Maine's oldest bank (founded 1827) offering checking, savings, debit cards, and digital banking with competitive rates and FDIC insurance.
Data compiled from public sources · Rating from CreditDoc methodology
Saco & Biddeford Savings Institution is the longest-operating bank in Maine, established in 1827. The institution positions itself as a community-focused hometown bank with a mission to serve with compassion while striving for excellence. It operates with full FDIC insurance backing, providing depositors with federal protection.
The bank offers a range of retail banking products including checking accounts, savings accounts, debit cards, and credit cards. 00% APY with no large minimum balance requirement. Customers can access their accounts through an award-winning online and mobile banking platform, enabling digital banking and on-the-go account management.
Saco & Biddeford distinguishes itself through its long operational history as Maine's oldest bank and emphasis on community engagement, including sponsorship of local businesses and cultural events. The bank maintains physical branch locations with published hours and provides personalized customer support through online chat and contact options. Their routing number (211272630) is publicly listed, indicating established banking infrastructure.
As a traditional community bank, Saco & Biddeford is best suited for customers seeking established, FDIC-insured banking with local roots rather than specialized financial services. The website content focuses on basic banking products and does not indicate offerings in mortgages, business loans, or investment services, suggesting a retail-focused institutional model. Prospective customers should verify current rates and product availability directly, as website content may not reflect all offerings or real-time rate changes.
Saco & Biddeford Savings Institution processed 276 mortgage applications in 2023, approving 81.2% of applicants across 1 states.
276
Applications
81.2%
Approval Rate
$492K
Avg Loan
1
States Served
Based on 276 applications. Income in thousands (reported by applicant).
Source: CFPB Home Mortgage Disclosure Act (HMDA) Data, 2023. Applications include originated, approved, and denied loans.
Saco & Biddeford Savings Institution offers 12 services including Checking accounts, Savings accounts, Mutual High Yield Savings accounts, Debit cards, Credit cards, and 7 more.
Saco & Biddeford Savings Institution is best suited for Maine residents seeking FDIC-insured banking from an established local institution, Savers looking for competitive high-yield savings rates with minimal deposit requirements, Customers prioritizing community bank relationships and local business support.
Key strengths: Longest-operating bank in Maine with 197-year operational history (founded 1827); FDIC-insured deposits backed by U.S. government full faith and credit; Mutual High Yield Savings account offers 3.00% APY with no large minimum balance. Areas to consider: Website does not display current APY rates for checking or other savings products beyond the High Yield Savings account; No information provided about mortgage, business loan, or investment products, limiting service scope.
In the Banks category, comparable providers include Androscoggin Savings Bank, Aroostook County Federal Savings and Loan Association, Auburn Savings Bank, FSB. Each company has different strengths — compare services, pricing, and consumer complaint records to find the best fit.
CreditDoc Diagnosis
Saco & Biddeford Savings Institution is best for Maine residents and regional customers seeking traditional community banking with FDIC protection and a competitive high-yield savings option. The primary caveat is that the website provides limited information on account fees, rate details for other products, and does not clearly advertise mortgage or business lending services, so prospective customers should contact the bank directly to confirm all available products and current terms.
Maine-based community bank and certified B Corporation offering checking, savings, loans, and mortgages with a focus on local lending and social responsibility.
Best for: Maine residents seeking traditional banking with community reinvestment focus, Consumers prioritizing B Corporation values and ethical banking practices
Mutual savings bank serving Aroostook County since 1936, offering checking, savings, mortgages, and consumer loans with over $200 million in assets.
Best for: Aroostook County residents seeking a local mortgage lender with community ties and in-house loan decisions, Families and small business owners prioritizing personalized service and local community reinvestment
Auburn Savings Bank, FSB is a community bank serving Lewiston-Auburn since 1887, offering personal and business banking with local decision-making and relationship-focused service.
Best for: Small business owners and entrepreneurs in Lewiston-Auburn seeking personalized lending and local relationships, Homebuyers and mortgage refinancers in the region wanting accessible loan officers and flexible terms
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