As part of our ongoing series on the best savings account rates in each state, our next stop is Maine. Maine has a fairly small population by comparison. And yet it has an impressive number of local banks; and many of them are quite large.
If you’re looking for the best bank accounts in Maine, you’ve come to the right place. We’ve sourced data from the FDIC and identified the best savings accounts in each state. In the case of Maine, there’s a big gap between the savings account with the #1 best APR and the one with the second best APR. By analyzing APRs, minimum balance requirements, monthly fees, and minimum deposit, we hope to make it easier for you to shop for a great savings account.
Read on to find the best savings accounts in Maine.
Best Savings Account Rates in Maine
There are two savings accounts on our list that have the highest APY at 4%. The savings accounts with the lowest interest rates, not surprisingly, have an APY of 0.01%. To create a list of banks in each state, ranked by the size of their deposits, we analyzed all of the local or regional banks in Maine. We then used those banks to evaluate which ones had the best savings account rates.
Headquartered in Camden, Maine, Camden National Bank is based entirely in Maine—except for one branch out of state. This bank is also comparatively large, with well over $4.6 billion in customer deposits. This bank’s high-yield savings account is tiered in terms of interest, similar to the other best savings accounts on our list. You’ll need to maintain a minimum balance of $2,500, which is on the high side, but you’ll earn 4% APY. And if you want a higher yield, a balance of $250,000 or more will earn you 4.5% APY. Plus, it only costs $25 to open.
With over $1.96 billion in customer deposits held solely in the Maine market, Northeast Bank is one of the larger banks on our list of the best savings accounts in Maine. Headquartered in Portland, Northeast Bank has a high-yield savings account that’s almost identical to Camden National Bank’s, but this one is ranked lower because it requires a minimum deposit of $2,500, as opposed to Camden National Bank’s $25. But both earn 4% APY on balances of $2,500 or more, and both earn 4.50% APY on balances over $250,000. Plus, there are no monthly fees.
Many of the best Maine savings account APYs are tiered. At Saco & Biddeford Savings, their Mainely Preferred Savings account has a maximum APY of 2.65%. This account has no minimum balance requirements or monthly fees to avoid. One downside is that a $25,000 balance is required to go from the basic 0.30% to 0.60%; the good news is that 0.30% is better than most major banks. To get that 2.65% APY, you’ll need at least $750,000.
Machias Savings Bank, based in Machias, Maine, is another comparatively large bank, especially for a bank that operates in a single state. It has over $1.96 billion in customer deposits. Their My MSB Savings account is their standard savings account. There is a $100 minimum deposit and the account has tiered interest rates. For balances under $25,000, you’ll earn 0.20% APY. If you have $25,000 or more, you’ll earn 0.30%.
Aroostook Savings & LoanAroostook Savings & Loan, based in Caribou, is a small Maine bank with around $165.39 million in customer deposits. Aroostook Savings & Loan’s Passbook savings account is a solid choice. The minimum deposit is just $5. Another plus is that there are no minimum balance requirements and no monthly service fees. The yield on this account is 0.20% per annum