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Saco & Biddeford Savings Institution Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
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 along with deposits totaling $619 million, classifying the institution as a medium-size bank. Saco & Biddeford Savings Institution, whose headquarters are in Saco, Maine, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Saco & Biddeford Savings Institution is a great bank that you should seriously consider, with a rating of 4.2 out of 5 stars from the SmartAsset experts. Saco & Biddeford Savings Institution has an array product offerings, which include savings accounts, checking accounts, CDs, IRAs and mortgage products. Saco & Biddeford Savings Institution has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's most basic checking account does not carry a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same institution is your best option for gaining the most income on your deposits alongside 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

With a savings rate of 0.30%, Saco & Biddeford Savings Institution ranks poorly compared to other U.S. banks. Saco & Biddeford Savings Institution's one-year and five-year term lengths CDs earn at a rate of 2.02% and 2.60%, respectively. Given its below average savings rate, you should consider other options to earn more on your deposits.

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 typically has extremely low fees compared to the average U.S. bank. With no monthly fee, Saco & Biddeford Savings Institution is ideal for those who want a basic checking account. Saco & Biddeford Savings Institution unfortunately does not refund out-of-network ATM charges, which means you'll be required to find a Saco & Biddeford Savings Institution ATM or accept the cost of withdrawal.

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 branches in Maine. With mobile and web apps, Saco & Biddeford Savings Institution makes mobile banking easy, even on the go. It does not offer all-day customer service with representatives. You can get help during its 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 receives unsatisfactory marks from users for its mobile banking services. Out of 4 ratings across both Apple and Android platforms, the Saco & Biddeford Savings Institution mobile app rates a 2.0 out of 5 (compared to the national average of 3.8). You can access Saco & Biddeford Savings Institution's mobile app to manage your funds by reviewing account balances, sending and receiving money as well as reaching support representatives. Saco & Biddeford Savings Institution receives an exceptional consumer satisfaction rating based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 is currently a medium-size bank with $958 million in assets as well as $619 million in deposits. Its Texas Ratio is 5.35%, denoting that Saco & Biddeford Savings Institution is in fine financial shape and unlikely to fail. 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 that provide you with many options to manage your money. Saco & Biddeford Savings Institution 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. Saco & Biddeford Savings Institution's CD rates are fair compared to other U.S. banks.

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Find a Saco & Biddeford Savings Institution Near Me

Saco & Biddeford Savings Institution has eight physical locations across the U.S.

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