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Compare Elmira Savings Bank’s checking, savings and CDs
This NY-based bank offers a 2.00% APY checking account, but its savings accounts aren’t competitive.
Founded in 1869 and based in Elmira, New York, Elmira Savings Bank is a medium-sized bank that offers various checking and savings options. The bank’s Super E Checking account offers a high APY with an avoidable monthly fee, but its other accounts aren’t competitive compared to leading banks.
What banking products does Elmira Savings Bank offer?Elmira Savings Bank offers five checking accounts and five savings account options:
- Super E Checking. You’ll need $50 to open and you’ll earn 2.00% APY on any balance up to $25,000, but you must have at least $200 direct-deposited into your account each month while also making 12 or more debit card purchases each billing cycle. You’ll pay a $5 monthly fee if you don’t meet the requirements.
- eChecking. You’ll need $50 to open this account, but there’s no monthly fee as long as you request electronic statements. The first 10 checks that post to your account each month are free, but there’s a $0.50 fee for each following check.
- Basic Checking. You need $50 to open this account and you’ll get unlimited free check-writing capabilities. You’ll pay a $7 monthly fee unless you maintain a balance above $500.
- MyFirst Checking. Young adults between 17 to 24 years old can open this account with $0. You can avoid the $2 fee as long as you sign up for electronic statements. MyFirst Checking waives the first penalty fee for nonsufficient funds (NSF), uncollected funds.
- New York Basic Banking. Designed for people who plan on making a few transactions each month, but you must be a New York State resident to open this account. You’ll pay a $3 monthly fee and you’ll need at least $25 to open the account.
- Statement Savings. You need at least $50 to open the account. Earn interest on balances of $200 or more. There’s a $6 quarterly fee you can avoid if you’re under 21 years old or if you keep a daily balance above $500.
- Senior Statement Savings 55+. Designed for adults above age 55, you’ll need $50 to open. You’ll earn interest on balances of more than $200, but if your average daily balance falls below $300, you’ll have to pay a $3 quarterly fee.
- Personal Money Market. Earn tiered interest rates on balances above $500. Avoid the $5 monthly fee as long as you maintain a balance over $2,500.
- Holiday Club. This savings account lets you sock away money until the holiday season, but as with most savings club accounts, you’ll face fees for early withdrawals.
- Certificates of Deposit. Offers guaranteed APY higher than the yield provided by Elmira Savings Bank’s standard savings accounts.
- Individual retirement accounts (IRAs). Elmira Savings Bank offers traditional and Roth IRAs to help you save for retirement while benefiting from substantial tax advantages.
- Education IRA. Elmira Savings Bank also offers a Coverdell Education Savings Account (CESA) to help parents and students save for future education expenses.
- Maximizer. Get unlimited free check-writing capabilities and rebates for using foreign or domestic ATMs. But you must have a balance of at least $15,000 across all your Elmira Savings Bank accounts to avoid the $20 monthly fee. Only balances of $5,000 or more will earn interest, but balances greater than $1,000 include a bonus rate on CDs.
- Health Savings. Save for qualified medical expenses by allowing your current contributions to grow tax-deferred with this account. There’s a $5 monthly fee and a $50 minimum opening deposit.
How does Elmira Savings Bank compare to other banks?Elmira Savings Bank accounts have some advantages and drawbacks compared to other banks.
- Various options. Choose from five different checking account options to find one that best meets your needs.
- High APY. The Super E Checking account offers a 2.00% APY, but you’ll need to meet strict direct deposit and spending requirements.
- No ATM reimbursements. All accounts except the Maximizer account include unavoidable fees for out-of-network ATMs in the US.
- No accounts for children. Other banks let children under 17 open joint accounts with adults, but Elmira Savings Bank doesn’t.
- Various options. Elmira Savings Bank offers more types of savings accounts than most competitors.
- Low APY. The APY on Elmira Savings Bank’s savings accounts is only 0.03%, which is lower than the national savings rate.
- Opening deposits. Other banks allow you to open an account with as little as $0.
- Minimum balance for APYs. Balances under $200 don’t earn any interest.
- Various terms. You can choose a CD term ranging from one to five years.
- Decent APYs. APYs on CDs range from 0.20% to 1.00%, depending on the length.
- High balance for APY. You need a minimum balance of $10,000 to accrue interest.
- Vague website. There aren’t many details about CDs on Elmira Savings Bank’s website. You’ll need to contact support to confirm rates and terms.
- Various options. Elmira Savings Bank offers more types of accounts than many competing banks.
- High APY for checking. You could earn up to 2.00% APY with your spending account if you open its Super E Checking account.
- Few branches. Elmira Savings Bank only has 13 branches and one standalone ATM, and they’re all in the south-central region of New York State.
- Few reviews. There are very few online reviews for this bank, making it hard to know if current and former customers have had positive experiences with this institution.
- Limited support. Elmira Savings Bank doesn’t offer chat support or 24/7 phone support.
Compare with leading bank accounts
Elmira Savings Bank customer service
There are five ways to reach an Elmira Savings Bank representative:
- Call 607-734-3374 or 888-372-9299 on weekdays from 8 a.m. to 6 p.m. or on Saturday from 9 a.m. to 1 p.m.
- Fill out a contact form on the bank’s website.
- Email email@example.com.
- Send mail to 333 E. Water St., Elmira, NY 14901.
- Contact Elmira Savings Bank through Facebook or LinkedIn.
Bottom lineElmira Savings Bank offers several ways to save and spend your money, but the APY on its savings accounts is far lower than what many other banks offer. The bank’s relatively small footprint also means that people who don’t live near Elmira, New York, will pay ATM fees they could otherwise avoid. If you’d like to earn more interest without paying ATM fees, compare other bank accounts.
Frequently asked questions
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