Bar Harbor Bank & Trust Review

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.

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

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

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.

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.

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

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.

Products Offered

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.

Find a Bar Harbor Bank & Trust Near Me

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