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 NameAPYTerm LengthAddress
1Five County Credit Union5.50%18-month765 Washington Street, Bath, ME 04530
2Acadia Federal Credit Union5.37%12-month69 Pleasant St Fort Kent, ME 04743
3Eastern Maine Medical Center Federal Credit Union5.37%12-month849 Stillwater Ave Bangor, ME 04401
4Community Credit Union5.35%12-month1025 Auburn Rd Turner, ME 04282
5Lisbon Community Federal Credit Union5.33%12-month802 Sabattus St Lewiston, ME 04240
6Able Bank5.30%6-monthP O Box 2606 Lewiston, ME 04241
7Central Maine Federal Credit Union5.30%12-month1000 Lisbon St PO Box 1746 Lewiston, ME 04240
8Seaboard Federal Credit Union5.30%18-month177 Main Street, Bucksport, ME 04416
9Dirigo Federal Credit Union5.30%18-month381 Main Street, Lewiston, ME 04240
10Lisbon Community Federal Credit Union5.30%18-month325 Lisbon St, Lisbon, ME 04250
11Maine Media Federal Credit Union5.30%18-monthNot publicly listed; specific to employee groups
12Northeast Bank5.30%6-month500 Canal St, Lewiston, ME 04240
13Aroostook County Federal Savings & Loan Association5.20%12-month364 Main St Presque Isle, ME 04769
14GTE Federal Credit Union5.12%12-month63 Marginal Way Portland, ME 04101
15Penobscot County Federal Credit Union5.12%12-month205 Main St PO Box 434 Old Town, ME 04468
16Maine Highlands Federal Credit Union5.10%18-month73 Main St, Dexter, ME 04930
17Navy Federal Credit Union5.05%12-month261 Bath Rd Brunswick, ME 04011
18Maine Savings Federal Credit Union5.05%12-month101 Western Avenue, Hampden, ME 04444
19University Credit Union5.00%6-month15 Main Street, Orono, ME 04473
20First Federal Savings and Loan Association of Bath4.81%12-month695 Bath Rd Wiscasset, ME 04578
21Cumberland County Federal Credit Union4.75%12-month808 US Rt 1 Yarmouth, ME 04096
22Down East Credit Union4.75%18-month23 Third Avenue, Baileyville, ME 04694
23PenFed Credit Union4.65%12-monthOnline
24Midcoast Federal Credit Union4.60%18-month210 Maine St, Brunswick, ME 04011
25Oxford Federal Credit Union4.50%18-month225 River Road, Mexico, ME 04257
26Maine Family Federal Credit Union4.50%18-month555 Sabattus St, Lewiston, ME 04240
27Trademark Federal Credit Union4.43%18-month44 Edison Drive, Augusta, ME 04336
28Cumberland County Federal Credit Union4.41%18-month101 Gray Rd, Falmouth, ME 04105
29Atlantic Federal Credit Union4.35%18-month55 Cushing Street, Brunswick, ME 04011
30Infinity Federal Credit Union4.28%18-month202 Larrabee Road, Westbrook, ME 04092
31Maine State Credit Union4.18%18-month200 Capitol St, Augusta, ME 04330
32York County Federal Credit Union4.16%18-month1516 Main Street, Sanford, ME 04073
33HarborOne Bank4.01%17-monthNot based in Maine; primarily in Massachusetts
34Bar Harbor Savings and Loan Association4.00%12-month103 Main St Bar Harbor, ME 04609
35TD Bank4.00%12-month1 Portland Square, Portland, ME 04101
36U.S. Bank4.00%6-monthNot a primary location in Maine; national presence
37Mechanics Savings Bank4.00%18-month100 Minot Ave, Auburn, ME 04210
38KSW Federal Credit Union4.00%6-month222 College Ave, Waterville, ME 04901
39The County Federal Credit Union3.96%6-month82 Bennett Dr, Caribou, ME 04736
40People’s United Bank3.93%12-monthAcquired by M&T Bank; refer to M&T Bank’s locations
41The Camden National Wealth Management3.93%6-month2 Elm St, Camden, ME 04843
42Franklin Savings Bank3.75%12-month194 Madison Ave PO Box 368 Skowhegan, ME 04976
43Gorham Savings Bank3.75%12-month1 India St Portland, ME 04101
44Androscoggin Savings Bank3.25%12-month24 Portland Rd Gray, ME 04039
45Blue Cross Blue Shield of Maine Federal Credit Union3.00%18-monthOnline
46Citizens Bank3.00%6-month1 Monument Square, Portland, ME 04101
47Sanford Institution for Savings3.00%12-month900 Main St, Sanford, ME 04073
48Seacoast National Bank3.00%24-monthNot based in Maine; primarily in Florida
49Winthrop Area Federal Credit Union3.00%18-month94 Highland Ave, Winthrop, ME 04364
50Brewer Federal Credit Union3.00%12-month229 Dirigo Dr, Brewer, ME 04412
51Town & Country Federal Credit Union2.50%6-month557 Main Street, South Portland, ME 04106
52Santander Bank2.15%17-monthNot a primary location in Maine; national presence
53KeyBank2.08%3-monthOne Canal Plaza, Portland, ME 04101
54Northeast Credit Union2.00%15-monthNot based in Maine; regional presence
55Rainbow Federal Credit Union2.00%48-month20 Washington St, Lewiston, ME 04240
56Evergreen Credit Union1.98%18-month799 Main Street, Portland, ME 04103
57Wells Fargo1.65%12-monthNot a primary location in Maine; national presence
58New Dimensions Federal Credit Union1.05%60-month61 Grove St, Waterville, ME 04901
59Trustco Bank1.05%36-monthOnline
60Penobscot County Federal Credit Union0.25%60-month205 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.
  1. 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
  1. 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.
  1. 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
  1. 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.
  1. 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
  1. 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
  1. 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.
  1. 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.

StatisticFigure
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.

FAQs

Who has the best CD rates in Maine?

Able Bank offers the best CD rates in Maine with a competitive 5.30% for a 6-month term.

What Credit Union has the Best CD rates in Maine?

Five County Credit Union stands out as the credit union with the best CD rates in Maine, providing an impressive 5.50% on an 18-month term.