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Sanford Institution for Savings Review

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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 as well as $420 million in deposits, making the institution a medium-size bank. Sanford Institution for Savings, whose headquarters are in Sanford, Maine, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4.3 out of 5 stars, Sanford Institution for Savings proves it is a solid contender in your bank search. Sanford Institution for Savings offers a complete choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Sanford Institution for Savings has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Sanford Institution for Savings's standard checking account does not have a monthly charge. Banks that offer no-fee checking as well as a high savings APY are the best option for getting the most income from your deposits alongside convenient access to your funds.

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

With a savings rate of 0.02%, Sanford Institution for Savings ranks poorly compared to the average U.S. bank. Its one-year CD earns at a rate of 0.60% and the five-year CD earns at a rate of 1.71%, while its highest-yielding money market account has a rate of 0.05%. Given its noncompetitive savings rate, you should consider taking a look at other banks for savings accounts.

How Sanford Institution for Savings's Savings Rates Compare

Sanford Institution for Savings Savings 0.02 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Sanford Institution for Savings charges customers extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Also, Sanford Institution for Savings has an overdraft fee of $30.00, which is significantly lower than the average U.S. overdraft fee. Sanford Institution for Savings unfortunately does not refund out-of-network ATM charges, meaning you'll need to locate a Sanford Institution for Savings ATM or pay 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
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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 easy access and banking on the go. Sanford Institution for Savings's online and mobile banking platforms get high marks from customers. The Sanford Institution for Savings mobile app rates a 4.6 out of 5 (with 360 ratings on iOS and Android) compared to the national average of 3.8. You can use Sanford Institution for Savings's mobile app to control your funds by checking current statements, transferring funds and accessing support representatives. Sanford Institution for Savings gets a superb consumer satisfaction score based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Sanford Institution for Savings is currently a medium-size bank with $534 million in assets as well as deposits totaling $420 million. Sanford Institution for Savings's Texas Ratio is 1.74%, suggesting a low probability 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.

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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: 0.60% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.01% APY
  • 60 Month: 1.71% APY
$500 for all terms
Money Market Accounts 0.03% APY 0.05% APY $10000 $15000

Sanford Institution for Savings Bank has several deposit products including 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 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. Sanford Institution for Savings's CD rates are fair in comparison to other U.S. banks.

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Find a Sanford Institution for Savings Near Me

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

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