Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Skowhegan Savings Bank Review

Your Details Done
by Updated
Skowhegan Savings Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Skowhegan Savings Bank first started operating in 1869 with headquarters in Skowhegan, Maine. It manages $597 million in assets as well as $461 million in deposits, classifying it as a medium-size bank. Skowhegan Savings Bank has above-average customer service access with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.3 stars out of 5, Skowhegan Savings Bank should be solidly in contention for your choice of bank. Skowhegan Savings Bank provides customers with a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Skowhegan Savings Bank's standard checking account does not have a monthly fee. Banks that offer no-fee checking and a high savings APY are your best option for returning the most income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Skowhegan Savings Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD has a rate of 0.20% and the five-year CD earns at a rate of 1.15%, while its highest-yielding money market account earns at an APY of 0.08%. Given Skowhegan Savings Bank's noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Skowhegan Savings Bank's Savings Rates Compare

Skowhegan Savings Bank Savings 0.05 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

On average, Skowhegan Savings Bank charges its customers extremely low fees compared to the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Skowhegan Savings Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you'll be required to search for a Skowhegan Savings Bank ATM or accept the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
Back to Overview

Service Quality

4.5
SmartAsset Average: 3.7

Skowhegan Savings Bank is a brick-and-mortar bank, with 11 total branches in Maine. It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. ET. Skowhegan Savings Bank also offers a live chat feature, a helpful way to reach a representative during the work day. Skowhegan Savings Bank gets high marks from customers for its mobile banking services. Out of 31 ratings across iOS and Android platforms, the Skowhegan Savings Bank mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). Skowhegan Savings Bank's mobile app lets you manage your finances by looking at current statements, sending and receiving money as well as reaching support representatives. Skowhegan Savings Bank receives an excellent consumer satisfaction rating 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 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
Back to Overview

Financial Health

4.7
SmartAsset Average: 4.8

Skowhegan Savings Bank ranks as a medium-size bank owning $597 million in assets as well as $461 million in deposits. It has a strong Texas Ratio of 7.18%, suggesting a small likelihood of failure. Additionally, Skowhegan Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.18%
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.

Back to Overview

Compare Skowhegan Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $25
Checking Account 0.02% APY $50
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.40% APY
  • 36 Month: 0.65% APY
  • 60 Month: 1.15% APY
$500 for all terms
Money Market Account 0.05% APY $2500

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

Back to Overview

Find a Skowhegan Savings Bank Near Me

Skowhegan Savings Bank has 11 locations across the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure