Essex Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
|
APY |
Account Type |
Account Name |
Compare Rates from Similar Accounts |
||
|---|---|---|---|---|---|
|
0.05% |
Savings |
Essex Bank Prosperity Savings |
2.00% |
American Express National Bank High Yield Savings Account |
on American Express National Bank’s secure website Member FDIC |
|
1.81% |
CD Rates |
Essex Bank 365 Day CD |
2.65% |
Goldman Sachs Bank USA High-yield 12 Month CD |
on Goldman Sachs Bank USA’s secure website Member FDIC |
|
2.42% |
CD Rates |
Essex Bank 36 Month CD |
2.85% |
Synchrony Bank 36 Month CD |
on Synchrony Bank’s secure website Member FDIC |
|
2.68% |
CD Rates |
Essex Bank 60 Month CD |
3.10% |
Goldman Sachs Bank USA High-yield 5 Year CD |
on Goldman Sachs Bank USA’s secure website Member FDIC |
Essex Bank’s checking account options
How Essex Bank’s checking accounts compare
We’re not impressed with either of Essex Bank’s checkings accounts as they offer low (or no) interest. However, the 1% cash back offer for the Cash Back Checking account is a decent perk — if you can consistently maximize it to earn the $10 a month. We also like that both checking account options offer perks like discounts on loans, free safe deposit boxes and notary services.
If you’re only after the highest rate, then you’re better off with one of the alternatives we suggest on our list of the best online checking accounts.
Essex Bank’s savings account options.
How Essex Bank’s savings accounts compare
We’re disappointed in the rates Essex Bank’s savings accounts are offering. They’re extremely low compared with other accounts out there, like the ones on our list of the best online savings accounts. Many competitors offer no minimum balances and the ability to open an account online, making it extremely convenient for those who can’t physically get to a branch.
Essex Bank’s CD rates
How Essex Bank’s CD rates compare
The low opening deposit requirements for both the Flex and Steady Saver CDs are affordable for people who don’t have a lot of money to set aside. We also like that you can make deposits at any time and in fairly small amounts. Some of the rates for Essex Bank’s CDs are on par with other competitors but the Flex and Steady Saver are half of those compared with ones on our list of the best CD accounts.
If you’re concerned about meeting a high minimum deposit, the Flex or Steady Saver CD may make sense but go elsewhere if you’re after the best rates.
Essex Bank’s money market account options
How Essex Bank’s money market accounts compare
The Maximum Money Market account offers rates on par with the best offerings out there but you need to have a huge amount of money to qualify for those rates — at least $5 million for the highest tier. We know that’s not attainable for most people. The Prosperity Money Market has a more reasonable minimum balance but the rate is low compared with other money market alternatives.
Even though you get ATM access and limited check-writing capabilities, neither of these accounts are worth it.
Essex Bank’s IRA account options
How Essex Bank’s IRA CD rates compare
Essex Bank’s IRA CD rates are not what we’d consider the best out there. They’re much lower — some by at least one percentage point — than the competitors we’ve featured on our list of the best IRA CD accounts. If you want to deposit additional funds, the Flex IRA CD is a good choice. But if you want to maximize your retirement savings, check out alternative options.
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