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Kennebec 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
Kennebec Savings Bank Savings
0.05% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

Started in 1870, Kennebec Savings Bank has $952 million in assets as well as $641 million in deposits, ranking the institution as a medium-size bank. Kennebec Savings Bank, whose headquarters are in Augusta, Maine, lacks premium access to customer service, with no options of live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a scorce of 4.3 stars out of 5, Kennebec Savings Bank should be solidly in contention for your choice of bank. 

Kennebec Savings Bank provides customers with the full selection 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, Kennebec Savings Bank's most basic checking account does not have a monthly charge. Why keep checking and savings accounts with one bank? Fast transferring between both accounts means you can still get higher interest rates in your savings account but still use your funds from your checking.

Service Quality

Kennebec Savings Bank is a brick-and-mortar bank, with five total bank locations in Maine. With mobile and web apps, Kennebec Savings Bank makes mobile banking straightforward, even on the go.  

Kennebec Savings Bank gets reasonably high praise from users for its online presence: the Kennebec Savings Bank mobile app has an overall rating of 4.2 out of 5 (out of 48 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Kennebec Savings Bank's mobile app to manage your funds by checking account balances, transferring funds and reaching support representatives. Kennebec Savings Bank receives a superb consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $2,500 Compare Offers
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.80% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.26% APY
  • 60 Month: 1.71% APY
$500 for all tiers Compare Offers
Checking Accounts 0.05% APY $750 Compare Offers

Kennebec Savings Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. It does not have the best savings rate, which means you should consider taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Kennebec Savings Bank's CD rates are fair as compared against the national average. 

Rates

With a savings rate of 0.05%, Kennebec Savings Bank ranks below the mean in comparison to the average U.S. bank. Its one-year CD has a rate of 0.60% and the five-year CD has a rate of 1.71%. Given its noncompetitive savings rate, you should think about looking elsewhere to open savings accounts.

Compare Kennebec Savings Bank to Other Competitive Offers

Fees

Kennebec Savings Bank charges its customers extremely low fees in comparison to other U.S. banks. Kennebec Savings Bank's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. 

Financial Health

Kennebec Savings Bank is a medium-size bank with $952 million in assets as well as $641 million in deposits. It has an excellent Texas Ratio of 2.33%, denoting a very minute possibility of failure. Additionally, Kennebec Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Kennebec Savings Bank Near Me

Kennebec Savings Bank has five branches in the U.S.

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