Best CD rates in Maine: Top 3

August 12, 2009 No Comments »

Below are the best CD rates available to the residents of Maine. These come in the form of 15 month CDs, 24 month CDs, and 36 month CDs. Some of the institutions listed also have other noteworthy accounts along with their deposit products. After digging through dozens of rate pages by dozens of banks and credit unions serving the state of Maine, we found that in some cases you can receive more competitive rates offered by national institutions rather than local ones. (Compare CD rates).

Although the financial institutions we’ve listed below do the majority of their business in Maine, they still may have eligibility requirements which may prevent you from joining (even if you live in ME). Contact a representative to see if you can take advantage of their products.

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Top 3 CD rates in Maine

(clicking on the institution will bring you to their home page)

  • Rainbow Federal Credit Union: South Paris, ME. 15 month promotional CD yielding 2.27% APY with a minimum deposit of $500. Besides this promotional offer, their rates are not that spectacular. The second most lucrative offer is a variable high interest money market account yielding 1.41% APY. Rainbow Federal Credit Union was established in 1958 and now operates in various counties throughout Maine. To join you must work, reside or attend school within our field of membership which includes a list of communities (visit their website), or have an immediate family member who is a Rainbow FCU member in good standing.
  • Bar Harbor Savings and Loan Association: Bar Harbor, ME. 24 month CD yielding an APY of 2.53% with a minimum deposit amount of $1,000. Bar Harbor Savings and Loan also has a very noteworthy money market account yielding 2.02% APY (national average sits at 1.20% APY) with a minimum balance requirement of $2,500. They were originally established in 1902 by a group of local lawyers and farmers with a mission to promote savings for future home purchases within the community. Today the serve the communities of Mount Desert Island, Swans Island, Frenchboro, Cranberry Isles, Trenton, Lamoine, Hancock, Sullivan, Franklin, Surry and Ellsworth.
  • Maine Savings Federal Credit Union: Milo, ME. 36 month CD yielding 3.0% APY with a minimum deposit of only $500. Their second best rate comes in the form of a 5 year certificate of deposit and is yielding 3.61% APY. Maine Savings Federal Credit Union serves various communities within the state. You will need to contact a representative to see if you’re eligible.

Compare with today’s top CD rates nationwide below:

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