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Essex Bank

Overview / Commentary
9954 Mayland Drive
Richmond, VA 23233

Essex Bank is headquartered in Richmond and is the 18th largest bank in the state of Virginia. It is also the 585th largest bank in the nation. It was established in 1926 and as of March of 2019, it had grown to 251 employees at 26 locations. Essex Bank's money market rates are 5X the national average, and it has an A health rating.

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Reviews (3)

Excellent Service

Posted by: silverlady | Sep 3, 2018

I have been a customer since 2013 and have found every encounter to be positive: staff contacts and surroundings have been pleasant, positive events. I agree that the online stuff is not smooth so I avoid it and visit the bank personally. Staff have been extremely helpful at every level, and I have already recommended to friends who live near a branch.

Poor Online Experience

Posted by: csa13 | Oct 30, 2016

We have been Essex customers/account holders since they acquired Bank of Goochland. The online experience is very clunky. Our son has had an adult account for over a year and he still cannot set up an online account. We tried again tonight, and the web page returned "service not available." The IT department is abysmal and has never improved. The number of frustrations and let downs have far outnumbered the "home town" benefits of this bank. Cannot recommend.


No one answers the customer service number when you need help! No one contacts you back when you leave messages! Their direct deposit processing is late, you won't get paid on your payday! The bank is VERY inconvenient, VERY limited in their banking options and VERY misleading! I would discourage my worst enemy from banking here, because NO ONE deserves this type of amateur and incompetent handling of their money!


Health Grade Components

FDIC Certificate #8675
Year Established1926
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.04%
Return on Equity - YTD10.29%
Annual Interest Income$15.8MM
Assets and Liabilities
AssetsQ1 2019vs Q1 2018$1.40B$1.35B
LoansQ1 2019vs Q1 2018$1.03B$997.4MM
DepositsQ1 2019vs Q1 2018$1.17B$1.10B
Equity CapitalQ1 2019vs Q1 2018$144.3MM$127.1MM
Loan Loss AllowanceQ1 2019vs Q1 2018$8.8MM$9.2MM
Unbacked Noncurrent LoansQ1 2019vs Q1 2018$12.4MM$11.6MM
Real Estate OwnedQ1 2019vs Q1 2018$1.2MM$3.2MM
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Always verify rates and promotions with the bank or credit union. We are not Essex Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Essex Bank Savings Account Rates

0.50%*$5k*-Health Savings Account (HSA)
OTHER TIERS: 0.10% Up to $1k | 0.25% $1k - $5k
0.50%$500-Variable Liquid IRA
0.35%*$50k*-Prosperity Savings
OTHER TIERS: 0.05% $1k - $5k | 0.10% $5k - $25k | 0.15% $25k - $50k
0.35%*$50k*-Business Prosperity Savings
OTHER TIERS: 0.05% $1k - $5k | 0.10% $5k - $25k | 0.15% $25k - $50k
0.25%$5-E-Kids Savings for Kids
0.25%$5-Christmas Club

Essex Bank Money Market Rates

2.12%*$5m*-Maximum Money Market
OTHER TIERS: 1.26% $250k - $1m | 1.76% $1m - $5m
0.35%*$250k*-Prosperity Money Market
OTHER TIERS: 0.05% Up to $5k | 0.10% $5k - $25k | 0.15% $25k - $50k | 0.25% $50k - $250k
0.35%*$250k*-Business Prosperity Money Market
OTHER TIERS: 0.05% Up to $5k | 0.10% $5k - $25k | 0.15% $25k - $50k | 0.25% $50k - $250k

Essex Bank Checking Account Rates

0.30%*$50k*-Cash Back Checking
OTHER TIERS: 0.10% $1.5k - $25k | 0.20% $25k - $50k
0.25%$50-Community First Checking
0.25%$50-Business Community First Checking

Essex Bank CD Rates

2.50%$500-60 Month CD
2.25%$500-36 Month CD
2.10%$500-24 Month Flex CD
2.01%$500-19 Month CD
2.00%$500-182 Day CD Special
1.90%$500-18 Month Flex CD
1.80%$500-365 Day CD
1.40%$2.5k-365 Day No Penalty CD
1.10%$500-14 Month Flex CD
1.00%$25-365 Day Steady Saver CD

Essex Bank IRA Rates

2.50%$500-60 Month IRA CD
2.25%$500-36 Month IRA CD
2.10%$500-24 Month Flex IRA CD
2.00%$500-182 Day IRA Special
2.00%$500-19 Month IRA CD
1.90%$500-18 Month Flex IRA CD
1.80%$500-365 Day IRA CD
1.10%$500-14 Month Flex IRA CD


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