Founded in 1827, Saco and Biddeford Savings Institution is the oldest bank in the Pine Tree State. It offers various checking and savings accounts and other financial products, but its rates aren’t competitive and it lacks a nationwide ATM network.
To open an account with Saco and Biddeford Savings, you must meet these requirements.
- At least a part-time resident of Maine
- At least 18 years old or have an adult cosigner
- Valid Social Security number or valid government ID
Saco and Biddeford Savings Institution offers four checking accounts and three savings accounts, among other financial products and services.
- E-Free. The electronic account comes with a debit Mastercard, and you can avoid a fee if you conduct at least four transactions each month.
- Basic. This everyday checking account doesn’t require a minimum balance, but it has an unavoidable $3 monthly maintenance fee.
- Mainely 55. If you’re 55 years or older, you can qualify for this free checking account that includes all the features of Saco and Biddeford Savings’s other checking accounts, plus free checks for life.
- Mainely NOW. Earn 0.08% APY, but only if you have at least $500 in the account at all times. If you fall under this balance, you’ll face a $5 fee.
- Mainely Preferred Savings. This basic savings account has tiered interest rates ranging from 0.10% to 0.45% with no monthly fees or minimum balance requirement.
- Youth Savings. Children up to 15 years old can learn the value of saving with this online account that offers no monthly fees or minimum balance requirement and earns 0.50% APY.
- CDs. Choose a CD term ranging from six months to seven years and APYs spanning from 0.30% to 0.80%. But you’ll need $500 to open.
- Credit cards. Saco and Biddeford Savings Institution provides credit cards that include travel accident insurance, among other benefits.
- Loans. This bank offers auto loans, construction loans and various types of home loans.
- Health Savings Account. Save for future medical expenses with this account that has tiered interest rates and allows for tax-deductible contributions and tax-deferred earnings.
- IRAs. This bank offers CD-based IRAs with competitive interest rates and money market IRAs that allow for smaller, more frequent deposits.
- CDARS. This bank participates in the Certificate of Deposit Account Registry Service, which offers a convenient way to ensure multimillion-dollar CD deposits are safe and earn favorable interest rates.
An account with Saco and Biddeford Savings may meet your financial needs, but be sure to consider the advantages and drawbacks.
- No fee. You won’t pay a monthly fee if you open an E-Free or Mainely 55 checking account.
- Free checks. This bank’s Basic and Mainely Now accounts include a free order of checks, and the Mainely 55 account includes free checks for life.
- Relatively small ATM network. You can only withdraw cash for free at the roughly 200 ATMs in the Maine Cash Access network.
- Low balance to earn interest. You only need $1 in your savings account to start earning interest.
- No minimum balance requirements. There’s no minimum balance requirement to open a savings account with Saco & Biddeford.
- Rates aren’t competitive. Saco and Biddeford savings accounts earn an average APY, you can find better rates with high-yield savings accounts.
- Longer terms. This bank offers CDs with terms of up to seven years, which is longer than what many other banks offer.
- Average APY. CDs from Saco & Biddeford Savings earn a higher APY than the national average, but you’ll still find higher rates with other competitors.
- Products for all ages. Saco and Biddeford Savings has specialized savings accounts for kids and checking accounts for older adults.
- Only eight branches. Saco and Biddeford Savings Institution only has a handful of branches in the state.
- Relatively small ATM network. You can only withdraw cash for free at about 200 ATMs in the Maine Cash Access network.
- No 24/7 phone support. This bank only offers phone support on weekdays from 7:30 a.m. to 6 p.m. and Saturdays from 7:30 a.m. to 12 p.m. ET.
Contact Saco and Biddeford Savings customer service in five ways:
- Call 877-722-6243 or 207-284-4591 weekdays from 7:30 a.m. to 6 p.m. ET and Saturdays from 7:30 a.m. to 12 p.m.
- Initiate a chat via the bank’s website.
- Submit a comment or question through the website’s form.
- Visit a branch
- Send mail to 50 Industrial Park Rd., Saco, Maine 04072.
Saco and Biddeford Savings Institution offers Mainers a decent selection of accounts. But this bank’s APYs can’t compete with high-yield savings accounts, and you can’t withdraw cash from out-of-state ATMs without facing a fee. If you’d like your funds to grow faster, explore other bank accounts