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Saco & Biddeford Savings Institution Review

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Saco & Biddeford Savings Institution Savings
0.30% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1827, Saco & Biddeford Savings Institution Bank has assets totaling $958 million and deposits totaling $619 million, ranking the institution as a medium-size bank. Saco & Biddeford Savings Institution, whose headquarters are in Saco, Maine, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. SmartAsset has rated the bank 4.2 stars out of 5, suggesting Saco & Biddeford Savings Institution is a great choice and should warrant serious consideration. Saco & Biddeford Savings Institution has a diversity of product offerings, which include savings accounts, checking accounts, CDs, IRAs and mortgage products. Saco & Biddeford Savings Institution has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Saco & Biddeford Savings Institution offers an option without a maintenance or monthly fee. Using a bank with no-fee checking, in addition to a high interest rate savings account is your best bet for gaining the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

Saco & Biddeford Savings Institution has a savings rate of 0.30%, which is poor in comparison to other U.S. banks. Its one-year CD has a rate of 2.02% and the five-year CD earns at a rate of 2.60%. Given Saco & Biddeford Savings Institution's poor savings rate, you should think about looking elsewhere to open savings accounts.

How Saco & Biddeford Savings Institution's Savings Rates Compare

Saco & Biddeford Savings Institution Savings 0.30 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Saco & Biddeford Savings Institution Bank has typically extremely low fees in comparison to the average U.S. bank. Saco & Biddeford Savings Institution's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Saco & Biddeford Savings Institution does not refund out-of-network ATM charges, meaning you'll be required to search for a Saco & Biddeford Savings Institution ATM or accept the withdrawal 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

2.9
SmartAsset Average: 3.7

Saco & Biddeford Savings Institution Bank is a brick-and-mortar bank, with eight total bank locations in Maine. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 7:30 a.m. to 6:00 p.m. ET; Saturday, and 7:30 a.m. to 12:00 p.m. ET. Saco & Biddeford Savings Institution's online and mobile banking platforms get mediocre marks from customers. The Saco & Biddeford Savings Institution mobile app scored a 2.0 out of 5 (out of 4 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Saco & Biddeford Savings Institution's app to manage your bank accounts by monitoring monthly statements, sending and receiving funds as well as accessing customer service. Saco & Biddeford Savings Institution gets a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 2.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Saco & Biddeford Savings Institution ranks as a medium-size bank owning $958 million in assets as well as $619 million in deposits. It has a strong Texas Ratio of 5.35%, suggesting a tiny likelihood of failure. Additionally, Saco & Biddeford Savings Institution is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.35%
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 Saco & Biddeford Savings Institution to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.3% APY $1
Checking Account 0.1% APY $500
Certificates of Deposit
  • 12 Month: 2.02% APY
  • 24 Month: 2.25% APY
  • 36 Month: 2.45% APY
  • 60 Month: 2.60% APY
$500 for all terms

Saco & Biddeford Savings Institution Bank has several deposit products like savings accounts, checking accounts and CDs to give you many options to manage your money. Saco & Biddeford Savings Institution 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. Saco & Biddeford Savings Institution's CD rates are fair compared to the national average.

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Find a Saco & Biddeford Savings Institution Near Me

Saco & Biddeford Savings Institution has eight physical branches in the U.S.

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