Biddeford Savings Bank is an ordinary bank offering decent account options. To find out if Biddeford Savings Bank is right for you, continue reading the review below.
The one unique thing about Biddeford Savings Bank is that their free checking account can earn interest when other traditional banks can’t.
It seems that this particular bank encourages college students to sign up for their eChecking account as it allows students to bank with ease without having to worry about monthly fees or minimum balance requirements.
Table of Contents
- 1 Checking Account Options
- 2 Compare Checking Accounts
- 3 Savings Account Options
- 4 Compare Savings Accounts
- 5 CD Account Options
- 6 Compare CD Accounts
- 7 Reasons to Bank with Biddeford Savings Bank
- 8 Reasons Not to Bank with Biddeford Savings Bank
- 9 Biddeford Savings Bank Routing Number
- 10 Contact Customer Service
- 11 How Biddeford Savings Bank Compares
- 12 Bottom Line
Checking Account Options
Biddeford Savings Bank offers a decent selection of checking accounts that all come with similar benefit. Each checking account requires you to call the bank to open an account.
This is Biddeford Savings Bank ‘s standard checking account and the good news is, it earns interest!
It also has no monthly fees nor minimum requirements.
This is an online checking account and it’s geared toward college students.
With 24/7 online banking, students can access their account information easily without having to go to a physical bank.
There are also no monthly fees nor minimum balance requirements.
Students can also receive a free Biddeford Savings Bank Debit Card!
This checking account is for those who tend to keep a higher balance because it will earn higher interest rates.
It comes with everything a standard checking account has, but also discounted items including loan rates.
Compare Checking Accounts
Savings Account Options
Biddeford Savings Bank has one regular savings account that is pretty standard and can earn interest easily.
This is Biddeford Savings Bank ‘s standard savings account and the good news is, it earns tiered interest rates!
It also has no monthly fees nor minimum requirements.
You will need a minimum deposit of $25 to open this account.
With just $25 as an opening deposit, you can start earning interest and it will be compounded monthly.
There are also no minimum balance requirements nor fees.
With $25, you can open this account and earn higher, competitive interest rates.
You will need to maintain a daily balance of $5,000 in order to waive the $5 monthly fee and to continuously earn interest.
Compare Savings Accounts
Open a Discover Online Savings Account for all these features:
• Bonus offer applies for your first Discover Online Savings Account
• Earn $200/$150 Bonus with promo code HMB21 by 12/15/2021
• Fund your first savings account with at least of $25K within 30 days of account open date to earn the $200 Bonus
• Fund your first savings account with at least of $15K within 30 days of account open date to earn the $150 Bonus
• Earn high interest rate of 0.40% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
See advertiser website for full details
With the American Express® High Yield Savings Account:
• Earn 0.40% APY on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• No monthly fees, no minimum balance.
• 24/7 Account Access
CD Account Options
Biddeford Savings Bank offers CDs with competitive rates. Each CD requires a $1,500 opening deposit.
Their CDs earn high competitive rates and the terms range from 91 days – 5 years.
To learn more about their CDs, click here.
The CDs will automatically renew upon maturity.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 0.20% APY up to 0.80% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn 0.30% APY on a 12-Month CD Term
• Earn up to 0.50% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
Reasons to Bank with Biddeford Savings Bank
- All their accounts are relationship accounts.
- Their free checking account actually earns interest!
- They have easily waiveable monthly fees.
- They have a students checking account that is directed towards college students.
- Their CDs earn pretty high interest rates.
- Their customer service page is lacking, there is no general customer service line.
- They have a good ratio of checking to savings accounts.
- Conduct all your banking online or through the Biddeford Savings Bank mobile app.
Reasons Not to Bank with Biddeford Savings Bank
- They are on located in Maine and has 6 total banks.
- Their free checking account still requires an opening deposit of $100.
- They don’t have 24-hour banking.
- Their online website honestly lacks crucial information that other banks have.
- They don’t have a senior checking account.
- You have to call to open any of their checking accounts which can be inconvenient.
- They could earn slightly higher interest rates on their savings accounts.
Biddeford Savings Bank Routing Number
The routing number for Biddeford Savings Bank varies depending on state and regions. You can also check the lower left corner of your Biddeford Savings Bank check.
Contact Customer Service
Biddeford Savings Bank advises you to fill out a request form on their website if you have any questions concerning your accounts or other banking issues.
How Biddeford Savings Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Discover Bank: Discover Bank is also an online nationwide bank that offers bonuses for their checking and savings accounts! You can earn cash back rewards when you open a checking account and generous bonuses for opening a savings one.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
If you aren’t looking for anything too complex when it comes to opening a checking or savings account and happen to live in Maine, the Biddeford Savings Bank might have what you’re looking for.
Their accounts are pretty simplistic and consistent, individuals, especially students might prefer to bank with them because of the eChecking account. Their free checking account also earns interest which is rare, so that’s another unique feat.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If Biddeford Savings Bank has the variety and options you’re looking for, apply today! For more options from a variety of banks, see our list of the best bank promotions!