Best Banks and Credit Unions in Maine
1. Atlantic Federal Credit Union
Savings APY: 0.05% to 1.00%
CD APY: 1-year – 2.50%, 2-year – 2.30%, and 5-year – 1.75% with a minimum deposit of $500.
Monthly Fees: No monthly fees
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? There are 10 branches of Atlantic Federal Credit Union in the state.
Featured Product Offerings: The Atlantic Federal Credit Union offers free Kasara savings account with the highest APY, it also offers a money market account and free checking account.
Pros:
- No monthly fees
Cons
- Low interest rates
Atlantic Federal Credit Union was founded in 1935 by a group of AT&T Western Electric employees in Kearny, New Jersey. They were dedicated to building a not-for-profit financial cooperative to meet their savings and borrowing needs — an especially formidable task in that depression era.
Over the years they’ve grown from a one-company credit union to serving the Union and Essex County communities. They have worked hard to keep up with the times, as evidenced by our online banking and mobile banking services.
2. Maine Savings Federal Credit Union
Savings APY: 0.10% to 0.50%
CD APY: 1-year – 2.22%, 2-year – 2.43%, and 5-year – 3.04% with a minimum deposit of $500.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? There are 11 branches of Maine Savings Federal Credit Union in the state.
Featured Product Offerings: The Maine savings federal credit union offers multiple options for CDs with the highest APY of 5.12% with a minimum deposit of $500.
Pros:
- No monthly fees
- Impressive APY on CDs
Cons
- Limited brick-and-mortar stores
Maine Savings Federal Credit Union is a financial institution that provides banking and lending services to the residents of Maine. The credit union was established in 1961 and is headquartered in Hampden, Maine. It has grown to serve over 34,770 members in total.
The credit union offers several different types of accounts for their customers. These include checking accounts, savings accounts, money market accounts, IRAs, and certificates of deposit (CD). They also offer loans such as mortgages and home equity loans as well as other loan products such as student loans and car loans.
Maine Savings Federal Credit Union is one of the best credit unions in Maine because it offers competitive rates on deposits, low interest rates on loans, high-yield CDs, free checking accounts with no minimum balance requirement or monthly service charge, and many more benefits to its customers.
3. Maine State Credit Union
Savings APY: 0.05%
CD APY: 1-year – 2.10%, 2-year – 2.25%, and 5-year – 2.50 % with a minimum deposit of $500.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? There are branches of Mainestate Credit Union in the state. And utilize the surcharge-free SURF ATM Network at your convenience. Plus, when you’re traveling or away at school, you have access to over 5,000 credit union branches nationwide.
Featured Product Offerings: Term share savings account of 4.00% APY with a minimum deposit of $1000 and also personal loan at as low as 7% for 5 years.
Pros:
- $5 minimum to open
- Free eStatements
- Access funds via Online Advantage+, Mobile Banking,
Cons
- Low-interest on savings and CDs
Maine State Credit Union provides a full range of convenient, affordable and sound financial services products to the people of Kennebec and Somerset counties as well as employees of the state of Maine. Products include checking and savings accounts, IRAs, business services, credit cards, auto loans, home loans, personal loans, energy loans, online and mobile banking and more.
4. Bank of America
Savings APY: 0.01% to 0.04%
CD APY: 1-year – 0.03%, 3-year – 0.03%, and 5-year – 0.03% with a minimum deposit of $1,000.
Monthly Fees: $12
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? The Bank of America has 4,100 retail banking branches and 16000 free ATMs across the United States.
Pros:
- Waivable monthly fees
- Multiple branches and free ATMs.
- Convenient customer service channels
Cons
- Low-interest on savings and CDs
Bank of America is the second largest bank in the United States by assets. It is also the second-largest bank in terms of market capitalization. It is also a multinational bank and financial services company that operates as a bank holding company.
Bank of America offers a range of financial services for both large and small businesses, as well as individual customers.
It provides banking, investing, and other financial services to more than 20 million customers. It is one of the Big Four banks, along with JPMorgan Chase, Citigroup, and Wells Fargo. Bank of America offers banking, investing, credit cards, mortgages, loans, and other financial services to individuals and businesses.
5. TD Bank
Savings APY: 0.01% to 0.05%
CD APY: 1-year – 0.05%, 3-year – 0.05%, and 5-year – 0.05% with a minimum deposit of $250.
Monthly Fees: $15
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Around 172 branches are located throughout the Carolinas and Florida, with over 1,900 ATMs.
Pros:
- 24/7 phone support and long banking hours for customer service
- No monthly fee for a checking account if you maintain a $100 balance
Cons
- $3 fee for using a card on nin-TD ATMs
TD Bank USA is one of the leading banks in the state of Florida. It offers a variety of financial products and services for both personal and commercial banking needs. TD Bank USA is headquartered in Cherry Hill, New Jersey, United States.
TD Bank USA is a subsidiary of TD Bank, the seventh-largest bank by deposits in the United States. It has over 1,100 stores & 700 ATMs across the United States.
TD Bank was founded in January 1852 as The Toronto-Dominion Bank of Toronto, Canada. In 1955, it changed its name to The Dominion Bank of Canada and in 1997 to TD Canada Trust.
6 . KeyBank
Savings APY: 0.05%
CD APY: 0.05%
Monthly Fees: $0
Federally Insured by: KeyCorp Insurance Agency USA Inc. (KIA)
How many branches are in the State? KeyBank has over 1000 branches and 40000+ ATMs across the 15 states of America. They also have business offices in 39 states.
Featured Product Offerings: Term share savings account of 4.00% APY with a minimum deposit of $1000 and also personal loan at as low as 7% for 5 years.
Pros:
- No monthly fees on savings account
- Nationwide presence
- Low-interest rates on loans
- Extensive insurance products
Cons
- Low APY on savings and CDs
- Multilevel overdraft calculation
KeyBank is a subsidiary of KeyCorp headquartered in Cleveland, Ohio. It is a leading regional bank in the United States. The bank has 39 business offices across the country. KeyBank was ranked 449th on the Fortune 500 list for the year 2022.
The bank has a wide range of banking and financial services to offer including certificates of deposit, money market accounts, savings accounts and checking accounts, and loan and investment consulting services to retail, small business, corporate, commercial, individual, and investment clients.
The bank has a strong reputation for its credible credit scoring, loan servicing, and collection capabilities. KeyBank is one of the largest bank-based financial services companies in America. It offers 24/7 customer service and has online banking and mobile app features. As per 2022 data, KeyBank owns assets worth $187 billion.
7. Town & Country Federal Credit Union
Savings APY: 0.10% to 0.20%
CD APY: 1-year – 2.53%, 2-year – 2.73%, and 5-year – 3.09% with a minimum deposit of $500.
Monthly Fees:
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? The Town & Country Federal Credit Union has 7 branches in the state.
Featured Product Offerings: The bank is offering an 18-month CD at an APY of 3.25%. It also offers a variety of banking services to help businesses thrive.
Pros:
- No monthly fees
- Competitive CDs APY
Cons
- Limited branches
Town & Country Federal Credit Union is the best credit union in Maine. It has been around for over 60 years and has grown to be one of the largest credit unions in the state with over $514.2 million in assets.
The Town & Country Federal Credit Union offers a wide range of financial services including checking accounts, savings accounts, certificates of deposit, and personal loans. They also offer auto loans, home mortgages, and more.