Let’s match up your goals with the best Savings Account to meet your needs.
Mainely Preferred Savings
The more you save, the more you earn! Reap the returns with this tiered interest Saving Account.
|Mainely Preferred Savings Account||Interest Rate||APY*|
|Less than $25,000||0.50%||0.50%|
|At least $25,000 but less than $50,000||0.80%||0.80%|
|At least $50,000 but less than $100,000||1.00%||1.00%|
|At least $100,000 but less than $250,000||1.44%||1.45%|
|At least $250,000 but less than $500,000||1.79%||1.80%|
|At least $500,000 but less than $750,000||2.57%||2.60%|
|$750,000 or more||2.81%||2.85%|
Fees may reduce earnings on these Savings Accounts. Rates are subject to change after account opening.
*Annual Percentage Yield.
1You may incur a charge if you use your card at a non-SBSI ATM.
Looking for a hands-on way to teach your child about the value of saving? Our Savings Account for kids is a great place to start.
|Balances**||Interest Rate||APY *|
|$0 to $5,000.99||1.50%||1.51%|
|$5,001.00 or more||0.50%||0.50%|
Fees may reduce earnings on these savings accounts.
Rates are subject to change after account opening.
*Annual Percentage Yield.
**Annual percentage yield for this tier will range from 0.50% to 1.51% depending on the balance in the account.
Certificates of Deposit (CDs)
Start growing your money today with a CD! We offer many options with your pick of rates and terms.
|Rates Maturity||Interest Rate||APY*|
|6 Month CD||1.60%||1.61%|
|9 Month CD Special - initial deposit under $100,000||4.00%||4.07%|
|9 Month CD Special - initial deposit over $100,000||4.15%||4.23%|
|12 Month CD||2.20%||2.22%|
|18 Month CD||2.40%||2.43%|
|24 Month CD BUMP UP**||4.41%||4.50%|
|30 Month CD||3.00%||3.04%|
|36 Month CD||3.69%||3.75%|
|48 Month CD Special - initial deposit under $100,000||4.17%||4.25%|
|48 Month CD Special - initial deposit over $100,000||4.41%||4.50%|
|60 Month CD||3.69%||3.75%|
|84 Month CD||3.00%||3.04%|
Interest rates are subject to change without notice. Substantial penalty for early withdrawal. Minimum deposit of $500 is required to open a CD. Fees may reduce earnings.
*Annual Percentage Yield.
**If we offer a higher interest rate on a 24 Month CD during the term of your CD, you have a one-time option to increase your rate to match the newest rate without a penalty! The one-time option can be communicated by phone, in writing or in person by any of the owner(s) of the CD. Executing a rate bump will not extend your Certificate’s maturity date. You are permitted to have only one interest rate increase (bump up) for the initial term. Subsequent renewals of this Certificate will not have this feature.
If you're looking for a way to keep large deposits safe, CDARS® allocates your investment across multiple financial institutions to ensure full FDIC coverage2. Conveniently secure funds in your choice of Demand Deposit Accounts, Money Market Deposit Accounts or CDs.
CDARS®, which stands for Certificate of Deposit Account Registry Service, is a registered service mark of IntraFi Network, LLC.
2Funds may be submitted for placement only after a depositor enters into the CDARS® Deposit Placement Agreement with Saco & Biddeford Savings. The agreement contains important information and conditions regarding the placement of funds by us.
Individual Retirement Accounts (IRAs)
Maximize the years ahead with the interest and tax benefits of a Traditional or Roth IRA. Choose from IRA CDs or Money Market IRAs – perfect for an emergency fund. Both options are safe, secure and FDIC-insured.
NOTE: We strongly recommend seeking the counsel of an attorney and/or other qualified tax advisor on the specific legal and tax consequences of any retirement plan for your particular needs.
Looking for a way to stay on top of rising health care costs? Open a Health Savings Account (HSA). An HSA gives you built-in tax benefits and dedicated health care savings. Got a high-deductible health plan? All the more reason.
3You may, however, incur a charge if you use your card at an ATM that we do not own.
4Restrictions may apply to certain check types. Quantity varies based on account type.
NOTE: We strongly recommend seeking the counsel of an attorney and/or other qualified tax advisor on the specific legal and tax consequences of any Health Savings Plan for your particular needs.
Choose the best Savings Account for your needs.
|Mainely Preferred Savings||Youth Savings||Certificates of Deposit||CDARS®||IRAs||HSAs|
|The right fit if you want a…||A higher rate and dividends for higher balances||A fun way to teach kids the value of saving||A safe, secure way to lock in a great rate||A way to protect large deposits with FDIC insurance up to $50 million||A tax-advantaged Retirement Savings Plan||A smarter way to manage rising health care costs|
|Minimum Balance Requirement||$500||Varies depending on term||$500 for an IRA CD, no minimum for a Money Market IRA|
|Monthly Service Charges|
|Free ATM Withdrawals1|
|Free Online Banking|
|Free Mobile Banking and Mobile Check Deposit|
|Other Benefits||Tiered interest rates, monthly dividends||Competitive rates and terms from six to 84 months||Choose Demand Deposit accounts, Money Market Deposit Accounts or CDs||Contribute up to $6,500 per year if you’re under 50, $7,500 if over 50||Lifetime account with no spending deadlines|
Learn how much you need to save each month to accumulate a million dollars.
Got a big investment goal? Estimate the future value of an amount you invest today.
How much can you save over time? Plug in your monthly deposit, rate and term to find out.
How long will it take to double your savings? Find out based on your deposits.
Have a savings goal? See how long it will take to achieve it.
Meet your SBSI Team
Find more of what you're looking for