Best CD Rates in Maine

Maine’s financial institutions offer a variety of CD rates that serve all those investors who are looking for secure and profitable havens for their money. Whether you’re a local Mainer saving for a dream vacation or a prudent investor planning for future financial goals, navigating through the diverse options to find the most competitive CD rates can be as rewarding.

Let’s dive into the best CD rates in the Maine guide. It helps you in the thorough journey that promises not only security but also the satisfaction of maximizing your savings potential.

Overall Best CD rates in Maine

No.	Bank Name	APY	Term Length	Address
1	Five County Credit Union	5.50%	18-month	765 Washington Street, Bath, ME 04530
2	Acadia Federal Credit Union	5.37%	12-month	69 Pleasant St Fort Kent, ME 04743
3	Eastern Maine Medical Center Federal Credit Union	5.37%	12-month	849 Stillwater Ave Bangor, ME 04401
4	Community Credit Union	5.35%	12-month	1025 Auburn Rd Turner, ME 04282
5	Lisbon Community Federal Credit Union	5.33%	12-month	802 Sabattus St Lewiston, ME 04240
6	Able Bank	5.30%	6-month	P O Box 2606 Lewiston, ME 04241
7	Central Maine Federal Credit Union	5.30%	12-month	1000 Lisbon St PO Box 1746 Lewiston, ME 04240
8	Seaboard Federal Credit Union	5.30%	18-month	177 Main Street, Bucksport, ME 04416
9	Dirigo Federal Credit Union	5.30%	18-month	381 Main Street, Lewiston, ME 04240
10	Lisbon Community Federal Credit Union	5.30%	18-month	325 Lisbon St, Lisbon, ME 04250
11	Maine Media Federal Credit Union	5.30%	18-month	Not publicly listed; specific to employee groups
12	Northeast Bank	5.30%	6-month	500 Canal St, Lewiston, ME 04240
13	Aroostook County Federal Savings & Loan Association	5.20%	12-month	364 Main St Presque Isle, ME 04769
14	GTE Federal Credit Union	5.12%	12-month	63 Marginal Way Portland, ME 04101
15	Penobscot County Federal Credit Union	5.12%	12-month	205 Main St PO Box 434 Old Town, ME 04468
16	Maine Highlands Federal Credit Union	5.10%	18-month	73 Main St, Dexter, ME 04930
17	Navy Federal Credit Union	5.05%	12-month	261 Bath Rd Brunswick, ME 04011
18	Maine Savings Federal Credit Union	5.05%	12-month	101 Western Avenue, Hampden, ME 04444
19	University Credit Union	5.00%	6-month	15 Main Street, Orono, ME 04473
20	First Federal Savings and Loan Association of Bath	4.81%	12-month	695 Bath Rd Wiscasset, ME 04578
21	Cumberland County Federal Credit Union	4.75%	12-month	808 US Rt 1 Yarmouth, ME 04096
22	Down East Credit Union	4.75%	18-month	23 Third Avenue, Baileyville, ME 04694
23	PenFed Credit Union	4.65%	12-month	Online
24	Midcoast Federal Credit Union	4.60%	18-month	210 Maine St, Brunswick, ME 04011
25	Oxford Federal Credit Union	4.50%	18-month	225 River Road, Mexico, ME 04257
26	Maine Family Federal Credit Union	4.50%	18-month	555 Sabattus St, Lewiston, ME 04240
27	Trademark Federal Credit Union	4.43%	18-month	44 Edison Drive, Augusta, ME 04336
28	Cumberland County Federal Credit Union	4.41%	18-month	101 Gray Rd, Falmouth, ME 04105
29	Atlantic Federal Credit Union	4.35%	18-month	55 Cushing Street, Brunswick, ME 04011
30	Infinity Federal Credit Union	4.28%	18-month	202 Larrabee Road, Westbrook, ME 04092
31	Maine State Credit Union	4.18%	18-month	200 Capitol St, Augusta, ME 04330
32	York County Federal Credit Union	4.16%	18-month	1516 Main Street, Sanford, ME 04073
33	HarborOne Bank	4.01%	17-month	Not based in Maine; primarily in Massachusetts
34	Bar Harbor Savings and Loan Association	4.00%	12-month	103 Main St Bar Harbor, ME 04609
35	TD Bank	4.00%	12-month	1 Portland Square, Portland, ME 04101
36	U.S. Bank	4.00%	6-month	Not a primary location in Maine; national presence
37	Mechanics Savings Bank	4.00%	18-month	100 Minot Ave, Auburn, ME 04210
38	KSW Federal Credit Union	4.00%	6-month	222 College Ave, Waterville, ME 04901
39	The County Federal Credit Union	3.96%	6-month	82 Bennett Dr, Caribou, ME 04736
40	People’s United Bank	3.93%	12-month	Acquired by M&T Bank; refer to M&T Bank’s locations
41	The Camden National Wealth Management	3.93%	6-month	2 Elm St, Camden, ME 04843
42	Franklin Savings Bank	3.75%	12-month	194 Madison Ave PO Box 368 Skowhegan, ME 04976
43	Gorham Savings Bank	3.75%	12-month	1 India St Portland, ME 04101
44	Androscoggin Savings Bank	3.25%	12-month	24 Portland Rd Gray, ME 04039
45	Blue Cross Blue Shield of Maine Federal Credit Union	3.00%	18-month	Online
46	Citizens Bank	3.00%	6-month	1 Monument Square, Portland, ME 04101
47	Sanford Institution for Savings	3.00%	12-month	900 Main St, Sanford, ME 04073
48	Seacoast National Bank	3.00%	24-month	Not based in Maine; primarily in Florida
49	Winthrop Area Federal Credit Union	3.00%	18-month	94 Highland Ave, Winthrop, ME 04364
50	Brewer Federal Credit Union	3.00%	12-month	229 Dirigo Dr, Brewer, ME 04412
51	Town & Country Federal Credit Union	2.50%	6-month	557 Main Street, South Portland, ME 04106
52	Santander Bank	2.15%	17-month	Not a primary location in Maine; national presence
53	KeyBank	2.08%	3-month	One Canal Plaza, Portland, ME 04101
54	Northeast Credit Union	2.00%	15-month	Not based in Maine; regional presence
55	Rainbow Federal Credit Union	2.00%	48-month	20 Washington St, Lewiston, ME 04240
56	Evergreen Credit Union	1.98%	18-month	799 Main Street, Portland, ME 04103
57	Wells Fargo	1.65%	12-month	Not a primary location in Maine; national presence
58	New Dimensions Federal Credit Union	1.05%	60-month	61 Grove St, Waterville, ME 04901
59	Trustco Bank	1.05%	36-month	Online
60	Penobscot County Federal Credit Union	0.25%	60-month	205 Main St, Old Town, ME 04468

Current CD Rates of Maine

The current CD rates in Maine serve as a primary tool for Maine’s banking sector. It offers a safe and predictable investment avenue for individuals looking to preserve and incrementally increase their capital over fixed periods.

With options ranging from short-term to long-term investments, the CD rates available in Maine provide a secure foundation for building savings.

Best 6 Month CD Rates

For those looking to invest in a short-term horizon, the best 6-month CD rates in Maine offer a perfect blend of higher interest returns than savings accounts with minimal commitment.

1. Greenwood Credit Union

Minimum Amount: $1000.00

APY / Rate: 4.75% APY

Pros:

• Only $1,000 minimum balance to open
• Interest is compounded daily and credited monthly
• Rates are locked for the term chosen and cannot go down

Rules:

•  In order to open a CD, you’ll need to deposit a minimum amount of money, which may vary depending on the term and rate of the CD.
• The term of the CD is the amount of time that you agree to keep your money in the CD. At Greenwood Credit Union, CD terms range from 3 months to 60 months.
• The interest rate on the CD is the rate at which your money will earn interest. Generally, longer-term CDs will offer higher rates than shorter-term CDs. Greenwood Credit Union offers both fixed-rate and variable-rate CDs.
• If you need to withdraw money from your CD before the maturity date, you will typically be charged an early withdrawal penalty. The specific penalty amount will depend on the term and type of CD you have.
• You can open a CD as an individual or joint account holder. You may also be able to open a CD as an IRA account.

2. Popular Direct

Minimum Amount: $10000

APY / Rate: 4.50%

Pros:

• Highly competitive rates for 6-month CDs
• 24/7 access to the bank account
• No hidden fees or charges
• Customer support for all sorts of queries and concerns
• FDIC-insured bank up to maximum

Rules:

• APY can be earned assuming the interest and the principal remains on deposit until maturity.
• Interest is compounded monthly and added to the account at the end of the month.
• Early withdrawal fetches a penalty and there is a grace period after maturity to add additional funds to the CD

3. North American Savings Bank

Minimum Amount: $5000.00

APY / Rate: 4.81% APY

Pros:

• Reputed Bank in the region
• High APY on CDs
• eBook, “Everything You Need To Know About Certificate of Deposit Accounts” available
• No limit on beneficiaries
• FDIC-insured.

Rules:

• Minimum balance must be maintained
• Early withdrawal penalty equalling 6 months interest
• 7 days grace period before CD gets auto renewed
• Terms range from 3 months to 5 years.

Best 2 Year CD Rates

For medium-term savers, the best 2-year CD rates in Maine strike a balance between yielding a higher return on investment and maintaining access to funds within a reasonable timeframe.

1. USALLIANCE Financial

Minimum Amount: $500.00

APY / Rate: 4.85% APY

Pros:

• No monthly maintenance fees or No minimum balance requirements.
• A free monthly credit score
• You can select the term that’s right for you: 3-60 months
• You can Choose the rate that best meets your financial goals.
• Dividends are compounded daily and credited monthly
• Open With as Little as $500
• Choose the amount that fits your budget

Rules:

• To open a CD with USALLIANCE Financial, As of February 2023, the minimum deposit for a 6-month CD is $500, while the minimum deposit for a 60-month CD is $1,000.
• USALLIANCE Financial offers CDs with terms ranging from 3 months to 60 months. The longer the term, the higher the interest rate you’ll earn on your deposit.
• USALLIANCE Financial offers competitive interest rates on its CDs, with rates varying depending on the term length and the amount of the deposit. Interest is compounded and paid out at the end of the term.
• If you withdraw money from your CD before the maturity date, you’ll be subject to an early withdrawal penalty, which varies depending on the term length of the CD. For example, as of February 2023, the penalty for withdrawing money from a 60-month CD before maturity is 540 days of interest.
• Unless you specify otherwise, your CD will automatically renew at maturity for another term of the same length. You’ll have a 10-day grace period after maturity to withdraw the funds without penalty.
• USALLIANCE Financial is a federally insured credit union, which means that your deposits are insured by the National Credit Union Administration (NCUA) up to $250,000 per depositor.

2. America First Credit Union

Minimum Amount: $500.00

APY / Rate: 4.75% APY

Pros:

• Low minimum deposits and high yields
• Automatic renewals
• NCUA insured up to $250,000
• Terms from three months to five years

Rules:

• To open a CD with AFCU, you must deposit a minimum amount of money, which varies depending on the term length of the CD. For example, as of February 2023, the minimum deposit for a 6-month CD is $500, while the minimum deposit for a 60-month CD is $1,000.
• AFCU offers CDs with terms ranging from 6 months to 60 months. The longer the term, the higher the interest rate you’ll earn on your deposit.
• AFCU offers competitive interest rates on its CDs, with rates varying depending on the term length and the amount of the deposit. Interest is compounded and paid monthly, and the rate is fixed for the term of the CD.
• If you withdraw money from your CD before the maturity date, you’ll be subject to an early withdrawal penalty, which varies depending on the term length of the CD. For example, as of February 2023, the penalty for withdrawing money from a 60-month CD before maturity is 365 days of interest.
• Unless you specify otherwise, your CD will automatically renew at maturity for another term of the same length. You’ll have a 10-day grace period after maturity to withdraw the funds without penalty.
• AFCU is a federally insured credit union, which means that your deposits are insured

3. Popular Direct

Minimum Amount: $10000

APY / Rate: 4.60%

Pros:

• Highly competitive rates for 6-month CDs
• 24/7 access to the bank account
• No hidden fees or charges
• Customer support for all sorts of queries and concerns
• FDIC-insured bank up to maximum

Rules:

• APY can be earned assuming the interest and the principal remains on deposit until maturity.
• Interest is compounded monthly and added to the account at the end of the month.
• Early withdrawal fetches a penalty and there is a grace period after maturity to add additional funds to the CD

Best 3 Year CD Rates

Investors looking for a more extended commitment without going too long-term will find the best 3-year CD rates in Maine appealing.

1. CFG Community Bank

Minimum Amount: $500.00

APY / Rate: 4.60% APY

Pros:

• The high yield rate of interest
• A decent minimum amount required
• FDIC-insured banking option
• Strong customer support system

Rules:

• To open a CD an investor can approach the bank online or in-branch.
•  The minimum deposit allowed in a CD is $500 and the maximum limit is set at $250,000.
• The interest on the CD is compounded monthly.
• Premature withdrawal from the CD is subject to a penalty.

2. Alliant Credit Union

Minimum Amount: $1000

APY Rate: 4.60% APY

Pros:

• Funds are insured up to $250,000 by NCUA
• Low minimum deposit of only $1,000; no maximum
• Great dividend rates

Rules:

• Dividends compounded every month and at maturity.
• Incur an early withdrawal penalty

3. Prime Alliance Bank

Minimum Amount: $500

APY / Rate: 4.50%

Pros:

• Competitive APY and interest rates
• 24/7 customer support
• FDIC insured
• Competitive Interest rates

Rules:

• Interest is compounded monthly and credited to the account at month’s end.
• A penalty is charged on withdrawing the amount before maturity.
• CD gets auto renewed. To make any changes to the term or add more funds, there is a 10-days grace period on maturity.

Best 5 Year CD Rates

For the long-term investors who require the highest interest accumulation, the best 5-year CD rates in Maine stand out as the premier choice.

1. Popular Direct

Minimum Amount: $10000

APY / Rate: 4.55%

Pros:

• Highly competitive rates for 6-month CDs
• 24/7 access to the bank account
• No hidden fees or charges
• Customer support for all sorts of queries and concerns
• FDIC-insured bank up to maximum

Rules:

• APY can be earned assuming the interest and the principal remains on deposit until maturity.
• Interest is compounded monthly and added to the account at the end of the month.
• Early withdrawal fetches a penalty and there is a grace period after maturity to add additional funds to the CD

2. BMO Harris

Minimum Amount: $1000

APY / Rate: 4.50%

Pros:

• Best CD rates nationwide
• Choices of CD withdrawal methods
• 3-months to 60-month term options
• Insured by FDIC

Rules:

• A CD can be opened via mobile, online,, or telephone.
• The interest on the CD is compounded monthly and added to the account on a fixed date every month.
• There is a penalty for early withdrawal that depends on the term and amount of the CD.
• Any changes to the CD regarding the amount or term can be made within the grace period of penalty days post maturity.

3. Pentagon Federal Credit Union

Minimum Amount: $1000.00

APY / Rate: 3.65 % APY

Pros:

• High-yield checking account with easy-to-waive monthly fees
• Opening checking and savings accounts require a low minimum deposit.
• Online savings account with a competitive dividend rate

Rules:

• On early withdrawal, account earnings will be reduced.
• Require a written notice of up to 60 days of the intention to withdraw funds

Maine Economic Statistics

Maine’s economic landscape presents a unique backdrop for investors. With an estimated population of approximately 1.35 million people, Maine’s economy showcases the balance between its natural resources and burgeoning industries.

The average household income in Maine hovers around $58,924, reflecting a diverse economic base that supports both traditional and emerging sectors.

This income level is crucial for understanding the saving capabilities and investment preferences of Maine’s residents.

Furthermore, the average home value in the state stands at about $318,000, indicating a steadily appreciating real estate market that contributes to the overall wealth and investment potential within the state.

Statistic	Figure
Population	~1.35 million
Average Income	$58,924
Average Home Value	$318,000

These economic indicators suggest a robust yet cautious investment climate. Investors who are looking into CD rates in Maine can leverage these statistics to gauge the potential for growth.

How to Get Best CD Rates in Maine

To secure the best CD rates in Maine, follow these concise steps for the concise result;

1. Start by researching various financial institutions in Maine, including banks and credit unions. Use online comparison tools to compare their CD rates, terms, and penalties for early withdrawal.
2. Look for promotional CD rates, which are often higher than standard rates. These promotions are typically available for new customers or for a limited time.
3. If you have existing relationships with a bank, try negotiating a better rate. Some institutions may offer higher rates to retain or attract investments from loyal customers.
4. Apart from all this, keep an eye on interest rate trends. If rates are expected to rise, consider shorter-term CDs to take advantage of higher rates in the near future.

By following these strategies, you can maximize your chances of securing the best CD rates available in Maine.

CD Rates Methodology

The CD Rates Methodology involves a comprehensive review and analysis of the CD rates offered by various financial institutions. In this process, CD rates from a total of 94 banks were reviewed to ensure a broad and representative sample of the market. Out of these, 60 banks made the list, having met or exceeded the criteria set for competitive rates, terms, and overall customer value.

The selection criteria include factors such as the interest rates offered, the flexibility of terms, the minimum deposit requirements, and the reputation of the institution for customer service.

Conclusion

For investors in Maine, understanding the economic context, including average income, home values, and population dynamics, is crucial for making informed decisions. The steps outlined above to get the best CD rates, from researching and comparing rates, provide a roadmap for maximizing investment returns in a safe and reliable manner.

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