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Franklin Savings Bank Review

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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
Franklin Savings Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1868, Franklin Savings Bank has $394 million in assets as well as deposits totaling $259 million, classifying the institution as a small bank. Franklin Savings Bank, whose headquarters are in Farmington, Maine, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, Franklin Savings Bank is a solid pick to be your bank, with a score of 4.2 stars out of 5 from our team. Franklin Savings Bank offers a full choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Franklin Savings Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Franklin Savings Bank's ordinary checking account does not have a monthly fee. Banks that offer no-fee checking and a high interest rate savings account are your best bet for returning the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
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

With a savings rate of 0.10%, Franklin Savings Bank ranks poorly as compared against the national average. Franklin Savings Bank's one-year and five-year term lengths CDs earn at a rate of 0.15% and 0.90%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given its poor savings rate, you should consider looking elsewhere to open savings accounts.

How Franklin Savings Bank's Savings Rates Compare

Franklin Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Franklin Savings Bank has typically extremely low fees in comparison to the average U.S. bank. With no monthly fee, Franklin Savings Bank's checking account is ideal for people who need an easy checking account. Franklin Savings Bank unfortunately does not refund out-of-network ATM charges, meaning you'll be required to find a Franklin Savings Bank ATM or accept 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

4.1
SmartAsset Average: 3.7

Franklin Savings Bank is a brick-and-mortar bank, with eight total bank locations in Maine. With mobile and web apps, Franklin Savings Bank makes mobile banking straightforward, even on the go. Franklin Savings Bank's online and mobile banking platforms receive relatively high praise from users. With 16 customer reviews across iOS and Android platforms, the Franklin Savings Bank mobile app is scored at 4.3 out of 5 (compared to the national average of 3.8). Franklin Savings Bank's mobile app lets you control your funds by checking current statements, transferring funds and reaching support representatives. Franklin Savings Bank receives a superb consumer satisfaction rating due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Franklin Savings Bank is currently a small bank owning $394 million in assets and deposits totaling $259 million. Franklin Savings Bank has a strong Texas Ratio of 5.19%, signifying a tiny chance of failure. Additionally, Franklin 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

5.19%
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 Franklin Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1000
Checking Account 0.03% APY $500
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 24 Month: 0.25% APY
  • 36 Month: 0.40% APY
  • 60 Month: 0.90% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Franklin Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Franklin Savings Bank does not have the best savings rate, which means you should consider 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. Franklin Savings Bank's CD rates are fair in comparison to the national average.

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Find a Franklin Savings Bank Near Me

Franklin Savings Bank has eight physical branches across the U.S.

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