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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


Started in 1867, Biddeford Savings Bank has assets totaling $481 million as well as $355 million in deposits, which makes it a medium-size bank. Biddeford Savings Bank, whose headquarters are in Biddeford, Maine, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Biddeford Savings Bank is a solid contender in your bank search, with a rating of 4.4 stars out of 5 from our team. Biddeford Savings Bank provides customers with an array banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Biddeford Savings Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Biddeford Savings Bank offers an option without a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same bank is the best option for getting the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Biddeford Savings Bank has a savings rate of 0.10%, which is poor compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 1.51% and 2.55%, respectively. Given its poor savings rate, you should consider other options to earn more on your deposits.

How Biddeford Savings Bank's Savings Rates Compare

Biddeford Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Biddeford Savings Bank has typically extremely low fees as compared against the national average. 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 charges, which means you will have to find a Biddeford 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

SmartAsset Average: 3.7

Biddeford Savings Bank is a brick-and-mortar bank, with six total branches in Maine. It also offers access to mobile and web apps for straightforward access and banking on the go. Biddeford Savings Bank gets average feedback from users for its mobile platform. The Biddeford Savings Bank mobile app has been given a 3.8 out of 5 (with 14 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Biddeford Savings Bank's app to manage your finances by looking at monthly statements, transferring funds as well as reaching support representatives. Biddeford Savings Bank receives a superb consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed 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

SmartAsset Average: 4.8

Biddeford Savings Bank is a medium-size bank with assets totaling $481 million as well as deposits totaling $355 million. Biddeford Savings Bank's Texas Ratio is 0.68%, signifying 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 $100
Certificates of Deposit
  • 12 Month: 1.51% 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 has several deposit products including 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 other U.S. banks.

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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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