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Skowhegan Savings Bank Review

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

Overview

Skowhegan Savings Bank was founded in 1869 with headquarters in Skowhegan, Maine. It has $597 million in assets along with deposits totaling $461 million, ranking 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 commendable 4.3 out of 5 stars, Skowhegan Savings Bank is a solid contender in your bank search. Skowhegan Savings Bank has a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Skowhegan Savings Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Skowhegan Savings Bank's most basic checking account does not have a monthly charge. Institutions that offer free checking as well as a high interest rate savings account are the best bet for accruing the highest income from your deposits while having easy access to your money.

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 compared to the national average. Skowhegan Savings Bank's CDs feature a rate of 0.20% and 1.15% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.08%. Given its noncompetitive savings rate, you should consider choosing another bank to earn more on your deposits.

How Skowhegan Savings Bank's Savings Rates Compare

Skowhegan Savings Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Skowhegan Savings Bank charges customers extremely low fees in comparison to the average U.S. bank. Skowhegan Savings Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Skowhegan Savings Bank doesn't reimburse out-of-network ATM charges, which means you will need to find a Skowhegan Savings Bank ATM or eat the fee.

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
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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 provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 8:00 a.m. to 5:00 p.m. ET. Additionally, Skowhegan Savings Bank offers a live chat feature, something to consider if you work during the customer service hours. Skowhegan Savings Bank's online and mobile banking platforms get great feedback from users. The Skowhegan Savings Bank mobile app scored a 4.6 out of 5 (with 31 reviews on Apple and Android) compared to the national average of 3.8. Skowhegan Savings Bank's mobile app lets you control your accounts by looking at account balances, sending and receiving money and accessing customer service. Skowhegan Savings Bank receives a superb consumer satisfaction rating based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.7
SmartAsset Average: 4.8

Skowhegan Savings Bank is currently a medium-size bank owning assets totaling $597 million as well as deposits totaling $461 million. Skowhegan Savings Bank's Texas Ratio is 7.18%, indicating 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.

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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 Accounts 0.05% APY 0.08% APY $10000 $15000

Skowhegan Savings Bank has several deposit products like 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 compared to the national average.

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Find a Skowhegan Savings Bank Near Me

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

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