Kennebunk Savings Bank Review | Review, Fees, Offerings | SmartAsset.com (2024)

Established in 1871, Kennebunk Savings Bank has assets totaling $1.81 billion as well as deposits totaling $1.57 billion, classifying it as a medium-size bank. Kennebunk Savings Bank, whose headquarters are in Kennebunk, Maine, does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.2 stars out of 5, Kennebunk Savings Bank is a great choice and should warrant serious consideration.

Kennebunk Savings Bank offers a complete array of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Kennebunk Savings Bank has a fair savings rate compared to the average savings account. Perfect for basic banking needs, the bank's most basic checking does not have a monthly maintenance charge. Why use checking and savings accounts with the same bank? Fast transferring between the two accounts means you can still get better interest rates in your savings account but still access your funds from your checking.

Service Quality

Kennebunk Savings Bank is a brick-and-mortar bank, with 17 total bank locations in Maine and New Hampshire. With mobile and web apps, Kennebunk Savings Bank makes mobile banking convenient, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. ET; and Saturday, 8:00 a.m. to 12:00 p.m. ET.

Kennebunk Savings Bank gets fairly good reviews from customers for its mobile banking services: the Kennebunk Savings Bank mobile app rates a 3.1 out of 5 (out of 41 reviews on Apple and Android) compared to the national average of 3.8. You can utilize Kennebunk Savings Bank's app to control your accounts by monitoring account balances, sending and receiving funds as well as reaching support representatives. Kennebunk Savings Bank receives a superb consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Products Offered

It has several deposit products like savings accounts, checking accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Kennebunk Savings Bank's CD rates are competitive compared to the national average.

Rates

Kennebunk Savings Bank has a savings rate of 0.01%, which is fair as compared against the national average. This is a tiered account, so if you deposit more, you canreceive a higher APY. Kennebunk Savings Bank's one-year CD has a rate of 0.25% and the five-year CD has a rate of 0.50%. It has a fair savings rate, which means other popular banks have higher rates. Consider higher-earning savings accounts with other banks.

Compare Kennebunk Savings Bank to Other Competitive Offers

Fees

On average, Kennebunk Savings Bank charges customers extremely low fees compared to other U.S. banks. With no monthly fee, Kennebunk Savings Bank's checking account is perfect for people who need an easy checking account. For those who will need cash in a pinch, Kennebunk Savings Bank is perfect because it offers no ATM fees. Kennebunk Savings Bank reimburses its ATM fees (with conditions), which means convenient access to cash at any time.

Financial Health

Kennebunk Savings Bank is currently a medium-size bank and manages $1.81 billion in assets and deposits totaling $1.57 billion. Its Texas Ratio is 0.32%, denoting that the bank is in excellent financial shape and extremely far from failure. Additionally, Kennebunk Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Kennebunk Savings Bank Near Me

Kennebunk Savings Bank has 18 branches in the U.S.