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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.

Elmira Savings Bank

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:

Checking

  • 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.

Savings

  • 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.

Other products

  • 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.

Checking accounts

Pros

  • 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.

Cons

  • 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.

Savings accounts

Pros

  • Various options. Elmira Savings Bank offers more types of savings accounts than most competitors.

Cons

  • 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.

CDs

Pros

  • 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.

Cons

  • 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.

Overall banking

Pros

  • 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.

Cons

  • 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

$
$
months
Name Product Annual percentage yield (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
0.61%
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
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Compare up to 4 providers

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Citibank® Account Package
Citibank® Account Package
0.50%
$0
No access to ATMs
$2.50
Earn a $300 bonus after opening new eligible checking and savings accounts and completing required activities.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
HSBC Premier Checking
0.01%
$1
Free to use at all ATMs in the US
$0
Get a 3% cash bonus in the first six months (up to $600) or $450 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by June 30, 2021, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
38,000 fee-free ATMs nationwide
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Essential Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Essential Checking
N/A
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
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Compare up to 4 providers

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Radius Bank CDs
0.5%
0.5%
0.5%
0.5%
0.5%
Enjoy a low minimum deposit of $500 and earn 0.5% APY on your balance. Apply online for 1 year, 18 month and 3 year terms.
CIT Bank Term CDs
0.3%
0.3%
0.4%
0.4%
0.5%
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
0.5%
0.5%
0.5%
0.55%
0.6%
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.
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Compare up to 4 providers

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 info@elmirasavingsbank.com.
  • Send mail to 333 E. Water St., Elmira, NY 14901.
  • Contact Elmira Savings Bank through Facebook or LinkedIn.

Bottom line

Elmira 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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