Notice: All SBSI locations will close at 3:00 PM on New Year’s Eve, Tuesday, December 31st, 2024, and will remain closed on New Year’s Day, Wednesday, January 1st, 2025. Normal business hours will resume on Thursday, January 2nd, 2025.
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FDIC-Insured - Backed by the full faith and credit of the U.S. Government

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FDIC-Insured - Backed by the full faith and credit of the U.S. Government

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Savings

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.

  • 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
  • Greenlight
  • No minimum balance required
  • No maintenance fee
As of December 30, 2024
Mainely Preferred Savings AccountInterest RateAPY*
Less than $25,0000.20%0.20%
At least $25,000 but less than $50,0000.45%0.45%
At least $50,000 but less than $100,0000.65%0.65%
At least $100,000 but less than $250,0001.09%1.10%
At least $250,000 but less than $500,0001.44%1.45%
At least $500,000 but less than $750,0002.18%2.20%
$750,000 or more2.42%2.45%

Fees may reduce earnings on these Savings Accounts. Rates are subject to change after account opening.

*Annual Percentage Yield.

How to Open

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 December 30, 2024
Balances**Interest RateAPY *
$0 to $5,000.991.45%1.46%
$5,001.00 or more0.45%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.

Learn More

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 December 30, 2024
Rates MaturityInterest RateAPY*
6 Month CD1.60%1.61%
7 Month CD New Money**4.17%4.25%
8 Month CD3.93%4.00%
12 Month CD2.20%2.22%
18 Month CD2.40%2.43%
24 Month CD2.96%3.00%
30 Month CD3.93%4.00%
36 Month CD2.96%3.00%
42 Month CD2.96%3.00%
48 Month CD2.96%3.00%
60 Month CD2.96%3.00%
84 Month CD2.96%3.00%
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.

**At least half of the total opening deposit must be new money. New money for this special is defined as funds deposited after December 2nd 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.
How to Open

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.

  • $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 SavingsYouth SavingsCertificates of DepositCDARS®IRAsHSAs
The right fit if you want a…A higher rate and dividends for higher balancesA fun way to teach kids the value of savingA safe, secure way to lock in a great rateA way to protect large deposits with FDIC insurance up to $50 millionA tax-advantaged Retirement Savings PlanA smarter way to manage rising health care costs
Minimum Balance Requirementcheckedchecked$500Varies depending on term$500 for an IRA CD, no minimum for a Money Market IRAchecked
Monthly Service Chargescheckedcheckedcheckedcheckedcheckedchecked
Free ATM Withdrawals1checkedcheckedcheckedcheckedcheckedchecked
Free Online Bankingcheckedcheckedcheckedcheckedcheckedchecked
Free Mobile Bankingcheckedcheckedcheckedcheckedcheckedchecked
Mobile Check Depositcheckedcheckedcheckedcheckedcheckedchecked
Free eStatementscheckedcheckedcheckedcheckedcheckedchecked
Other BenefitsTiered interest ratesCompetitive rates and terms from six to 84 monthsChoose Demand Deposit accounts, Money Market Deposit Accounts or CDsLifetime account with no spending deadlines
1You may incur a charge if you use your card at a non-SBSI ATM.

Calculators

Meet your SBSI Team

Find more of what you're looking for

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.
Learn More

Checking

Free Checking Accounts, Online Checking Accounts, free Debit Cards and more.
Learn More about Checking

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