Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Sanford Institution for Savings Review

Your Details Done
by Updated
Sanford Institution for Savings Savings
0.02% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1933, Sanford Institution for Savings Bank has assets totaling $534 million along with $420 million in deposits, making it a medium-size bank. Sanford Institution for Savings, whose headquarters are in Sanford, Maine, lacks premium access to support representatives, 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 offerings. Overall, Sanford Institution for Savings is a great choice and should warrant serious consideration, with a rating of 4.3 stars out of 5 from our team. Sanford Institution for Savings offers a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Sanford Institution for Savings's ordinary checking account does not have a monthly fee. Finding a bank with free checking and a high savings APY is your best bet for returning the most income on your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

Sanford Institution for Savings has a savings rate of 0.02%, which is fair compared to the national average. Sanford Institution for Savings's one-year CD has a rate of 0.32% and the five-year CD has a rate of 1.71%, while its highest-yielding money market account earns at an APY of 0.05%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Sanford Institution for Savings's Savings Rates Compare

Sanford Institution for Savings Savings 0.02 National Average 0.26 Compare Offers
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

Sanford Institution for Savings charges its customers extremely low fees as compared against the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. Also, at $30.00, it has a considerably lower overdraft fee compared to the national average overdraft fee. Sanford Institution for Savings unfortunately doesn't reimburse out-of-network ATM charges, meaning you will need to locate a Sanford Institution for Savings ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
Back to Overview

Service Quality

4.3
SmartAsset Average: 3.7

Sanford Institution for Savings Bank is a brick-and-mortar bank, with nine total branches in Maine and New Hampshire. It also offers access to mobile and web apps for straightforward access and banking on the go. Sanford Institution for Savings receives great ratings from users for its mobile platform. The Sanford Institution for Savings mobile app has an overall rating of 4.6 out of 5 (with 360 customer reviews on Apple and Android) compared to the national average of 3.8. You can access Sanford Institution for Savings's mobile app to manage your accounts by monitoring current statements, transferring money and accessing support representatives. Sanford Institution for Savings receives a superb consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

5.0
SmartAsset Average: 4.8

Sanford Institution for Savings ranks as a medium-size bank and manages $534 million in assets and deposits totaling $420 million. Its Texas Ratio is 1.74%, suggesting a low chance of failure. Additionally, Sanford Institution for Savings 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 Sanford Institution for Savings to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.02% APY $100
Checking Account 0.02% APY $2500
Certificates of Deposit
  • 12 Month: 0.32% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.01% APY
  • 60 Month: 1.71% APY
$500 for all terms
Money Market Account 0.03% APY $10000

Sanford Institution for Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Sanford Institution for Savings 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. Sanford Institution for Savings's CD rates are fair compared to the average U.S. bank.

Back to Overview

Find a Sanford Institution for Savings Near Me

Sanford Institution for Savings has nine physical branches in the U.S.

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure