Best Banks in Maine

If you’re looking to open a bank account in Maine, you may be surprised at the selection of banks and accounts on offer right now. They all offer something unique, which can make it a little challenging to compare.

Don’t worry – we’ve done the hard work for you. This article will look at the best banks in Maine in addition to their main pros and cons to help you make the best choice for your financial situation.

10 Best Banks in Maine

Here are the top 10 best banks in Maine:

  1. Bank of America
  2. TD Bank
  3. Camden National Bank
  4. Northeast Bank
  5. Bangor Savings Bank
  6. KeyBank
  7. Machias Savings Bank
  8. Bar Harbor Bank & Trust
  9. Gorham Savings
  10. Partners Bank

1. Bank of America bank of america logo

Bank of America is the second-largest bank in the US. It is a full-service bank currently offering online welcome bonuses for several credit cards.

Bank of America offers three checking accounts, with monthly maintenance fees ranging between $4.95 and $25. The bank will waive monthly fees when you meet the qualifying criteria. The criteria differ between accounts except for enrollment in Preferred Rewards, which is the same across all accounts. Minimum opening deposits range between $25 and $100.

Bank of America also offers a savings account called Advantage Savings. It has a monthly fee of $8, which the bank will waive when you meet the qualifying criteria. You can earn as much as 10% cash back when purchasing from participating retailers. The APY rate starts at 0.01% and goes up to 0.04% for Platinum Honors Preferred Rewards members.

Bank of America offers CDs, IRAs, credit cards, home loans, auto loans, and investment options.

  • Pros: Good selection of accounts
  • Cons: Low APY rate

 

2. TD Bank td bank logo

TD Bank, which stands for Toronto-Dominion Bank, is a Canadian multinational bank with operations in the United States East coast. The US subsidiary was founded in Maine in 1852 and has grown to include over 1000 locations.

TD Bank offers two checking accounts: TD Convenience Checking and TD Beyond Checking. Both accounts offer new customers a welcome bonus between $200 and $300 when they complete the qualifying criteria. Waivable monthly fees range between $15 and $25, while TS Beyond Checking earns interest.

TD Bank also offers two checking accounts: TD Simple Savings and TD Signature Savings. The TD Simple Savings account has a monthly fee of $5.00, which the bank will waive upon meeting any of the four criteria. The APY for this account is 0.02% across all balances. On the other hand, the TD Signature Savings account has a monthly fee of $15, which is also waivable. The APY rate ranges between 0.01% and 0.10% depending on your balance.

TD Bank offers CDs, home lending, credit cards, personal loans, and IRAs.

  • Pros: Welcome bonus offers extra cash
  • Cons: Very high balance required to earn top APY rate

 

3. Camden National Bank

Camden National Bank is a community bank with 61 branches serving communities in Maine. It is the largest bank with headquarters in Maine.

Camden National Bank offers four checking accounts, each of which brings something different. Access Checking is a basic account with no monthly fee and few perks. Choice Checking has a waivable $3 monthly fee and adds unlimited check writing. Rewards Checking offers cash-back rewards, while Premier Checking offers cash-back rewards and an APY interest rate of 0.03% on balances of $2,500 or higher.

Camden National Bank’s traditional savings account is called Promise Savings. While it has a monthly fee, you can easily avoid this by maintaining an average daily balance of just $100. Interest starts at 0.02% and goes up to 0.05% on higher account balances.

Camden National Bank also offers MMAs, credit cards, personal loans, and home borrowing.

  • Pros: Community-friendly feel
  • Cons: Low APY rate

4. Northeast Bank

Northeast Bank is a full-service bank based in Maine. Its operations are limited to Maine, serving customers in the South, West, and Center of the state.

Northeast Bank offers three checking accounts – PROPEL Premier, PROPEL Rewards, and PROPEL Free. PROPEL Free is a free checking account with no monthly fees. It includes ATM withdrawal fee reimbursements and early paycheck deposits.

PROPEL Rewards also has no monthly fees and adds cashback plus streaming service refunds for the first year. PROPEL Premier ditches the rewards in favor of a 2.00% APY rate when you include a qualifying savings account.

Northeast Bank also offers two savings accounts. PROPEL Fusion is a free savings account that earns an interest rate of 0.05% on all balances. PROPEL Premier is available with a qualifying checking account and earns an APY of 2.00%, as discussed in the previous section.

Northeast Bank also offers HSAs (Health Savings Accounts), CDs, MMAs, credit cards, and various loan options, including debt consolidation loans and mortgages.

  • Pros: Good APY rate
  • Cons: Limited branch availability

5. Bangor Savings Bank

Bangor Savings Bank is a state-chartered community bank based in Maine. The bank is very employee-focused and considers them its key asset, resulting in better customer service.

Bangor Savings Bank offers a selection of general and specialized checking accounts for seniors and those living with a disability.

The Benefit Plus Checking account is their most rewarding account, earning an APY of 0.05% on balances of $1,000 or higher.

It has a monthly service charge of $20, which the bank will waive when you meet the qualifying criteria. Other options include Benefit Checking, which has no monthly fee or minimum balance requirement. This account, however, does not earn interest.

Like checking accounts, Bangor Savings Bank has a selection of savings accounts. The Benefit Savings account is great for those who already have a checking account with the bank. It has no monthly service charges and a minimum opening deposit requirement of $25. The APY (Annual Percentage Rate) is 0.05% on $25 and higher balances.

Bangor Savings Bank also offers CDs (Certificates of Deposit), MMAs (Money Market Accounts), insurance, credit cards, loans, and mortgages.

  • Pros: Good selection of accounts, products, and services
  • Cons: APY rate is relatively low

6. KeyBank

KeyBank is a regional bank headquartered in Ohio. It is highly community-focused, with plans like the National Community Benefits Plan, which aims to help low and moderate-income customers.

KeyBank offers a total of five different checking accounts. Monthly maintenance fees start at $0 (there are two such accounts) and go all the way up to $50. All accounts with a monthly maintenance fee earn interest, and the bank will waive the fee when you meet the qualifying criteria.

KeyBank also offers a traditional savings account. The monthly fee is $4.00, which the bank will waive if you meet the qualifying criteria. The minimum deposit requirement to open this account is $10. The account’s interest rate is 0.01% across all balances. Account features include EasyUp to help you save money and overdraft protection.

KeyBank also offers CDs, MMAs, home loans, mortgages, loans, lines of credit, credit cards, insurance, investment options, and debt consolidation.

  • Pros: Large selection of products and services
  • Cons: Low APY rate

7. Machias Savings Bank

Machias Savings Bank is a bank with small-town roots. Located in Maine, it serves customers in Maine through its 15 offices.

Machias Savings Bank offers one checking account called MY MSB Checking. It has no monthly fees and no minimum balance requirements. The account is interest-bearing and offers cashback rewards on eligible purchases. The minimum opening deposit is $100.

Machias Savings Bank also offers a savings account titled MY MSB Savings. The account has no monthly fees and no minimum balance requirements to maintain. The APY interest rate starts at 0.10% on balances of up to $25,000. Anything over and above this threshold will see the interest rate double to 0.20%

Machias Savings Bank also offers HSAs, CDs, credit cards, personal loans, mortgages, and wealth management, including IRAs.

  • Pros: Good APY rate
  • Cons: Limited account selection

8. Bar Harbor Bank & Trust

Bar Harbor Bank & Trust is a Maine bank serving customers for 135 years. It has over 50 locations in the Northern New England Region.

Bar Harbor Bank & Trust offers three checking accounts, all of which have a minimum deposit requirement of $25. The Simple Checking account is the only account with no monthly service charge, while the E-Choice Checking and the Relationship Rewards Checking charge a waivable fee between $6 and $15. These two accounts also offer cashback rewards and earn interest.

Bar Harbor Bank & Trust also offers one traditional savings account called Statement Savings. The account has a waivable $3 monthly fee and requires a deposit of $25 to open. The account earns interest, includes free transfers, and can be linked to your checking account to avoid overdraft fees.

Bar Harbor Bank & Trust also offers HSAs, IRAs, MMAs, CDs, credit cards, personal loans, equity loans, and mortgages.

  • Pros: Community-focused bank
  • Cons: Limited account selection

9. Gorham Savings Bank

Gorham Savings Bank is a community bank serving customers in southern Maine. It has a long history dating back to 1868, when it was first incorporated by the Maine State Legislature.

Gorham Savings Bank offers a wide selection of checking accounts – with eight different checking accounts. There are accounts tailored to everything you can imagine, including ones that make donations for eligible purchases, cash-back rewards accounts, and interest-bearing accounts, among others. Most accounts do not have a monthly service charge, although some do.

In comparison, Gorham Savings Bank offers one traditional savings account, Statements Savings. The account has no monthly fee and earns an APY interest rate of 0.10%. To earn this rate, you’ll need to maintain an average daily balance of $25, while the minimum opening deposit requirement is $1.00

Gorham Savings Bank also offers MMAs, CDs, IRAs, credit cards, mortgages, home equity lines of credit, and other loans.

  • Pros: Good account selection
  • Cons: Limited branch availability

10. Partners Bank

Partners Bank is a local community bank serving communities in southern Maine and Seacoast in New Hampshire.

Partners Bank offers a good selection of checking accounts, including accounts with no maintenance fees, earn interest, and ones that offer cash rewards. Bank accounts do not have a minimum opening deposit requirement; however, two of the five accounts on offer have a minimum balance requirement.

Regarding savings, the available selection could be more varied; however, there are still some good options. The Fast Lane Checking account is a savings account with no monthly service charge or minimum opening deposit requirement. The APY rate varies from 0.01% to 0.03%, depending on your balance.

Partners Bank also offers MMAs, CDs, HSAs, credit cards, mortgages, home equities, and personal loans.

  • Pros: Good selection of accounts
  • Cons: Low APY rate

Credit unions in Maine

Credit unions are financial institutions that resemble banks in more ways than one. The most significant difference is that when joining a credit union, you become a member rather than a customer. Credit Unions also tend to have better terms than most banks since they are not-for-profit organizations.

Town & Country Federal Credit Union and Maine State Credit Union are two great examples of Maine credit unions, welcoming members from across the state. Most accounts are free and offer a wide selection of products and services that rival big-name banks.

How to Find the Best Bank in Maine

Whether you choose an international, national, local bank, or anything in between, you’ll want to ensure that your chosen bank checks all of your boxes. While this list will vary from one person to another, here are some things to think about when choosing your next bank:

  • Online banking and mobile banking – Online and mobile banking provide convenience by allowing you to carry out tasks such as paying bills and checking your balance practically anywhere,
  • Debit card – A debit card and a good number of ATMs can help you easily access your cash without too much trouble.
  • Fees – How much you pay for certain services can greatly impact your banking experience. However, remember to check what you’re getting for the money you pay.
  • Small Business department – If you’re thinking of opening your own business in the future, a bank that also serves businesses can help you get your ideas off the ground much faster due to an already-established relationship.
  • Bill Pay – A mainstay feature of most mobile banking apps, Bill Pay allows you to pay your bills with minimal fuss.
  • FDIC insured – A FDIC-insured bank offers an extra layer of protection by safeguarding your money against losses due to a bank failure.

Frequently Asked Questions

What banks are popular in Maine?

A bank could be popular for several reasons, such as where it’s headquartered, how much it focuses on physical branches, or where it wants to grow.

The number of bank locations shows the demand for certain banks in Maine. The banks with the most branches in Maine are Bangor Savings Bank, Camden National Bank, TD Bank, and KeyBank.

What is the best bank in Maine?

Determining which bank is the best is subjective since rankings classify banks differently.

For example, Yelp lists Bangor Savings Bank as the best bank in Maine, while Forbes lists it as second best. Which bank is classed as the best can also vary from one city to the next. The best bank in Saco might differ from the one in Augusta or Biddeford.

What is the biggest bank in Maine?

Chase and Bank of America are the two largest banks in Maine – and are also two of the biggest banks in the U.S.

Who can join Maine State Credit Union?

To join the Maine State Credit Union, you should live, work, worship, or attend school in Cumberland, Androscoggin, Kennebec, Knox, Lincoln, Sagadahoc, Somerset, or Waldo. Alternatively, you can join if someone in your immediate family is a current or retired state employee.

What major banks are in Maine?

Most major banks operate in Maine, such as Bank of America and TD Bank. Other big-name banks such as Chase Bank and Wells Fargo also have a presence in Maine.