Highest yielding money market accounts in Maine:

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.

Best CD rates in Maine: Top 3

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.

All of the above institutions are federally insured by either the FDIC or NCUA (credit union equivilent). If you live in the state of Maine and know of a better certificate of deposit interest rate offered through your local institution, please share by leaving a comment.