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Biddeford Savings Bank Review

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Biddeford Savings Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1867, Biddeford Savings Bank has assets totaling $481 million as well as deposits totaling $355 million, which makes it a medium-size bank. Biddeford Savings Bank, whose headquarters are in Biddeford, Maine, 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 offerings. On the whole, Biddeford Savings Bank is a solid pick to be your bank, with a score of 4.4 out of 5 stars from the SmartAsset team. Biddeford Savings Bank offers a variety of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Biddeford Savings Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's most basic checking does not carry a monthly maintenance charge. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best option for accruing the most income on your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

With a savings rate of 0.10%, Biddeford Savings Bank ranks poorly as compared against the national average. Biddeford Savings Bank's one-year CD has a rate of 2.12% and the five-year CD earns at a rate of 2.55%. Given Biddeford Savings Bank's noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Biddeford Savings Bank's Savings Rates Compare

Biddeford Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Biddeford Savings Bank generally has extremely low fees compared to other U.S. banks. Biddeford Savings Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. Biddeford Savings Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you will have to find a Biddeford Savings Bank ATM or eat the ATM charge.

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

3.9
SmartAsset Average: 3.7

Biddeford Savings Bank is a brick-and-mortar bank, with six total bank locations in Maine. It also offers access to mobile and web apps for simple access and banking on the go. Biddeford Savings Bank's online and mobile banking platforms receive fair feedback from users. The Biddeford Savings Bank mobile app is rated at 3.8 out of 5 (with 14 reviews on iOS and Android) compared to the national average of 3.8. Biddeford Savings Bank's mobile app allows you to manage your accounts by monitoring monthly statements, transferring money as well as accessing support representatives. Biddeford Savings Bank gets an excellent consumer satisfaction rating due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Biddeford Savings Bank is currently a medium-size bank with assets totaling $481 million and $355 million in deposits. Biddeford Savings Bank's Texas Ratio is 0.68%, denoting a negligible possibility of failure. Additionally, Biddeford 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

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 Biddeford Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $2500
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 2.12% APY
  • 24 Month: 2.24% APY
  • 36 Month: 2.34% APY
  • 48 Month: 2.45% APY
  • 60 Month: 2.55% APY
$1500 for all terms

Biddeford Savings Bank offers several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Biddeford Savings Bank does not have the best savings rate, which means you should consider 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. Biddeford Savings Bank's CD rates are fair compared to the national average.

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Find a Biddeford Savings Bank Near Me

Biddeford Savings Bank has six locations across the U.S.

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