Banking Savings Accounts

Review: El Dorado Savings Bank

With locations throughout California and Nevada, Eldorado Savings Bank has a strong presence in the American Southwest.

El Dorado Savings Bank has thirty-five locations physical locations throughout California and Nevada. It has been in business in Placerville, California since 1958. Over the years, they’ve grown into a large bank with a wide variety of services and products available for its customers.

What you should know

El Dorado Savings Bank is a traditional brick-and-mortar bank. This means that if you have in-person banking needs you can go right into the bank for the service you need. While they do have thirty-five physical locations, they also offer online banking which can be accessed through their website or through their online banking app.

Their goal as a company is to provide “personal, efficient, and friendly service to all existing and prospective customers.” Bauer Financial Reports has ranked them as one of the safest banks in the United States for 107 consecutive quarters.

Services offered by El Dorado Savings Bank

El Dorado Savings Bank offers a wide variety of services. Their personal products include checking and savings accounts, along with certificates of deposit, money market accounts, and IRAs. While some of their checking accounts have fees if the deposited amount falls beneath a certain threshold, fees are waived if the customer uses direct deposit or if they are a senior over the age of 55. Checking accounts include a Visa debit card, unlimited transactions, as well as the ability to use online banking. 

Their online services include internet banking, bill payment, remote deposit, and online statements. If you’d like to receive a paper statement, you’ll be charged a fee of $3 each month.

Their business line of products includes checking, saving, CDs, and money market accounts. They also offer retirement plans for businesses.

If you’re interested in a home mortgage, refinancing, or debt consolidation, El Dorado Savings Bank offers those services as well. 

Account Features

Customers of El Dorado Savings Bank can easily transfer funds between accounts using in-person, mobile, online, or even telephone banking. 

One very helpful feature for online users is the ability to customize notifications. You can set your preferences to receive an email or text message when your account dips below a certain number, or for confirmation that a deposit or withdrawal has been applied. Checking account customers can also use the free bill pay option to make payments or even schedule regularly occurring payments.

Pros of banking with El Dorado Savings Bank

With 35 locations throughout California and Nevada, it’s easy to bank in person if that’s your preference as long as you live in the area. And since they offer mobile banking, you can easily conduct most transactions over the web or through their app or even through telephone banking if you aren’t able to visit the branch.

Since there are four different types of personal checking accounts to choose from, you’ll be sure to find something that fits your needs, whether you’re just looking for a free checking account or you’d prefer to earn some interest.

Cons of using El Dorado Savings Bank

While El Dorado Savings Bank is a good-sized bank, with assets over $2 billion, you’ll be hard-pressed to use them as your bank if you’re not close to one of their branches. And while they do offer mobile banking, their app is currently rated at only 3.3 stars, with many customers stating that it is unreliable. Though online check deposit is available through the app, users reported issues while trying to utilize that option.

Additionally, the interest rates on savings account offered are not competitive, with rates ranging from 0.03% to 0.14%. For comparison, current interest rates being offered by several online savings accounts range from 0.65% up  to 1.0%. The interest rate currently being offered on their Interest Checking account is only 0.02%, and the interest rate for the Investor’s Money Market Checking rates aren’t much better.

El Dorado Savings Bank offers low or no fees for many of their products and the ability to meet all your banking needs if you live near a branch. They’ve been ranked as one of the safest banks in the United States for over a decade, and offer a variety of ways for you to manage your money both in person and online. While the interest rates they offer on deposits are low, if transferring money easily or banking in person are important to you they could be a great choice for a bank.