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Compare Saco and Biddeford Savings Savings Institution’s checking and savings

This bank offers various financial products, but its APYs are low and its ATM network is small.

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Saco and Biddeford Savings

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.

Am I eligible?

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

What banking products does Saco and Biddeford Savings offer?

Saco and Biddeford Savings Institution offers four checking accounts and three savings accounts, among other financial products and services.

Checking

  • 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.

Savings

  • 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.

Other products

  • 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.

How does Saco and Biddeford Savings compare to other banks?

An account with Saco and Biddeford Savings may meet your financial needs, but be sure to consider the advantages and drawbacks.

Checking accounts

Pros

  • 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.

Cons

  • Relatively small ATM network. You can only withdraw cash for free at the roughly 200 ATMs in the Maine Cash Access network.

Savings accounts

Pros

  • 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.

Cons

  • Rates aren’t competitive. Saco and Biddeford savings accounts earn an average APY, you can find better rates with high-yield savings accounts.

CDs

Pros

  • Longer terms. This bank offers CDs with terms of up to seven years, which is longer than what many other banks offer.

Cons

  • 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.

Overall banking

Pros

  • Products for all ages. Saco and Biddeford Savings has specialized savings accounts for kids and checking accounts for older adults.

Cons

  • 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.

Compare Saco and Biddeford Savings with leading bank accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
0.20%
$0
$100
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
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Compare up to 4 providers

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
60,000+ fee-free ATMs
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Current
Finder Rating: 3.8 / 5: ★★★★★
Current
N/A
$0
over 55,000 free in-network ATMs
$0
Current connects your money to friends, family, brands, and experiences that matter.
Chase Total Checking®
Finder Rating: 3 / 5: ★★★★★
Chase Total Checking®
N/A
$0
Access to 16,000 ATMs and more than 4,700 branches nationwide
$2.50
Chase Total Checking is easy to use and gives you access to 16,000 ATMs and more than 4,700 branches. It offers a $225 signup bonus to new Chase customers
OnJuno
Finder Rating: 4.8 / 5: ★★★★★
OnJuno
Up to 2.15%
$0
more than 85,000 ATMs nationwide
$0
OnJuno embraces an open banking system for everyone, regardless of their age, location, or income.
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Compare up to 4 providers

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
0.6%
0.75%
1%
1.11%
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
Radius Bank CDs
0.5%
0.5%
0.5%
0.5%
0.5%
Enjoy a low minimum deposit of $500 and earn 0.5% APY on your balance. Apply online for 1 year, 18 month and 3 year terms.
CIT Bank Term CDs
0.3%
0.3%
0.4%
0.4%
0.5%
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Discover CDs
0.5%
0.5%
0.5%
0.55%
0.6%
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.
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Saco and Biddeford Savings customer service

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.

Bottom line

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.

Frequently asked questions

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