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.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
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 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.
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.
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
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.Back to Overview
Compare Saco & Biddeford Savings Institution to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.3% APY||$1|
|Checking Account||0.1% APY||$500|
|Certificates of Deposit|| ||$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.Back to Overview
Find a Saco & Biddeford Savings Institution Near Me
Saco & Biddeford Savings Institution has eight physical branches in the U.S.Back to Overview