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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

Started in 1958, Skagit Bank has assets totaling $928 million as well as deposits totaling $831 million, which makes it a medium-size bank. Skagit Bank, whose headquarters are in Burlington, Washington, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Skagit Bank is a respectable bank that gets the job done, with a rating of 4.0 out of 5 stars from our team. Skagit Bank has a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Skagit Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Skagit Bank offers an option without a monthly fee. Banks that offer no-fee checking, in addition to a high savings APY are the best option for getting the most income from your deposits while maintaining easy 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

2.9
SmartAsset Average: 3.5

Skagit Bank features a savings rate of 0.10%, which is poor as compared against the national average. Its one-year CD earns at a rate of 0.30% and the five-year CD has a rate of 0.60%, while its highest-yielding money market account has an APY of 0.15%. Given Skagit Bank's noncompetitive savings rate, you should think about 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 other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Also, it has an overdraft fee of $35.00, which is on par with the national average. Skagit Bank does not refund out-of-network ATM charges, which means you'll be required to search for a Skagit Bank ATM or pay 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 branches in Washington. It also offers access to mobile and web apps for straightforward access and banking on the go. Skagit Bank's online and mobile banking platforms get moderately good scores from customers. The Skagit Bank mobile app has an overall rating of 4.1 out of 5 (out of 96 ratings on Apple and Android) compared to the national average of 3.8. You can use Skagit Bank's app to control your accounts by monitoring monthly statements, sending and receiving funds as well as accessing customer service. Skagit Bank receives a superb consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 and owns assets totaling $928 million as well as deposits totaling $831 million. Skagit Bank has a strong Texas Ratio of 6.34%, denoting that Skagit Bank is in fine financial well-being 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 Account 0.15% APY $10000

Skagit Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Skagit Bank does not have the best savings rate, which means you should think about 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. Skagit Bank's CD rates are fair as compared against 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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