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Salin Bank and Trust Company Review

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Salin Bank and Trust Company Savings
0.12% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1902, Salin Bank and Trust Company has $870 million in assets and $673 million in deposits, which makes it a medium-size bank. Salin Bank and Trust Company, whose headquarters are in Indianapolis, Indiana, 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 apps. With a commendable 4 out of 5 stars, Salin Bank and Trust Company proves it is a good bank that gets the job done. Salin Bank and Trust Company has a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Salin Bank and Trust Company has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Salin Bank and Trust Company's most basic checking account does not carry a monthly maintenance charge. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best option for getting the most income from your deposits alongside convenient access to your funds.

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

3.0
SmartAsset Average: 3.5

With a savings rate of 0.12%, Salin Bank and Trust Company ranks poorly compared to the national average. Salin Bank and Trust Company's one-year and five-year term lengths CDs earn at a rate of 0.40% and 1.20%, respectively, while its highest-yielding money market account has a rate of 0.17%. Given its below average savings rate, you should consider choosing another bank to earn more on your deposits.

How Salin Bank and Trust Company's Savings Rates Compare

Salin Bank and Trust Company Savings 0.12 National Average 0.26 Compare Offers
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Fees

4.1
SmartAsset Average: 4.4

On average, Salin Bank and Trust Company charges its customers average fees compared to the national average. With no monthly fee, Salin Bank and Trust Company is perfect for people who want a basic banking experience. For those who will need cash in a pinch, it is less than the best product because it charges an out-of-network ATM fee of $4.00, which is less than the best product compared to the national average. Additionally, Salin Bank and Trust Company has an overdraft fee of $35.00, which is on par with the average U.S. overdraft fee. Salin Bank and Trust Company does not reimburse out-of-network ATM fees, which means you will be required to find a Salin Bank and Trust Company ATM or pay the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $4.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Salin Bank and Trust Company is a brick-and-mortar bank, with 20 total bank locations in Indiana. With mobile and web apps, Salin Bank and Trust Company makes mobile banking easy, even on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Saturday and 7:00 a.m. to 9:00 p.m. ET. Salin Bank and Trust Company gets reasonably high praise from users for its mobile app. The Salin Bank and Trust Company mobile app is rated at 4.3 out of 5 (out of 74 customer reviews on iOS and Android) compared to the national average of 3.8. Salin Bank and Trust Company's mobile app allows you to control your accounts by looking at account balances, transferring money as well as accessing customer service. Salin Bank and Trust Company receives an exceptional consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government 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

4.7
SmartAsset Average: 4.8

Salin Bank and Trust Company ranks as a medium-size bank owning $870 million in assets and deposits totaling $673 million. Its Texas Ratio is 7.04%, denoting a tiny possibility of failure. Additionally, Salin Bank and Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.04%
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 Salin Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.12% APY $300
Checking Account 0.1% APY $1500
Certificates of Deposit
  • 12 Month: 0.40% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.80% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.20% APY
$1500 for all terms
Money Market Account 0.17% APY $10000

Salin Bank and Trust Company offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Salin Bank and Trust Company 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. Salin Bank and Trust Company's CD rates are fair in comparison to the national average.

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Find a Salin Bank and Trust Company Near Me

Salin Bank and Trust Company has 20 locations in the U.S.

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