Wednesday, 25 November 2020

Bangor Savings Bank Review: Checking, Savings, CD and Money Market Accounts

Bangor Savings Bank Review: Checking, Savings, CD and Money Market Accounts
30 Nov
10:08

Bangor Savings Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Bangor Savings Bank Benefit Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.06%

CD Rates

Bangor Savings Bank 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.51%

CD Rates

Bangor Savings Bank 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.71%

CD Rates

Bangor Savings Bank 60 Month CD

2.80%

Synchrony Bank 14 Month CD

on Synchrony Bank’s secure website

Member FDIC

Bangor Savings Bank’s checking account options

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How Bangor Savings Bank’s checking accounts compare

Most of Bangor Savings Bank’s checking accounts don’t bear any interest, and the one option that does bear interest has such a low APY that you likely won’t even realize it. Bangor Savings Bank’s interest-bearing checking account also has a pricey monthly maintenance fee, and although it can be waived, the requirements will be hard to meet for some consumers.

Many of the best online checking accounts offer higher interest rates, and some don’t even have a minimum balance requirement.

However, Bangor Savings Bank’s free ATMs worldwide policy is a big plus that can save customers a significant amount of money. Their basic checking accounts are very low in fees and worth considering if you live in Maine and N.H., especially if you prefer having access to physical branch locations over online-only banks.

Bangor Savings Bank’s savings account options

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How Bangor Savings Bank’s savings accounts compare

Bangor Savings Bank’s savings accounts are an easy, low-fee option for customers who already plan to open a checking account here. They generally have lower monthly maintenance fees and ATM fees than accounts at bigger national banks, making them worthwhile if you prefer a bank that has physical branch locations.

However, these accounts come with relatively low APYs, especially compared with the best online savings accounts. Many of these online savings accounts don’t even require you to maintain a minimum balance or pay a monthly service fee. Ultimately, you can use this bank’s savings accounts as backup for your checking accounts, but you should look elsewhere if you’re really building your savings.

Bangor Savings Bank’s CD rates

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How Bangor Savings Bank’s CD rates compare

Compared with the highest paying CDs, Bangor Savings Bank’s CD rates fall short, even when you consider the premium APY for Benefit Plus customers. However, most of the CDs with the highest rates require a higher minimum opening deposit.

If you’re looking to open a CD with minimal cash, Bangor Savings Bank’s CDs start looking more competitive. Their 6 month and 9 month CDs, in particular, offer some of the most generous rates available with a minimum opening deposit this low. Bangor Savings Bank’s CDs do offer more term options than many other CDs so they’re great if you’re looking for more flexibility.

You should still shop around before deciding on Bangor Savings Bank, as it might be possible to get significantly higher rates depending on the term and the deposit you’re willing to make. Even with a low opening deposit, there are a few credit unions with rates that double those offered to Benefit Plus customers.

Bangor Savings Bank’s money market account options

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How Bangor Savings Bank’s money market accounts compare

For a bank of its size, Bangor Savings Bank offers competitive rates on their money market accounts. However, they simply don’t come close to the best rates for money market accounts right now. What’s more, these superior money market accounts often have the same minimum balance requirements as Bangor Savings Bank and also don’t charge a monthly service fee.

If you’re already a checking account customer and value your relationship with Bangor Savings Bank, their money market accounts might be worth considering. If you don’t feel loyal to this bank, it’s worth shopping around for better rates.

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Source: https://www.magnifymoney.com/blog/reviews/bangor-savings-bank/

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