Saco & Biddeford Savings Institution Review

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.

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

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 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.

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.

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

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.

Products Offered

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.

Find a Saco & Biddeford Savings Institution Near Me

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