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Skagit Bank Review

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

Overview

Skagit Bank first started operating in 1958 and has its headquarters in Burlington, Washington. It handles $928 million in assets as well as deposits totaling $831 million, ranking it as a medium-size bank. Skagit Bank lacks premium access to customer service, with no options for 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 apps. With a commendable 4 out of 5 stars, Skagit Bank proves it is a respectable bank that should be given a look. Skagit Bank provides customers with a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking does not carry a monthly maintenance fee. Banks that offer free checking, in addition to a high savings APY are your best bet 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

With a savings rate of 0.10%, Skagit Bank ranks poorly compared to the average U.S. bank. Skagit Bank's one-year and five-year term lengths CDs earn at a rate of 0.30% and 0.60%, respectively, while its highest-yielding money market account has a rate of 0.15%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Skagit Bank's Savings Rates Compare

Skagit Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

Skagit Bank charges its customers low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Additionally, Skagit Bank has an overdraft fee of $35.00, which is on par with that of other U.S. banks. Skagit Bank does not refund out-of-network ATM charges, which means you'll have to find a Skagit Bank ATM or eat the ATM charge.

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

4.0
SmartAsset Average: 3.7

Skagit Bank is a brick-and-mortar bank, with 11 total bank locations in Washington. With mobile and web apps, Skagit Bank makes mobile banking straightforward, even on the go. Skagit Bank's online and mobile banking services receive relatively good scores from users. With 96 ratings across both iOS and Android platforms, the Skagit Bank mobile app is scored at 4.1 out of 5 (compared to the national average of 3.8). Skagit Bank's mobile app lets you manage your finances by reviewing monthly statements, transferring funds and reaching support representatives. Skagit Bank receives an outstanding consumer satisfaction rating based on comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.1/5
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

Skagit Bank is a medium-size bank with assets totaling $928 million and $831 million in deposits. Skagit Bank has a strong Texas Ratio of 6.34%, signifying that the bank is in good financial condition and far from failure. Additionally, Skagit Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.34%
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 Skagit Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $5
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.60% APY
  • 48 Month: 0.60% APY
  • 60 Month: 0.60% APY
$10000 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

Skagit 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. Skagit 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. Skagit Bank's CD rates are fair compared to the national average.

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Find a Skagit Bank Near Me

Skagit Bank has 11 physical locations in the U.S.

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