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Kitsap Bank Review

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Kitsap Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Kitsap Bank started in 1908 and its headquarters are located in Port Orchard, Washington. Kitsap Bank manages assets of $1 billion and deposits totaling $995 million, which makes it a medium-size bank. Kitsap Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. We ranked the bank at a 4 out of 5 stars, suggesting Kitsap Bank is a respectable bank that warrants your consideration. Kitsap Bank has a complete selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, brokerage accounts and mortgage products. Kitsap Bank has a fair savings rate compared to the average savings account. The bank's standard checking account features a monthly fee of $5.00, making it a rather expensive bank for checking. Finding a bank with free checking, in addition to a high savings APY is the best option for accruing the most income from your deposits alongside 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

Kitsap Bank features a savings rate of 0.03%, which is fair compared to the national average. Kitsap Bank's one-year CD earns at a rate of 0.40% and the five-year CD has a rate of 1.61%, while its highest-yielding money market account earns at an APY of 0.10%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

How Kitsap Bank's Savings Rates Compare

Kitsap Bank Savings 0.03 National Average 0.26 Compare Offers
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Fees

3.8
SmartAsset Average: 4.4

Kitsap Bank charges its customers above-average fees compared to other U.S. banks. Kitsap Bank's checking account has a monthly fee of $5.00, which makes it fair for anyone looking for a simple account. For those who often visit the ATM, it is fair because it charges an out-of-network ATM fee of $2.00, which is reasonable compared to the average U.S. bank. Also, Kitsap Bank has an overdraft fee of $34.00, which is lower than the national average overdraft fee. Kitsap Bank unfortunately doesn't refund out-of-network ATM charges, which means you'll be required to find a Kitsap Bank ATM or eat the cost of withdrawal.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $34.00 National Average: $35.00
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Service Quality

4.2
SmartAsset Average: 3.7

Kitsap Bank is a brick-and-mortar bank, with 22 total bank locations in Washington. With mobile and web apps, Kitsap Bank makes mobile banking easy, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. PT; Saturday, and 9:00 a.m. to 12:00 p.m. PT. Kitsap Bank receives high praise from users for its online presence. Out of 110 ratings across both iOS and Android platforms, the Kitsap Bank mobile app rates a 4.5 out of 5 (compared to the national average of 3.8). You can access Kitsap Bank's mobile app to control your finances by monitoring account balances, transferring money as well as reaching customer service. Kitsap Bank receives an exceptional consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Kitsap Bank ranks as a medium-size bank owning $1 billion in assets and deposits totaling $995 million. Kitsap Bank's Texas Ratio is 0.16%, signifying that Kitsap Bank is in superb financial health and far from failure. Additionally, Kitsap Bank 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.

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Compare Kitsap Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.025% APY $100
Checking Account 0.01% APY $100
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.80% APY
  • 48 Month: 0.95% APY
  • 60 Month: 1.61% APY
$5000 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Kitsap Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Kitsap Bank does not have the best savings rate, which means you should think about 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. Kitsap Bank's CD rates are fair compared to the national average.

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Find a Kitsap Bank Near Me

Kitsap Bank has 22 physical locations across the U.S.

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