Checking
Free Checking Accounts, Online Checking Accounts, free Debit Cards and more.
Mainely Preferred Savings
The more you save, the more you earn! Reap the returns with this tiered interest Saving Account.
- Tiered interest rates
- ATM/debit access with Checking Account as primary account1
- Free Direct Deposit and Automatic Withdrawals
- Free Online Banking
- Free Mobile Banking and Mobile Check Deposit
- Free eStatements
- Free Telebanker
- No minimum balance required
- No maintenance fee
As of November 21, 2024
| Mainely Preferred Savings Account | Interest Rate | APY* |
|---|---|---|
| Less than $25,000 | 0.20% | 0.20% |
| At least $25,000 but less than $50,000 | 0.45% | 0.45% |
| At least $50,000 but less than $100,000 | 0.65% | 0.65% |
| At least $100,000 but less than $250,000 | 1.09% | 1.10% |
| At least $250,000 but less than $500,000 | 1.44% | 1.45% |
| At least $500,000 but less than $750,000 | 2.18% | 2.20% |
| $750,000 or more | 2.42% | 2.45% |
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.
Youth Savings
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.
- Free Online Banking
- Free Mobile Banking and Mobile Check Deposit
- Free eStatements
- Two-tiered interest rates
- No minimum balance required
- No maintenance fee
- Must be 15 years or younger to open account
As of November 21, 2024
| Balances** | Interest Rate | APY * |
|---|---|---|
| $0 to $5,000.99 | 1.45% | 1.46% |
| $5,001.00 or more | 0.45% | 0.45% |
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 0.45% to 1.46% 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.
- Free Online Banking
- Free Mobile Banking
- Free eStatements
- Free Telebanker
- Competitive rates and terms
- Available as an IRA invested in CDs
- $500 minimum deposit to open
As of November 21, 2024
| Rates Maturity | Interest Rate | APY* |
|---|---|---|
| 6 Month CD | 1.60% | 1.61% |
| 7 Month CD New Money Special** | 4.41% | 4.50% |
| 8 Month CD | 4.00% | 4.07% |
| 12 Month CD | 2.20% | 2.22% |
| 18 Month CD | 2.40% | 2.43% |
| 22 Month CD New Money Special ** | 3.69% | 3.75% |
| 24 Month CD | 3.45% | 3.51% |
| 30 Month CD | 3.00% | 3.04% |
| 36 Month CD | 3.00% | 3.04% |
| 42 Month CD | 3.00% | 3.04% |
| 48 Month CD | 3.00% | 3.04% |
| 60 Month CD | 3.00% | 3.04% |
| 84 Month CD | 3.00% | 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.
**At least half of the total opening deposit must be new money. New money for this special is defined as funds deposited between November 4th and November 30th for the first time, or funds that have not been on deposit at SBSI in the last 90 calendar days. Other terms and rates available. Fees may reduce earnings. Early withdrawal penalties apply.
*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.
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.
- Free Online Banking
- Free Mobile Banking
- Free eStatements
- Competitive interest rates
- Various rates and terms
- $500 minimum deposit to open IRA CD
- No minimum balance to open a Money Market IRA
- No maintenance fees
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.
HSAs
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.
- Tiered interest rates
- Free ATM/Debit Card withdrawal at all SBSI ATMs3
- Free Online Bill Pay and Online Banking
- Free Mobile Banking and Mobile Check Deposit
- Free eStatements
- Free first order of checks4
- Flexibility to pay current medical expenses or save for future needs
- Tax-deductible contributions, FDIC-insured
- Tax-deferred earnings
- Tax-free distributions, if qualified
- Balance carries over from year to year
- Lifetime account with no spending deadlines
- No minimum balance required
- No maintenance fee
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.
Account Details
Pick the accounts that work for you.
| 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 | | | | | | |
| Mobile Check Deposit | | | | | | |
| Free eStatements | | | | | | |
| Other Benefits | Tiered interest rates | Competitive rates and terms from six to 84 months | Choose Demand Deposit accounts, Money Market Deposit Accounts or CDs | Lifetime account with no spending deadlines |
1You may incur a charge if you use your card at a non-SBSI ATM.
Calculators
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Million Dollar Calculator
Learn how much you need to save each month to accumulate a million dollars.
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Investment Calculator
Got a big investment goal? Estimate the future value of an amount you invest today.
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Savings Calculator
How much can you save over time? Plug in your monthly deposit, rate and term to find out.
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Double Your Savings
How long will it take to double your savings? Find out based on your deposits.
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Savings Goal Calculator
Have a savings goal? See how long it will take to achieve it.
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Greenlight
With a debit card of their own, kids and teens learn to earn, save, and spend wisely — while you check in by app, send money instantly, set flexible controls, and get real-time notifications.
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