From food and agriculture to outdoor recreation, Maine is jam-packed with industry. But all those employees need banking services. The state has everything from online banks to large, corporate banks with branches in Maine.
If you’re interested in a community bank, you can find those as well. This list of the best banks in Maine is designed to help you find the most convenient bank for your financial needs.
12 Best Banks in Maine
There are a few things to consider when you’re choosing a new banking provider. Customers often need to find a bank that reduces fees while also offering high interest rates on balances. You may also want to look at a bank with competitive rates on personal loans or rewards for purchases. Here’s a list of the 12 best banks in Maine to help you narrow down your options.
1. Camden National Bank
With branches in Maine and New Hampshire, Camden National Bank offers great customer service and multiple checking account options. ATMs are limited to the Camden National Bank service area, but you’ll get up to $10 in out-of-network ATM fees each month. If you travel frequently, consider the Premier Checking account, which provides unlimited rebates for ATM use both in the U.S. and internationally.
Pros:
- Rebates for non-Camden National Bank ATMs
- Multiple checking account options, from fee-free to interest-earning
- Variety of wealth management services available
Cons:
- Branches and ATMs limited to New Hampshire and Maine
- Low rates on savings
2. Chime
Chime is one of the many online banks that partners with a nationwide network for ATM access. You’ll be able to withdraw cash using your debit card at more than 60,000 locations nationwide. Checking accounts come with no fees or minimum balance requirements, and savings accounts offer 2.00% APY.
Pros:
- Fee-free withdrawals at more than 60,000 ATMs
- Secured credit card helps you build credit with no credit check
- High rates on savings
Cons:
- No in-person customer service
- No cash deposit options
3. Bank of America
If you prefer national banks, why not go with one of the biggest? With more than 3,900 branches and 15,000 ATMs nationwide, Bank of America offers a level of convenience you won’t get with a local bank, especially if you travel outside the New England area. However, the rates on savings and interest-bearing checking aren’t competitive with some local, regional, and online banking providers.
Pros:
- Nationwide network of branches and ATMs
- Robust app with advanced security features
- BankAmeriDeals offers cash back on select purchases
Cons:
- Low rates on savings accounts
- Inconsistent customer service
4. Bangor Savings Bank
One of the best banks in Maine for those who like community banks is Bangor Savings Bank, which has branches throughout Maine. In addition to checking and savings, you’ll also get mobile banking options and competitive rates on CDs.
Bangor Savings has also won J.D. Power’s award for customer satisfaction, making it one of the top banks in New England for customer service. Although Bangor Savings ATMs are limited to the area, third-party ATM fees will be reimbursed, including outside the U.S.
Pros:
- Fees refunded at all ATMs worldwide
- Checking account with no maintenance fees available
- Award-winning customer service
Cons:
- Low rates on savings and money market accounts
- $25 minimum deposit to open
5. TD Bank
TD Bank is a regional bank with branches in Maine, as well as Connecticut, Delaware, Florida, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.
You’ll find 2,600 TD Bank ATMs across the region, but if you regularly travel, you’ll pay a $3 out-of-network ATM fee if you withdraw money.
Pros:
- $200-$300 bonus for new checking account
- Checking account has no maintenance fees with $100 minimum daily balance
- Competitive rates on CDs
Cons:
- Low rates on savings
- Free ATMs limited to Eastern U.S.
6. GO2bank
Although there are no branches or ATMs, GO2bank has all the features to fit your banking needs, including mobile banking, withdrawals at thousands of ATMs nationwide, and cash deposits at more than 90,000 retailers. Like many online financial institutions, a bank account with GO2bank comes with competitive rates on savings. You’ll earn 4.50% APY on up to $5,000 of your balance.
Pros:
- No monthly maintenance fee on checking accounts
- 7% cash back on gift card purchases
- High rates on savings
Cons:
- No in-person customer service
- Direct deposit required to waive the $5 service fee
7. KeyBank
Another regional bank with branches in Maine is KeyBank. You’ll find ATMs across its 16-state coverage area, plus you’ll get the first two out-of-network transactions free each month. If you’re looking for a bank with a variety of customer service options, though, KeyBank is a great choice. Customers can choose from live chat, phone, or in-person service at a bank branch.
Pros:
- Free checking account has no minimum balance requirement
- Free ATM transactions, plus two free out-of-network transactions monthly
- Automatic savings feature rounds up each purchase
Cons:
- No branches or ATMs outside the 16-state service area
- Low rates on savings
8. Northeast Bank
Northeast Bank is a community bank with branches throughout Maine. Although ATMs are limited, Northeast Bank will refund all fees at third-party ATMs. The PROPEL Free Checking account has no minimum balance requirements or monthly service charge, and CDs offer up to 4.85% APY. Although the standard savings account pays only 0.05% APY, PROPEL Plus pays 3.75% APY.
Pros:
- Connect with a live banker with one click
- Extended FDIC insurance available for higher balances
- Competitive rates on CDs
Cons:
- Limited branches
- Low rates on savings
9. M&T Bank
Formerly People’s United Bank, M&T Bank has locations throughout the East Coast. You’ll find branches in 15 states, along with more than 1,600 ATMs from New York to Washington, D.C. M&T will also reimburse up to $2 in fees at any third-party ATM in the U.S.
Pros:
- Variety of checking options, including a fee-free option
- Fee-free access to 1,600 ATMs plus fee reimbursement at third-party locations
- Competitive rates on CDs
Cons:
- Overdraft fees higher than average
- Low rates on savings
10. Machias Savings Bank
Machias Savings Bank is a local bank with 17 branches in Maine. Although Machias ATMs are limited, you’ll get up to $25 in third-party ATM fees refunded each month. The checking account requires $100 to open, but it comes with no monthly maintenance fees, and you’ll earn 5 cents on every debit card transaction.
Pros:
- Rewards for debit card
- Up to $25 in out-of-network ATM fees refunded monthly
- Personalized customer service at local branches
Cons:
- $100 minimum opening deposit for checking accounts
- Low rates on savings, CDs, and money market accounts
11. Gorham Savings Bank
Gorham Savings Bank is one of the best banks in Maine if you like a local bank with online banking features. The checking accounts offer interest and rewards designed to motivate you to keep a higher balance. It’s not the best option if you’re looking to set money aside since the rates on its savings account and CDs are fairly low.
Pros:
- Tiered checking customizes account features to your habits
- Video tellers let you interact with bank representatives at ATMs
- Out-of-network ATM fees reimbursed
Cons:
- Limited branch distribution
- Low rates on CDs and money market accounts
12. Partners Bank
Southern Maine residents looking for a small community banking experience should check out Partners Bank. The service area is limited to Southern Maine and New Hampshire, but you’ll get fee-free third-party ATM use with your Partners Bank Debit MasterCard. Small businesses also have a full suite of services, including fee-free business checking and a dedicated business MasterCard.
Pros:
- Third-party ATM fee rebates available
- Cash rewards on debit card purchases
- Free business checking accounts
Cons:
- Limited branches in Maine
- Low rates on savings and money market accounts
Bottom Line
Most banks in Maine offer a suite of services that include deposit accounts, CDs, personal loans, mortgage loans, and other options. The above list can help you get a feel for the variety, but make sure you’re aware of the amenities that matter most to you before you make a final choice.
