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Bar Harbor Bank & Trust Review

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Bar Harbor Bank & Trust Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Bar Harbor Bank & Trust was founded in 1887 and its headquarters are located in Bar Harbor, Maine. It handles $4 billion in assets and $2 billion in deposits, ranking it as a large bank. Bar Harbor Bank & Trust lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a commendable 4.1 out of 5 stars, Bar Harbor Bank & Trust proves it is a good bank that should be given a look. Bar Harbor Bank & Trust provides customers with a full suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Bar Harbor Bank & Trust offers an option without a maintenance or monthly fee. Institutions that offer no-fee checking and a high savings APY are the best bet for gaining the highest income on your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.9
SmartAsset Average: 3.5

Bar Harbor Bank & Trust has a savings rate of 0.05%, which is poor compared to the national average. Its one-year and five-year term lengths CDs earn at a rate of 0.40% and 1.15%, respectively, while its highest-yielding money market account has an APY of 0.15%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

How Bar Harbor Bank & Trust's Savings Rates Compare

Bar Harbor Bank & Trust Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Bar Harbor Bank & Trust charges its customers extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Bar Harbor Bank & Trust doesn't refund out-of-network ATM fees, meaning you will need to locate a Bar Harbor Bank & Trust ATM or eat the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

Bar Harbor Bank & Trust is a brick-and-mortar bank, with 49 total bank locations in Maine, New Hampshire and Vermont. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:30 a.m. to 5:30 p.m. ET; Saturday, and 8:00 a.m. to 12:00 p.m. ET. Bar Harbor Bank & Trust's online and mobile banking platforms receive mediocre marks from customers. With 36 customer reviews across iOS and Android platforms, the Bar Harbor Bank & Trust mobile app rates a 3.2 out of 5 (compared to the national average of 3.8). You can access Bar Harbor Bank & Trust's mobile app to control your bank accounts by reviewing monthly statements, sending and receiving money as well as reaching support representatives. Bar Harbor Bank & Trust gets a superb consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Bar Harbor Bank & Trust is currently a large bank owning $4 billion in assets as well as $2 billion in deposits. Bar Harbor Bank & Trust's Texas Ratio is 3.47%, indicating that the bank is in excellent financial shape and far from failure. Additionally, Bar Harbor Bank & Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.47%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Bar Harbor Bank & Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.65% APY
  • 48 Month: 0.80% APY
  • 60 Month: 1.15% APY
$500 for all terms
Money Market Accounts 0.05% APY 0.15% APY $10000 $15000

Bar Harbor Bank & Trust has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Bar Harbor Bank & Trust does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bar Harbor Bank & Trust's CD rates are fair in comparison to the average U.S. bank.

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Find a Bar Harbor Bank & Trust Near Me

Bar Harbor Bank & Trust has 49 physical locations in the U.S.

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