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Wilmington Savings Fund Society Review

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Wilmington Savings Fund Society Savings
0.25% 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 its headquarters are located in Wilmington, Delaware. It owns $7 billion in assets along with deposits totaling $5 billion, making it a large bank. Wilmington Savings Fund Society lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating 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 provides customers with a complete array of banking products, 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 compared to the average savings account. The bank's standard checking account carries a $3.00 monthly fee, which is acceptable compared to the average U.S. bank. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same institution is the best bet for returning the most 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

With a savings rate of 0.25%, Wilmington Savings Fund Society ranks poorly compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 2.15% and 2.00%, respectively, while its highest-yielding money market account earns at a rate of 0.75%. Given Wilmington Savings Fund Society's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Wilmington Savings Fund Society's Savings Rates Compare

Wilmington Savings Fund Society Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.5
SmartAsset Average: 4.4

Wilmington Savings Fund Society charges customers high fees as compared against the national average. Wilmington Savings Fund Society's checking account has a monthly fee of $3.00, making it slightly worse for anyone looking for a hassle-free account. Wilmington Savings Fund Society does not reimburse out-of-network ATM fees, meaning you will have to search for a Wilmington Savings Fund Society ATM or accept 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. With mobile and web apps, Wilmington Savings Fund Society 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 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 get poor scores from customers. The Wilmington Savings Fund Society mobile app scored a 3.0 out of 5 (out of 450 reviews on Apple and Android) compared to the national average of 3.8. You can utilize Wilmington Savings Fund Society's mobile app to control your funds by checking account balances, sending and receiving funds as well as accessing customer service. Wilmington Savings Fund Society receives a superb consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 with assets totaling $7 billion and deposits totaling $5 billion. Its Texas Ratio is 5.27%, denoting that the bank is in fine financial shape and improbable to fail. 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 0.25% APY $25
Checking Account 0.05% APY $300
Certificates of Deposit
  • 12 Month: 2.15% APY
  • 24 Month: 2.15% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.00% APY
$2500 for all terms
Money Market Accounts 0.7% APY 0.75% APY $10000 $15000

Wilmington Savings Fund Society 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. Wilmington Savings Fund Society 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. Wilmington Savings Fund Society's CD rates are fair in comparison to other U.S. banks.

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Find a Wilmington Savings Fund Society Near Me

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

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