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Katahdin Trust Company Review

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Katahdin Trust Company Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1918, Katahdin Trust Company Bank has $794 million in assets as well as deposits totaling $648 million, ranking it as a medium-size bank. Katahdin Trust Company, whose headquarters are in Patten, Maine, has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a score of 4 stars out of 5, Katahdin Trust Company should be near the middle of the pack in your search for a bank. Katahdin Trust Company has a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. Katahdin Trust Company has a fair savings rate; other popular banks have higher rates. The bank's standard checking account has a $5.00 monthly fee, making it a rather pricey bank for checking. Using a bank with no-fee checking and a high interest rate savings account is your best option for accruing the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
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

Katahdin Trust Company has a savings rate of 0.05%, which is fair in comparison to other U.S. banks. Katahdin Trust Company's one-year CD earns at a rate of 0.30% and the five-year CD has a rate of 1.15%, while its highest-yielding money market account earns at an APY of 0.05%. Given Katahdin Trust Company's poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Katahdin Trust Company's Savings Rates Compare

Katahdin Trust Company Savings 0.05 National Average 0.26 Compare Offers
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Fees

3.9
SmartAsset Average: 4.4

On average, Katahdin Trust Company charges its customers above-average fees compared to the average U.S. bank. Its checking account has a monthly fee of $5.00, which makes it fair for anyone looking for a simple account. For those who routinely visit the ATM, Katahdin Trust Company is fair because it charges an out-of-network ATM fee of $1.50, which is reasonable compared to the average U.S. bank. Also, Katahdin Trust Company has an overdraft fee of $34.00, which is lower than the average overdraft fee charged by U.S. banks. Katahdin Trust Company does not reimburse out-of-network ATM charges, which means you will have to locate a Katahdin Trust Company ATM or eat the cost of withdrawal.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee $1.50 National Average: $1.20
Overdraft Fee $34.00 National Average: $35.00
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Service Quality

4.5
SmartAsset Average: 3.7

Katahdin Trust Company Bank is a brick-and-mortar bank, with 17 total bank locations in Maine. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. ET. Katahdin Trust Company also offers a live chat feature, key for getting quick access to customer service. Katahdin Trust Company receives high marks from users for its online presence. The Katahdin Trust Company mobile app has an overall rating of 4.5 out of 5 (with 52 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize Katahdin Trust Company's app to manage your bank accounts by reviewing account balances, transferring money as well as accessing support representatives. Katahdin Trust Company gets an exceptional consumer satisfaction score based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.7
SmartAsset Average: 4.8

Katahdin Trust Company ranks as a medium-size bank with $794 million in assets as well as deposits totaling $648 million. It has a strong Texas Ratio of 6.47%, suggesting that the bank is in good financial shape and far from failure. Additionally, Katahdin Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.47%
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 Katahdin Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $50
Checking Account 0.01% APY $1000
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.80% APY
  • 48 Month: 0.80% APY
  • 60 Month: 1.15% APY
$500 for all terms
Money Market Account 0.05% APY $2500

Katahdin Trust Company Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Katahdin Trust Company does not have the best savings rate, which means you should think about 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. Katahdin Trust Company's CD rates are fair compared to other U.S. banks.

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Find a Katahdin Trust Company Near Me

Katahdin Trust Company has 17 branches across the U.S.

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