 0.03%, which is fair as compared against the national average. Wilmington Savings Fund Society's one-year CD earns at a rate of 0.30% and the five-year CD earns at a rate of 1.25%, while its highest-yielding money market account has a rate of 0.70%. Given Wilmington Savings Fund Society's below average savings rate, you should think about other options to earn more on your deposits.

How Wilmington Savings Fund Society's Savings Rates Compare

Wilmington Savings Fund Society Savings 0.03 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Wilmington Savings Fund Society Bank has generally high fees in comparison to the national average. At $3.00 per month, Wilmington Savings Fund Society is less than ideal for those who want a basic banking experience. Wilmington Savings Fund Society unfortunately doesn't refund out-of-network ATM charges, meaning you'll need to find a Wilmington Savings Fund Society ATM or pay the fee.

Monthly Fee $3.00 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

3.4
SmartAsset Average: 3.7

Wilmington Savings Fund Society Bank is a brick-and-mortar bank, with 64 total branches in Delaware, Nevada and Pennsylvania. It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. ET; Saturday and Sunday, and 9:00 a.m. to 3:00 p.m. ET. Wilmington Savings Fund Society's online and mobile banking services receive mediocre marks from customers. Out of 450 customer reviews on both iOS and Android platforms, the Wilmington Savings Fund Society mobile app has an overall rating of 3.0 out of 5 (compared to the national average of 3.8). Wilmington Savings Fund Society's mobile app lets you control your funds by monitoring monthly statements, transferring funds as well as accessing customer service. Wilmington Savings Fund Society gets an outstanding consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Wilmington Savings Fund Society is currently a large bank owning $7 billion in assets as well as deposits totaling $5 billion. It has a strong Texas Ratio of 5.27%, suggesting that Wilmington Savings Fund Society is in good financial shape and far from failure. Additionally, Wilmington Savings Fund Society is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.27%
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 Wilmington Savings Fund Society to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $1
Checking Account 0.01% APY $2000
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.35% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.25% APY
$2500 for all terms
Money Market Account 0.15% APY $10000

Wilmington Savings Fund Society Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Wilmington Savings Fund Society 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. Wilmington Savings Fund Society's CD rates are fair as compared against the national average.

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Find a Wilmington Savings Fund Society Near Me

Wilmington Savings Fund Society has 64 locations in the U.S.

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