Business Savings

The best bank account for business helps your money grow.

Mainely Preferred Business Savings

Earn more with it as your balance grows in this tiered interest account. Saco & Biddeford Savings offers a tiered account for every need, from small business to large enterprises.

  • Tiered interest rates
  • ATM/Debit access with a Checking Account as the primary account
  • Free direct deposit and automatic withdrawals
  • Free Business Online Banking
  • Free Mobile Banking and Mobile Check Deposit
  • Free eStatements
  • Free Telebanker
  • No maintenance fee
  • $0 - $24,999.99
  • $25,000 - $49,999.99
  • $50,000 - $99,999.99
  • $100,000 - $249,999.99
  • $250,000 - $499,999.99
  • $500,000 - $749,999.99
  • $750,000 +

1No charge by Bank. Additional vendor charges apply.

HSA Accounts

Growing your business takes hard work and a dedicated team, and we understand the need to balance rising health care costs. Our Health Savings Account is an affordable approach to health care for many employers and their employees. 

  • Multiple tax benefits
  • Covers a wide range of qualified medical expenses
  • Reduces out-of-pocket high-deductible health plan costs
  • Earns interest with zero tax burden
  • Flexibility to pay current medical expenses or save for future needs
  • Tax-deductible contributions, FDIC-insured
  • Tax-deferred earnings
  • Tax-free distributions, if qualified
  • Lifetime account with no spending deadlines
  • Great recruitment and retention tool
  • No maintenance fee

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.

Certificates of Deposit (CDs)

Start growing your money today with a CD! We offer many options with your pick of rates and terms.

  • $500 minimum deposit to open
As of July 15, 2024
Rates MaturityInterest RateAPY*
6 Month CD1.60%1.61%
10 Month CD Special4.46%4.55%
12 Month CD2.20%2.22%
18 Month CD2.40%2.43%
24 Month CD3.00%3.04%
30 Month CD3.00%3.04%
36 Month CD3.00%3.04%
42 Month CD3.00%3.04%
48 Month CD3.00%3.04%
60 Month CD3.00%3.04%
84 Month CD3.00%3.04%

Interest rates are subject to change without notice. Substantial penalty for early withdrawal. $500 minimum balance to open the account. Fees may reduce earnings.

*Annual Percentage Yield.
 

CDARS®

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.

Calculators

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