12 Best Banks in Maine for 2024

When it comes to banking in the Pine Tree State, residents of Maine have a diverse array of options to choose from. Whether you prioritize top-notch customer service, innovative digital banking features, or community-driven values, there’s likely a bank in Maine that fits the bill.

This list of the best banks in Maine is designed to offer insight to help you make an informed decision about where to entrust your hard-earned money.

Welcome to Maine

12 Best Banks in Maine

There are a few things to consider when you’re choosing a new banking provider. Customers often look for 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 best banks in Maine to help you narrow down your options.

1. Camden National Bank

When searching for the best bank in Maine, Camden National Bank certainly merits consideration. Having established strong foundations in Maine and neighboring New Hampshire, the bank prides itself on offering exceptional customer service coupled with a varied range of checking account options.

Customers can choose from various accounts that come with no monthly fees and even those that accrue interest, like the much-acclaimed Premier Checking account.

This particular account emerges as a favorite among frequent travelers, boasting unlimited rebates on ATM usage both on home soil and abroad.

For residents who opt to manage their finances closer to home, Camden National Bank provides up to $10 in monthly rebates on out-of-network ATM fees, allowing them to manage their finances from anywhere.

Camden National Bank extends beyond checking solutions, unfolding a plethora of savings and money market accounts. Additionally, it provides wealth management services, positioning itself as a dependable partner for those steering towards long-term financial stability and growth.

2. SoFi

SoFi is a leading online bank due to its robust Checking & Savings account offerings. Recognized for its competitive Checking & Savings accounts, it offers a generous 4.60% APY on savings and 0.50% APY on checking, all with no monthly fees, and no minimum deposit requirement.

Customers will appreciate the early direct deposit feature, which allows you to get your paycheck up to two days.

When it comes to the safety of customers’ funds, SoFi offers FDIC insurance that covers amounts up to $2 million.

It also offers a convenient overdraft protection service, covering up to $50 without any fees, a feature available to those receiving qualifying direct deposits.

Those looking to switch to SoFi will be greeted with a welcome bonus that varies between $50 and $300, based on the direct deposit amount.

Adding to the ease of banking with SoFi, customers have access to over 55,000 ATMs through the extensive Allpoint® Network.

3. TD Bank

TD Bank is a versatile regional bank with a significant presence not only in Maine but also across multiple states in the East and Southeast. The bank is particularly convenient for customers who reside or travel within its extensive service area, which spans from Maine to Florida and includes major metropolitan regions.

One of the compelling incentives for opening a checking account with TD Bank is their new account bonus, ranging from $200 to $300.

Moreover, the checking account comes with no monthly maintenance fees as long as you maintain a $100 minimum daily balance, making it an affordable option.

However, it’s worth noting that if you venture outside the TD Bank ATM network, which consists of 2,600 ATMs, you’ll incur a $3 ATM fee. This could be a drawback for frequent travelers who venture beyond the bank’s service area.

4. GO2bank

Maine residents intrigued by the world of online banking should consider GO2bank, a subsidiary of Green Dot, as an appealing option. This digital financial platform offers simple ways to start both a checking and high-yield savings account, with no minimum balance requirement.

For those interested in saving, the bank provides an enticing 4.50% APY for amounts up to $5,000.

The convenience of cash handling is elevated with GO2bank, which boasts 90,000 retail locations for cash deposits. Additionally, the bank allows for free money transfers from other financial institutions.

A unique advantage of banking with GO2bank is early direct deposit. It enables you to access your paycheck up to two days in advance or government benefits up to four days early.

With a qualifying direct deposit, the monthly fee of $5 is eliminated. For those unpredictable financial moments, the bank offers overdraft protection up to $200.

To round off its impressive array of offerings, GO2bank offers a Secured Visa Credit Card aimed at helping consumers improve their credit standing.

With its combination of user-friendly features and robust services, GO2bank firmly places itself among Maine’s top banking choices.

5. Bangor Savings Bank

Bangor Savings Bank stands out as one of Maine’s top community banks, with a strong footprint throughout the state. Recognized for its exceptional customer service, the bank received a J.D. Power award for customer satisfaction, setting it apart as one of New England’s best in this aspect.

When it comes to financial products, Bangor Savings Bank offers a checking account with no monthly maintenance fee. The bank also offers attractive rates on certificates of deposit (CDs), making it a great option for those looking to grow their savings.

Although its ATMs are primarily located within Maine, Bangor Savings Bank offers a unique benefit of reimbursing third-party ATM fees, even for transactions made outside the U.S. In addition, customers have access to mobile banking.

With its mix of award-winning service, fee-free checking, and comprehensive financial offerings, Bangor Savings Bank is a strong choice for those who prefer community banks with a local focus.

6. Bar Harbor Bank & Trust

With a rich history spanning 130 years, Bar Harbor Bank & Trust operates 22 branches in Maine including, Bangor, Waterville, Brunswick, Brewer, Ellsworth, Rockland, and more.

Customers have three primary checking account options, all starting with a minimum deposit of $25. The Simple Checking account is notable for having no monthly fee.

However, the E-Choice and Relationship Rewards Checking accounts, which have waivable monthly fees between $6 and $15, offer cashback rewards and the ability to earn interest.

For those looking to save, the Statement Savings account is available with a $25 opening deposit and a waivable $3 monthly fee. This account, which earns interest, allows for free transfers and can be linked to a checking account to avoid overdraft fees.

Additionally, Bar Harbor Bank & Trust offers a range of financial products including HSAs, IRAs, and personal and equity loans, catering to a wide variety of financial needs and goals.

7. Bank of America

Bank of America is a leading national bank, boasting more than 3,900 branches and 15,000 ATMs across the country. This makes it an exceptional option, particularly for those who frequently travel outside the New England area.

While its savings and interest-bearing checking accounts may not offer the most competitive rates compared to online bank accounts, it compensates with a range of other features.

One such feature is BankAmeriDeals, which provides cash back on select purchases, adding an extra layer of financial benefit for account holders.

Additionally, the bank offers various online banking tools, including a robust mobile banking app that allows you to manage your accounts, make mobile deposits, and set up alerts.

Bank of America also provides various types of credit cards, including options that offer rewards, cash back, and travel benefits.

8. Northeast Bank

Northeast Bank serves as a dependable community bank option with a presence across Maine. One of its standout offerings is the PROPEL Free Checking account, which comes with no minimum balance requirements and no monthly service charge.

When it comes to savings, Northeast Bank offers competitive rates, particularly with its CDs that can offer up to 4.85% annual percentage yield (APY).

Although the standard savings account yields a modest 0.05% APY, the PROPEL Plus account stands out with an impressive 3.75% APY.

While the bank’s ATM availability may be limited, all fees incurred at third-party ATMs are refunded.

For clients with higher balances, the extended FDIC insurance ensures additional security, adding to the bank’s appeal as a full-service community bank with competitive offerings.

9. M&T Bank

M&T Bank, formerly known as People’s United Bank, has an extensive reach on the East Coast. It boasts branches in 15 states and access to more than 1,600 ATMs from New York all the way to Washington, D.C.

The bank provides numerous checking accounts to suit different financial needs, including a fee-free option for those looking to avoid monthly fees. M&T Bank will reimburse up to $2 in fees for using third-party ATM usage across the U.S.

With its wide geographic coverage and diverse financial products, M&T Bank serves as a reliable option for those seeking both accessibility and flexibility from their bank.

10. Machias Savings Bank

Machias Savings Bank is a community-focused financial institution with 17 branches spread throughout Maine. While the bank’s ATMs are relatively limited, customers can take advantage of up to $25 in third-party ATM fee refunds each month.

Opening a checking account requires a $100 minimum opening deposit, but you won’t have to worry about monthly maintenance fees.

Additionally, the bank offers an attractive incentive of earning 5 cents on every debit card transaction, encouraging frequent card usage.

Coupled with personalized customer service available at local branches, Machias Savings Bank delivers a tailored and rewarding banking experience for its Maine-based clientele.

11. Gorham Savings Bank

Gorham Savings Bank strikes a balance between being a local bank and offering robust online features. Their checking accounts come with interest and rewards aimed at encouraging account holders to maintain a higher balance.

While the bank may not be the go-to choice for those focused on high-interest savings or CDs, it does boast unique tiered checking that adjusts account features based on your banking habits. Additionally, any fees incurred from out-of-network ATMs are reimbursed.

12. Partners Bank

If you’re a resident of Southern Maine or New Hampshire and value community banking, Partners Bank could be an excellent fit for you. Not only does the bank provide fee-free third-party ATM usage via its Partners Bank Debit MasterCard, but it also provides cash rewards on debit card purchases.

For small business owners, Partners Bank rolls out a full array of services, including free business checking accounts and a dedicated business MasterCard. This makes it a comprehensive financial institution for both individual and business needs.

How to Choose the Best Bank in Maine

Finding the best bank in Maine involves more than just looking at interest rates or branch locations. The choice you make can affect your long-term savings goals, your daily financial tasks, and even your peace of mind. To zero in on the right bank for your needs, consider the following key factors:

  • Consider your financial needs: Understand what you’re looking for in a bank. Do you need a simple checking account, or are more comprehensive services like a savings account, home or auto loan also on your list? Start by outlining your banking requirements to narrow down your options.
  • Evaluate convenience: Whether it’s proximity to physical locations or a robust online platform, consider what convenience means to you. Different banks offer different levels of accessibility, so factor this into your decision.
  • Check fees and rates: High fees can quickly erode your savings, while an attractive interest rate can make a significant difference in growing your funds. Make sure to examine the cost structure and rates offered by each bank.
  • Customer service: Good customer service can be a lifesaver when you encounter issues. Research ratings or ask for recommendations to gauge the quality of customer support.
  • Security and technology: In the digital age, a bank’s security measures and technological capabilities are increasingly important. Look for banks that provide secure and user-friendly online platforms and mobile banking apps.
  • Community engagement: Some people prefer banks that are active in their community. If this matters to you, look into each bank’s community involvement in Maine.
  • Read reviews and testimonials: Reviews and testimonials from other customers can offer valuable insights. These can be found online or by talking to current customers about their experiences.
  • Consult financial advisors: If you have complex financial objectives, it might be helpful to consult with a financial advisor who can guide you toward a bank that best suits your requirements.

Types of Banks to Consider in Maine

Maine has various banks to choose from, depending on your financial needs and how you like to bank. Whether you’re thinking of opening a new bank account or switching from your current bank, here are the types of banks you might think about:

  • National banks: These are the big brick and mortar banks that have many offices across the state and even the whole country. National banks offer numerous different services, including checking and savings accounts, loans, and help with investments.
  • Regional banks: These banks are a bit smaller than national banks but bigger than community banks. Regional banks have offices in a particular region and offer a wide range of services while also focusing on the needs of the local people.
  • Community banks: These are small, local banks that focus on helping the community. They are usually more flexible with loan requirements and are a great choice if you want to support local businesses.
  • Online banks: These banks don’t have physical branches and do everything online. Online banks tend to have lower fees and offer better rates on savings accounts. They are a suitable option if you are comfortable using a computer or phone for banking.
  • Credit unions: These are like banks but are owned by the members. Credit unions often have lower fees and offer more personalized service. However, they might not offer as many services as the big traditional banks.

Top Credit Unions in Maine

Maine offers a diverse array of credit unions, known for their member-owned structure and commitment to serving local communities. Below are some of the top credit unions in Maine to consider for your banking needs:

  • Maine State Credit Union: One of the largest in the state, it is renowned for its wide array of financial products and strong community engagement.
  • University Credit Union: Initially serving the University of Maine system, it has expanded its reach and now offers services to various communities across the state.
  • Five County Credit Union: Serving multiple counties, it offers a diverse range of services, including checking accounts, loans, and business services.
  • Atlantic Federal Credit Union: With branches in Brunswick and nearby areas, it provides various bank accounts, competitive loan terms, and convenient online banking options.
  • Town & Country Federal Credit Union: Known for its customer-oriented approach and strong community involvement, it offers a wide variety of financial services and has a focus on local impact.

Each of these credit unions has its own set of advantages, offerings, and community involvement. Consider your individual financial needs and local preferences when choosing.

Bottom Line

Choosing the best bank in Maine hinges on various factors, including individual financial needs, preferences, and the kind of banking experience one is looking for. From large national banks with a vast array of services to community banks with a strong local focus, Maine offers something for everyone.

As we have seen, whether it is the range of services, lower fees, or the convenience of online banking that you prioritize, you will find a suitable option in the region. Take your time to assess what each bank offers and align it with your requirements to find the right bank in Maine for you.

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Stephanie Faris
Meet the author

Stephanie Faris is a professional finance writer with more than a decade of experience. Her work has been featured on a variety of top finance sites, including Money Under 30, GoBankingRates, Retirable, Sapling, and Benzinga.