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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

Salin Bank and Trust Company first started operating in 1902 and is headquartered in Indianapolis, Indiana. Salin Bank and Trust Company has assets of $870 million as well as deposits totaling $673 million, ranking it as a medium-size bank. Salin Bank and Trust Company lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4 stars out of 5, Salin Bank and Trust Company should be near the middle of the pack in your search for a bank. Salin Bank and Trust Company provides customers with a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Salin Bank and Trust Company's most basic checking account does not carry a monthly fee. Institutions that offer no-fee checking as well as a high interest rate savings account are your best bet for getting the highest income on your deposits while maintaining 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

3.0
SmartAsset Average: 3.5

Salin Bank and Trust Company has a savings rate of 0.12%, which is fair in comparison to the average U.S. bank. Its CDs feature a rate of 0.40% and 1.20% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.17%. Given Salin Bank and Trust Company's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

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

Salin Bank and Trust Company has typically average fees compared to the average U.S. bank. Salin Bank and Trust Company's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. For those who will need cash in a pinch, Salin Bank and Trust Company is less than ideal because it has an out-of-network ATM fee of $4.00, which is less than ideal in comparison to other U.S. banks. Also, Salin Bank and Trust Company has an overdraft fee of $35.00, which is on par with the average overdraft fee charged by U.S. banks. Salin Bank and Trust Company unfortunately doesn't reimburse out-of-network ATM charges, meaning you'll have to locate a Salin Bank and Trust Company ATM or pay the ATM charge.

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 branches in Indiana. With mobile and web apps, Salin Bank and Trust Company makes mobile banking convenient, even on the go. It does not offer all-day customer service with 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's online and mobile banking platforms receive fairly high praise from customers. With 74 ratings on both Apple and Android platforms, the Salin Bank and Trust Company mobile app is scored at 4.3 out of 5 (compared to the national average of 3.8). Salin Bank and Trust Company's mobile app allows you to manage your finances by reviewing monthly statements, sending and receiving funds as well as accessing support representatives. Salin Bank and Trust Company receives a superb consumer satisfaction score due to comparatively 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

4.7
SmartAsset Average: 4.8

Salin Bank and Trust Company is currently a medium-size bank with $870 million in assets and $673 million in deposits. Salin Bank and Trust Company's Texas Ratio is 7.04%, signifying that the bank is in fine financial well-being and far from 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 Accounts 0.17% APY 0.17% APY $10000 $15000

Salin Bank and Trust Company offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with 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 compared to other U.S. banks.

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Find a Salin Bank and Trust Company Near Me

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

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