Loading
Tap on the profile icon to edit
your financial details.

Androscoggin Savings Bank Review

Your Details Done
by Updated
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Androscoggin Savings Bank Savings
0.01% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1870, Androscoggin Savings Bank has $955 million in assets and deposits totaling $785 million, which makes the institution a medium-size bank. Androscoggin Savings Bank, whose headquarters are in Lewiston, Maine, has above-average customer service access with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 3.9 stars out of 5, Androscoggin Savings Bank should be near the middle of the pack in your search for a bank. Androscoggin Savings Bank offers the full selection of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product features a $10.00 monthly fee, which ranks on the higher end of monthly fees. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best option for accruing the most income from your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.01%, Androscoggin Savings Bank ranks poorly in comparison to other U.S. banks. Androscoggin Savings Bank's one-year and five-year term lengths CDs earn at a rate of 0.25% and 2.00%, respectively, while its highest-yielding money market account earns at a rate of 0.30%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.

How Androscoggin Savings Bank's Savings Rates Compare

Androscoggin Savings Bank Savings 0.01 National Average 0.26 Compare Offers
Back to Overview

Fees

3.9
SmartAsset Average: 4.4

Androscoggin Savings Bank charges customers above-average fees compared to the average U.S. bank. Its checking account has a monthly fee of $10.00, making it fair for anyone looking for a simple account. For those who will need cash in a pinch, it is perfect because it charges no out-of-network ATM fees. Additionally, at $35.00, Androscoggin Savings Bank's overdraft fee is lower than the national average overdraft fee. Androscoggin Savings Bank unfortunately does not reimburse out-of-network ATM charges, which means you will have to find an Androscoggin Savings Bank ATM or eat the withdrawal fee.

Monthly Fee $10.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
Back to Overview

Service Quality

4.0
SmartAsset Average: 3.7

Androscoggin Savings Bank is a brick-and-mortar bank, with 12 total branches in Maine. With mobile and web apps, Androscoggin Savings Bank makes mobile banking convenient, even on the go. 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 and 8:00 a.m. to 5:00 p.m. ET. Androscoggin Savings Bank also offers a live chat feature, something to consider if you work during the customer service hours. Androscoggin Savings Bank receives fair marks from customers for its mobile app. With 25 ratings across both Apple and Android platforms, the Androscoggin Savings Bank mobile app rates a 3.7 out of 5 (compared to the national average of 3.8). You can use Androscoggin Savings Bank's mobile app to control your funds by monitoring current statements, sending and receiving money and reaching customer service. Androscoggin Savings Bank gets an exceptional consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
Back to Overview

Financial Health

4.7
SmartAsset Average: 4.8

Androscoggin Savings Bank is currently a medium-size bank and handles $955 million in assets as well as $785 million in deposits. Androscoggin Savings Bank's Texas Ratio is 6.57%, denoting a tiny chance of failure. Additionally, Androscoggin Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.57%
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.

Back to Overview

Compare Androscoggin Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.01% APY $1
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.35% APY
  • 36 Month: 0.50% APY
  • 48 Month: 0.65% APY
  • 60 Month: 2.00% APY
$500 for all terms
Money Market Accounts 0.2% APY 0.3% APY $10000 $15000

Androscoggin Savings 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. Androscoggin Savings Bank 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. Androscoggin Savings Bank's CD rates are fair in comparison to the average U.S. bank.

Back to Overview

Find a Androscoggin Savings Bank Near Me

Androscoggin Savings Bank has 12 physical locations in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure