Highest yielding money market accounts in Maine

September 21, 2009 Comments Off

Below are the highest yielding money market account rates serving citizens of the state of Maine.

If you are strictly after the best interest rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Maine, we have found that in many instances you will lock in more competitive rates with national institutions rather than local ones (if you are eligible). Before committing to one of the banks/credit unions listed below, you may want to browse through our national money market rates tables.

Keep in mind, money market rates are time-sensitive in nature, therefor you may want to refer to the date of this article for accuracy. As with all money market accounts, the interest rates are variable and are subject to change without notice.

Top 2 money market rates in Maine:

(click on the institution for more information)

  • Bar Harbor Savings and Loan: Bar Harbor, ME. Money market account yielding 2.02% APY with a minimum deposit amount of only $2,500. Any amount less than $2.5k will earn a 1.0% interest rate. Bar Harbor Savings and Loan was incorporated in 1902 by a group of local residents attempting to provide affordable home ownership to community members. They have just one location on main street in Bar Harbor. Contact: (207) 288-3658
  • Oxford Federal Credit Union: Oxford, ME. Money market account yielding 1.25% APY with a minimum deposit of $10,000. If your account balance falls between $2,500 and $9,999 you will only receive an interest rate of 0.75% APY. If you live, work, worship, or attend school in Oxford County, Maine, then you are eligible for membership at Oxford Federal Credit Union. You must first open a Share Account with a minimum of $5.00 and proper identification. (Driver’s license, passport, state ID, etc.)  After opening a Share Account, you become eligible to take advantage of all their other products and services. Contact: (207) 369-9976

Both of the above institutions are federally insured by either the NCUA or FDIC. If you live in Maine and know of a better money market rate offered through your local institution, please share by leaving a comment.

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