The Camden National Bank was established in 1874 in Camden, Maine.
Its headquarters are also located there, and it owns $3 billion deposits and assets of $4 billion. Such large assets and deposits make it a large bank.
Camden National Bank provides all-day support and a live chat facility to its customers with good customer service.
Besides active service through mobile applications, being a traditional brick-and-mortar bank, it provides in-person service.
Its banking products, checking accounts, saving accounts, CDs, IRAs, Money market account, brokerage account, credit cards, and mortgage products, prove to be a solid choice where you must have an account.
The saving rates of Camden National Bank are comparatively better than the average saving rates of other banks.
Moreover, it also provides you an opportunity to waive off the monthly fee and enjoy stress-free banking.
Getting a checking account that does not cost you a monthly fee and provides you a high-interest rate at the same bank helps you get the maximum benefit from your deposits and easy access to your banking funds.
Summary
| Bank | Camden National Bank |
| Rating | 4.2 |
| Saving rate | 0.40% |
| Monthly Fees | $35 |
| Savings Accounts Opening Fess | $25 |
| Website | Click Here |
Key Takeaways
- Camden charges $35 as overdraft fees, and also, if you withdraw money using some other bank ATM, then it charges a fee for that too.
- Camden National Bank has a national average rating of 4.1.
- It offers features like 24/7 live chat, online mobile banking, convenient mortgage procedures, and more.
- Opening a checking account here requires you to have $2500 as a minimum balance, $500 for CD accounts, and $10,000 for Money Market accounts.
Overview
Rating
Based on the average rates of its accounts, monthly fee, customer service, and financial health, Camden National Bank is rated as 4.2, whereas the National average rating is 4.1.
Saving rates
It provides a saving rate of 0.05% at the deposits; this rate is better than the saving rates of many other banks as the National average saving rate is 0.09%.
The earning rate of the one-year CD is 0.40%, and the earning rate of the five-year CD is 1.51%.
Its money market account is the highest yielding and provides interest at the rate of 0.20%.
Monthly fees
Camden National bank’s monthly account maintenance charges are less than the national average monthly account maintenance fee.
They are best for consumers who are looking for a basic checking account. Moreover, its overdraft fee is also lesser, i.e., $35, than the national average.
However, you need to pay a fee while using an out-of-network ATM, and the Camden National bank does not refund that fee.
Therefore, if you don’t want to pay the ATM charges, you will need to look for Camden’s ATM, or otherwise, you will have to pay the fee.
Account Access
The Camden National Bank, a brick-and-mortar bank, has branches in 63 different locations to assist its customers in having easy access to their accounts within Maine and New Hampshire.
Moreover, you can even access your account on the go through mobile banking and web apps.
All-day access to the account representatives helps the customers have a profound customer service experience through access to 24/7 live chat in case you forget to call them during business hours.
Mobile platforms
The customers are satisfied with the mobile platforms of the bank, as depicted through their remarks.
It has a 4.1 rating out of 5 from the 1100 customer reviews about the Android and iOS platforms.
However, the national average interest rate is 3.8. Customers can control their bank accounts, check their balance, make transactions, and easily reach customer service through mobile platforms.
A consumer protection agency backed by the government, Consumer Financial Protection Bureau (CFPB), has received a few complaints, which are very few compared to the satisfactory reviews.
Financial Health
With huge assets of $4 billion and a large amount of $3 billion in deposits, the Camden National bank is a big name in banking.
In addition to this, the Camden national bank is insured by FDIC, which provides the security up to the maximum amount allowed, i.e., $250,000, even if the bank fails.
Texas Ratio Analysis
Its Texas ratio is 3.18%, showing its strong financial health with no potential failures.
Taxes ratio compares the bad assets with the capital available in the bank, and it predicts the progress of a bank.
It foresees the signals of bank failures. A high texas ratio indicates more chances of failure, whereas a low Texas ratio indicates fewer chances of failure.
Camden National Bank features
Here are the Camden National Bank features:
- Camden National Bank offers online mobile banking
- You can open savings, checking, money market, and many other types of accounts in Camden National Bank
- It offers easy and convenient mortgage procedures
Products and their APY rates
It offers its customers a complete set of products to manage their deposits through saving accounts, checking accounts, certificate of deposits, and money market accounts.
- The current terms and rates of Camden National Bank checking accounts are 0.05% and require only $2500 as the minimum balance.
- The current terms and rates of Camden National Bank’s savings accounts are 0.05% and require $25 as the minimum balance.
- There are different tiers from 12 months to 60 months for CD accounts. The APY rate for 12 months is 0.40%, for 24 months it is 0.60%, 0.80%for 36 months, 0.95% for 48 months and 1.51% APY for 60 months. However, the minimum account balance for all the tiers is $500.
- The current terms and rates of Camden National Bank’s Money Market accounts are 0.05% APY for the minimum account balance of $10,000 and 0.2% APY for the account balance of $15,000.
Though it does not offer very good interest rates, still, its rates are better than other US banks.
Checking Accounts
| Minimum Opening balance | $25 |
| Monthly charges | $0 |
| Banking access | Brick and mortar banking Digital banking 24/7 customer service |
| Other bank ATMs | Fee not refunded |
| Check writing | Unlimited |
Saving accounts
| Minimum account opening balance | $25 |
| Monthly charges | $0 ( if you maintain a minimum daily balance of $100, age more than 62 and less than 18. |
| Interest rates | Tiered (0.03 for an account balance of $0 to $99.999 and 0.05% for an account balance of more than $100,000) |
| Banking access | Brick and mortar banking Digital banking 24/7 customer service |
| Other bank ATMs | Fee not refunded |
| Check writing | Unlimited |
Money market accounts
| Minimum account opening balance | $100 |
| Monthly fee | $10 (Waivable on maintaining a minimum monthly account balance of $5000) |
| Interest rates | Tiered (0.03 for an account balance of $0.00 – $4,999.99 and 0.05% for an account balance of $250,000 and for $250,000.00 and higher the APY is 0.07%) |
| Banking access | Brick and mortar banking Digital banking 24/7 customer service |
| Other bank ATMs | Fee not refunded |
| Check writing | Unlimited |
What differentiates Camden National Bank from others?
Following are the reasons that differentiate Camden National Bank from others:
- Within no time, you can get your mortgage approved
- You get safe and secure banking here
- It offers a variety of bank accounts that you can open
Our experience with Camden National Bank
The saving is 0.05% which is fair for the national average. But it has low fees if you compare it to other US banks. Plus, they don’t charge monthly fees.
So, if you are looking for a bank for a basic checking account, I would recommend Camden National Bank.
Camden National Bank Comparison
Let’s compare Camden National Bank with other similar services
Camden National Bank vs. Northeast bank
There are no monthly fees at Camden National Bank, and its very low fees that they charge annually.
You can access online banking by downloading the Camden National Bank app.
In Northeast bank, you get another useful feature to make mobile deposits by using your camera.
Camden National Bank vs. Century bank
You will have free online banking, free E-statements, free automated teller plus, free combined statements, free check images with statements, and much more free services in Century bank, but Camden National Bank doesn’t offer all the services for free.
Camden National Bank vs. Enterprise bank
You get a higher interest rate on your savings account in Enterprise bank, plus an unlimited bank by email service.
You get a variety of personalized checks selection here. The interest rate on a saving account in Camden National Bank is 0.05% only.
Frequently asked questions
Where Is Camden National Bank Located?
The Camden National Bank, a brick-and-mortar bank, has branches in 63 different locations to assist its customers in having easy access to their accounts within Maine and New Hampshire.
Is Camden National Bank A Community Bank?
Camden National Bank is a 24/7 community bank headquartered in Camden and provides financial planning and investment through its wealth management plan.
How Is Camden National Bank Rated?
Based on the average rates of its accounts, monthly fee, customer service, and financial health, Camden National Bank is rated as 4.2, whereas the National average rating is 4.1.
Amit Gupta is the founder of National Planning Cycles, a company that helps startups, individuals, and small businesses with their financial planning. He has a vast amount of experience in the finance sector, having managed Google Play accounts for some of the world’s most successful unicorns. Amit is an expert in his field, and he uses his knowledge to help others achieve their individual goals.