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Saco & Biddeford Savings Institution Review

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Saco & Biddeford Savings Institution Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1827, Saco & Biddeford Savings Institution Bank has assets totaling $958 million and $619 million in deposits, which makes the institution a medium-size bank. Saco & Biddeford Savings Institution, whose headquarters are in Saco, Maine, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional 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 solid pick to be your bank, with a rating of 4.2 out of 5 stars from the SmartAsset experts. Saco & Biddeford Savings Institution offers a selection of banking products, 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 interested in stress-free personal checking, Saco & Biddeford Savings Institution's standard checking account does not have a monthly fee. Institutions that offer no-fee checking and a high savings APY are your best option for getting the highest income on your deposits while having easy access to your money.

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 0.25%, Saco & Biddeford Savings Institution ranks poorly as compared against the national average. Its CDs feature a rate of 1.56% and 2.60% for the one-year and five-year term lengths, respectively. Given Saco & Biddeford Savings Institution's poor savings rate, you should consider taking a look at other banks for savings accounts.

How Saco & Biddeford Savings Institution's Savings Rates Compare

Saco & Biddeford Savings Institution Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Saco & Biddeford Savings Institution charges customers extremely low fees in comparison to the national average. With no monthly fee, Saco & Biddeford Savings Institution is ideal for those who want a basic checking account. Saco & Biddeford Savings Institution does not refund out-of-network ATM charges, which means you will have to find a Saco & Biddeford Savings Institution ATM or eat 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 bank locations in Maine. It also offers access to mobile and web apps for easy access and banking on the go. It does not have all-day customer service with actual service 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 gets inferior marks from users for its mobile app. Out of 4 ratings on Apple and Android platforms, the Saco & Biddeford Savings Institution mobile app has an overall rating of 2.0 out of 5 (compared to the national average of 3.8). You can use Saco & Biddeford Savings Institution's app to manage your bank accounts by looking at monthly statements, sending and receiving money as well as reaching support representatives. Saco & Biddeford Savings Institution receives an outstanding consumer satisfaction score based on comparatively few complaints brought to 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 and has assets totaling $958 million and $619 million in deposits. Saco & Biddeford Savings Institution has a strong Texas Ratio of 5.35%, signifying that Saco & Biddeford Savings Institution is in good financial condition and improbable 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 0.25% APY $1
Checking Account 0.1% APY $500
Certificates of Deposit
  • 12 Month: 1.56% 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 including 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 consider other options 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 in comparison to the average U.S. bank.

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Find a Saco & Biddeford Savings Institution Near Me

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

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