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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

Katahdin Trust Company Bank first started operating in 1918 with its headquarters in Patten, Maine. It manages $794 million in assets along with deposits totaling $648 million, making it a medium-size bank. Katahdin Trust Company has above-average customer service access with a live chat feature, great for getting help during the work week. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. We ranked the bank at a 4 out of 5 stars, which means Katahdin Trust Company is a respectable bank that deserves your consideration. Katahdin Trust Company has a full selection 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; you can find higher rates with other banks. The bank's standard checking product features a $5.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Using an institution with no-fee checking, in addition to a high interest rate savings account is your best bet for returning the highest income from your deposits while maintaining convenient access to your money.

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 features a savings rate of 0.05%, which is poor in comparison to the average U.S. bank. Its CDs feature a rate of 0.30% and 1.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.05%. Given Katahdin Trust Company's below average savings rate, you should think about other options 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 customers above-average fees in comparison to the average U.S. bank. Katahdin Trust Company's checking account has a monthly fee of $5.00, which makes it fair for anyone looking for a hassle-free account. For those who frequent the ATM, it is fair because it charges an out-of-network ATM fee of $1.50, which is reasonable compared to the average U.S. bank. Additionally, it has an overdraft fee of $34.00, which is less than that of other U.S. banks. Katahdin Trust Company unfortunately doesn't refund out-of-network ATM charges, which means you will need to locate a Katahdin Trust Company ATM or accept the fee.

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 branches in Maine. It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service 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, an alternative customer service tool if you can't call in during business hours. Katahdin Trust Company gets positive ratings from users for its mobile app. Out of 52 ratings across iOS and Android platforms, the Katahdin Trust Company mobile app is scored at 4.5 out of 5 (compared to the national average of 3.8). Katahdin Trust Company's mobile app allows you to manage your funds by monitoring monthly statements, transferring money and reaching support representatives. Katahdin Trust Company gets an excellent consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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 is currently a medium-size bank and handles assets totaling $794 million and deposits totaling $648 million. Katahdin Trust Company has a strong Texas Ratio of 6.47%, suggesting that Katahdin Trust Company 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 Accounts 0.05% APY 0.05% APY $10000 $15000

Katahdin Trust Company Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Katahdin Trust Company does not have the best savings rate, which means you should think about looking elsewhere 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 physical branches across the U.S.

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