Essex Bank savings, CD and money market rates
Essex Bank's Clipper Ship Savings advertises 0.51% APY on balances of $50,000 or more, and 0.25% to 0.41% below that. On a $10,000 balance the account earns 0.36% overall, about $36 in a year, which is 0.02 percentage points below the national savings average of 0.38% (FDIC, Oct 2026).
Ranked #1134 of 3152 tracked savings rates by advertised APY. For a $10,000 balance it would rank #1188.
Essex Bank at a glance
| Savings | |
|---|---|
| Top savings APY | Up to 0.51% · Clipper Ship Savings · needs at least $50,000 |
| Minimum to open | $1,000 · Clipper Ship Savings |
| Against the national average | 0.13 percentage points above the 0.38% FDIC savings average (Oct 2026) |
| CDs | |
| Top CD APY | 4.09% · 18 months · 18 Month Certificate of Deposit |
| Minimum to open | $500 · 18 months CD |
| Money market | |
| Top money market APY | 0.30% · Money Market |
| Minimum to open | $2,500 · Money Market |
| Against the national average | 0.33 percentage points below the 0.63% FDIC money market average (Oct 2026) |
| FDIC certificate | 17262 · Essex, CT |
|---|---|
| Website | www.essex.bank |
| Branches | 8 branches in CT |
| Availability | Available in CT |
Essex Bank savings, CD and money market rates
Personal
How the rate applies
IRA
Business
How the rate applies
Rates are annual percentage yields (APY). A variable rate may change after the account is opened. Fees could reduce the earnings on the account. A penalty may be imposed for early withdrawal.
The national savings average is 0.38% (FDIC, Oct 2026). The top tracked savings rate on Banksparency is 12.00%. Across 59 savings accounts from 58 banks in the Banksparency core savings index, the median advertised rate is 3.66%, and one account in ten advertises 4.20% or more. See the highest savings rates.
Essex Bank CD rates
| Term | APY | Minimum | Product |
|---|---|---|---|
| Personal CDs | |||
| 3 months | 0.76% | $500 | 3 Month Certificate of Deposit |
| 6 months | 1.53% | $500 | 6 Month Certificate of Deposit |
| 9 months | 1.79% | $500 | 9 Month Certificate of Deposit |
| 12 months | 4.03% | $500 | 1 Year Certificate of Deposit |
| 18 months | 4.09% | $500 | 18 Month Certificate of Deposit |
| 24 months | 1.02% | $500 | 2 Year Certificate of Deposit |
| 36 months | 1.12% | $500 | 3 Year Certificate of Deposit |
| 60 months | 1.17% | $500 | 5 Year Certificate of Deposit |
| 84 months | 1.22% | $500 | 7 Year Certificate |
| IRA CDs | |||
| 3 months | 0.76% | $500 | 3 Month IRA Certificate of Deposit |
| 6 months | 1.53% | $500 | 6 Month IRA Certificate of Deposit |
| 9 months | 1.79% | $500 | 9 Month IRA Certificate of Deposit |
| 12 months | 4.03% | $500 | 1 Year IRA Certificate of Deposit |
| 18 months | 4.09% | $500 | 18 Month IRA Certificate of Deposit |
| 24 months | 1.02% | $500 | 2 Year IRA Certificate of Deposit |
| 36 months | 1.12% | $500 | 3 Year IRA Certificate of Deposit |
| 60 months | 1.17% | $500 | 5 Year IRA Certificate of Deposit |
| Business CDs | |||
| 3 months | 0.76% | $500 | Business 3 Month Certificate |
| 6 months | 1.53% | $500 | Business 6 Month Certificate |
| 9 months | 1.79% | $500 | Business 9 Month Certificate |
| 12 months | 4.03% | $500 | Business 1 Year Certificate |
| 18 months | 4.09% | $500 | Business 18 Month Certificate |
| 24 months | 1.02% | $500 | Business 2 Year Certificate |
| 36 months | 1.12% | $500 | Business 3 Year Certificate |
| 60 months | 1.17% | $500 | Business 5 Year Certificate |
| 84 months | 1.22% | $500 | Business 7 Year Certificate |
Interactive Tool
Calculate Savings for Essex Bank
All calculations are based on APY.
Savings Breakdown
- Interest Earned+$346.70(2.4%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$14,346.70
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
What Essex Bank pays on deposits
FDIC call report data
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
The two figures answer different questions, so they sit side by side and are not combined. The 0.51% needs a balance of at least $50,000. Below that, the account advertises 0.25%.
In Q2 2026, Essex Bank paid a higher average rate on savings and money market deposits than 10% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
- Essex Bank, savings and money market
- All-bank median
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older savings balances at the rates of earlier years, money market balances that were priced in a different rate environment, and business accounts. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
So what is the catch?
| Product | APY | Min to open | Min to earn | Balance cap | Monthly fee | Requirements | Rate type | 12-mo trend |
|---|---|---|---|---|---|---|---|---|
| Personal | ||||||||
| All Aboard Statement Savings | 0.92% | not stated | $5 | None | not stated | not stated | One rate | |
| Fine print: For savers under 18. At the holder's 18th birthday the account converts to the Statement Savings rate. | ||||||||
| Holiday Club Savings | 0.92% | $5 | $5 | None | not stated | not stated | One rate | |
| Fine print: Funds are paid out by check each October, principal plus interest. | ||||||||
| Clipper Ship Savings | Up to 0.51% | $1,000 | $5 | None | not stated | not stated | Tiered | |
| Statement Savings | 0.15% | $5 | $5 | None | not stated | not stated | One rate | |
| Money Market | 0.30% | $2,500 | $5 | None | not stated | not stated | One rate | |
| Business | ||||||||
| Business Clipper Ship Savings | Up to 0.51% | $1,000 | $5 | $49,999.99 | not stated | not stated | Tiered | |
| Business Money Market | 0.30% | $2,500 | $5 | None | not stated | not stated | One rate | |
| Business Statement Savings | 0.15% | $5 | $5 | None | not stated | not stated | One rate | |
Rate type: one rate applies at every balance. A tiered rate changes with your balance. A promotional rate changes after the period shown. A balance cap is the largest balance the highest rate applies to.
The 12-month trend shows the highest advertised rate observed each day and includes promotional tiers where one applied.
CDs
| Product | Term | APY | Min to open | Early withdrawal fee | Compounding |
|---|---|---|---|---|---|
| Personal CDs | |||||
| 3 Month Certificate of Deposit | 3 months | 0.76% | $500 | not stated | not stated |
| 6 Month Certificate of Deposit | 6 months | 1.53% | $500 | not stated | not stated |
| 9 Month Certificate of Deposit | 9 months | 1.79% | $500 | not stated | not stated |
| 1 Year Certificate of Deposit | 12 months | 4.03% | $500 | not stated | not stated |
| 18 Month Certificate of Deposit | 18 months | 4.09% | $500 | not stated | not stated |
| 2 Year Certificate of Deposit | 24 months | 1.02% | $500 | not stated | not stated |
| 3 Year Certificate of Deposit | 36 months | 1.12% | $500 | not stated | not stated |
| 5 Year Certificate of Deposit | 60 months | 1.17% | $500 | not stated | not stated |
| 7 Year Certificate | 84 months | 1.22% | $500 | not stated | not stated |
| IRA CDs | |||||
| 3 Month IRA Certificate of Deposit | 3 months | 0.76% | $500 | not stated | not stated |
| 6 Month IRA Certificate of Deposit | 6 months | 1.53% | $500 | not stated | not stated |
| 9 Month IRA Certificate of Deposit | 9 months | 1.79% | $500 | not stated | not stated |
| 1 Year IRA Certificate of Deposit | 12 months | 4.03% | $500 | not stated | not stated |
| 18 Month IRA Certificate of Deposit | 18 months | 4.09% | $500 | not stated | not stated |
| 2 Year IRA Certificate of Deposit | 24 months | 1.02% | $500 | not stated | not stated |
| 3 Year IRA Certificate of Deposit | 36 months | 1.12% | $500 | not stated | not stated |
| 5 Year IRA Certificate of Deposit | 60 months | 1.17% | $500 | not stated | not stated |
| Business CDs | |||||
| Business 3 Month Certificate | 3 months | 0.76% | $500 | not stated | not stated |
| Business 6 Month Certificate | 6 months | 1.53% | $500 | not stated | not stated |
| Business 9 Month Certificate | 9 months | 1.79% | $500 | not stated | not stated |
| Business 1 Year Certificate | 12 months | 4.03% | $500 | not stated | not stated |
| Business 18 Month Certificate | 18 months | 4.09% | $500 | not stated | not stated |
| Business 2 Year Certificate | 24 months | 1.02% | $500 | not stated | not stated |
| Business 3 Year Certificate | 36 months | 1.12% | $500 | not stated | not stated |
| Business 5 Year Certificate | 60 months | 1.17% | $500 | not stated | not stated |
| Business 7 Year Certificate | 84 months | 1.22% | $500 | not stated | not stated |
Fine print for 3 CDs above: At maturity the certificate renews automatically for the term and rate the bank then pays on its 6-month certificate.
Fine print for 3 CDs above: At maturity the certificate renews automatically for the term and rate the bank then pays on its 1-year certificate.
Opening and using the account
| Availability | Available in CT |
|---|---|
| Footprint | 8 branches in CT |
| Eligibility | not stated |
How Essex Bank behaves over time
Every observation of the advertised Clipper Ship Savings rate in the last 12 months was 0.51% (observed through Oct 27, 2026). The series includes promotional tiers where one applied.
- Rate last changed
- Oct 27, 2026(effective date)
$10,000 in Essex Bank's Clipper Ship Savings earns 0.36% overall at the advertised rates, so it grows to $10,036 in a year. Prices rose 3.7% in the year to September 2026 (Consumer Price Index (CPI)). After a year of prices rising at that pace, it buys as much as $9,674 does today. See how the federal funds rate shapes savings rates.
Essex Bank CD rates over time
Who is Essex Bank?
| Headquarters | Essex, CT |
|---|---|
| Founded | 1851 |
| Scale | $537M assets · $448M deposits, $282M of it interest-bearing (Q2 2026, FDIC) |
| Deposit insurance | FDIC insured · Certificate 17262 |
| Charter state | Connecticut · one of 27 insured banks chartered there (Q2 2026, FDIC) |
| Size | 1,702nd-largest by deposits of 4,238 insured banks (Q2 2026, FDIC) |
| Deposit growth | Higher than at 47% of 4,226 insured banks over the four quarters to Q2 2026 (FDIC) |
Financial detail is in What Essex Bank pays on deposits above.
Common questions about Essex Bank
Is Essex Bank FDIC insured?
Yes. Essex Bank is FDIC insured under certificate 17262, so deposits are covered up to $250,000 per depositor, per ownership category.
What is the minimum deposit at Essex Bank?
Essex Bank requires a minimum deposit of $1,000 to open its Clipper Ship Savings account, as observed on Oct 27, 2026. Check the bank's current terms before you open an account.
Does the 0.51% apply to my whole balance?
The 0.51% needs a balance of at least $50,000. Below that, the account advertises 0.25%. Rates are as observed on Oct 27, 2026.
Does Essex Bank have branches?
Yes. Essex Bank operates 8 branches according to FDIC branch records, in addition to its website and mobile apps.
Essex Bank against its closest alternatives
| Bank | Savings APY | Rate paid on savings and money market deposits (Q2 2026) | Min deposit | Branches |
|---|---|---|---|---|
| Essex Bank | Up to0.51% | 0.35% | $1,000 | 8 branches in CT |
| Bank of Vici | 0.50% | not stated | $0 | 1 branch in OK |
| AbbyBank | 0.50% | 1.34% | $0 | 9 branches in WI |
| Adams State Bank | 0.50% | not stated | $25 | 1 branch in NE |
Each savings APY is the top rate of the account the bank's own page leads with. Alternatives are the three tracked banks whose savings APY is closest to Essex Bank's.
Similar banks and related pages
Banks in the same rate band with the same product mix:
Other banks chartered in Connecticut, nearest to Essex Bank in deposits:
Rate hubs: today's highest savings rates, CD rates by term, and money market rates.
State pages: savings rates in Connecticut, CD rates in Connecticut, money market rates in Connecticut, and banks in Connecticut.