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Bangor Savings Bank Review

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by Lauren Perez Updated
Bangor Savings Bank

Bangor Savings Bank is largely a Maine bank, with most of its locations in the state. The bank works to connect with its communities and customers, offering a variety of checking, money market and savings accounts and certificates of deposit that meet different needs and financial goals. 

Bangor includes free online, mobile and text banking along with its ATMs and branches. When online, you’ll be able to pay bills, purchase rewards and view your eStatements. 

Products Offered

Product Key Details
Savings Accounts
  • Three account options
  • No monthly fees
  • Affordable minimum deposits
Certificates of Deposit
  • Terms range from three to 60 months
  • Great Start CD for youngsters available
  • Standard minimum deposit of $500
  • Benefit Plus Rates available
Money Market Accounts
  • Two account options
  • High minimum deposit requirements
Checking Accounts
  • Three account options
  • Two free accounts
  • Affordable minimum deposits

Bangor Savings Bank Interest Rate Comparison

Benefit Savings Account

Key Features Details
Minimum Deposit $25
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates
  • Account balances of $25 - $999.99: 0.08% APY
  • Account balances of $1,000 - $4,999.99: 0.08% APY
  • Account balances of $5,000 - $24,999.99: 0.12% APY
  • Account balances of $25,000 and over: 0.15% APY

To start, you’ll need to own a Bangor personal checking account to be able to open a Benefit Savings account. If you qualify, you’ll have access to this free savings account that grows your savings according to your account balance. Keep in mind that while the account doesn’t need you to maintain a certain balance, you’ll need at least $25 to start earning interest. You’ll receive a free ATM card with this account. 

Great Start Savings Account

Key Features Details
Minimum Deposit $1
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates 0.05% APY

The Great Start Savings account works as a starter account for children under the age of 18 to learn how to save and manage their money. Kids under 16 will need an adult co-owner. 

The account includes an ATM card and an annual “Birthday Buck” deposited by the bank. 

Statement Savings Account

Key Features Details
Minimum Deposit $25
Access to Your Savings Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Rates
  • Account balances of $25 - $999.99: 0.05% APY
  • Account balances of $1,000 - $4,999.99: 0.05% APY
  • Account balances of $5,000 - $24,999.99: 0.08% APY
  • Account balances of $25,000 and over: 0.10% APY

Looking to open a standalone savings account without a Bangor checking account? The Statement Savings account could be just the thing. It earns interest according to balance tiers and at rates slightly lower than the Benefit Savings account. You’ll still need at least $25 to open the account and to start earning interest. 

Certificate of Deposit 

Key Features Details
Minimum Deposit $500
Access to Your CD Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply.
Current Terms and Standard Rates
  • 3 Month: 0.50% APY
  • 6 Month: 0.55% APY
  • 12 Month: 0.60% APY
  • 18 Month: 0.70% APY
  • 24 Month: 0.90% APY
  • 30 Month: 1.01% APY
  • 30 Bump-Up: 0.75% APY
  • 36 Month: 1.16% APY
  • 48 Month: 1.26% APY
  • 60 Month: 1.66% APY
Current Terms and Benefit Plus® Rates
  • 3 Month: 0.75% APY
  • 6 Month: 0.80% APY
  • 12 Month: 0.85% APY
  • 18 Month: 0.95% APY
  • 24 Month: 1.16% APY
  • 30 Month: 1.26% APY
  • 30 Bump-Up: 1.06% APY
  • 36 Month: 1.41% APY
  • 48 Month: 1.51% APY
  • 60 Month: 1.92% APY

Bangor Savings Bank offers a great spread of CD accounts from three to 60 months long. This allows you to save toward various expenses whether short term or long term. To open a Bangor Savings Bank CD, you’ll need at least $500. This may be high for many potential customers, but a higher balance means you’ll give your account more to grow. Bangor Savings Bank offers some pretty good rates on its certificates of deposit, with the highest rates reserved for its accounts that last a few years. 

Note that you can earn at even higher rates when you also own a Benefit Plus® Checking account.

Bangor Savings Bank offers the CDARS service so you can take advantage of the most FDIC protection on your CD accounts. As part of the CDARS network, Bangor can place your funds into CDs issued by other banks within the network. All your statements and rates still go through Bangor Savings Bank so you don’t have to do any extra work between the various banks. 

Great Start CD (Certificate of Deposit)

Key Features Details
Minimum Deposit $500
Access to Your CD Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties may apply.
Current Terms and Standard Rates
  • Standard 12 Month: 0.40% APY
  • Benefit Plus® 12 Month: 0.65% APY

The Great Start CD is geared toward helping young savers learn the ropes of timed deposits. It requires a lower deposit than the standard certificates of deposit. Plus, the Great Start CD offers some more flexibility than usual with the ability to make additional deposits of $50 or more during the CD’s term. 

Benefit Money Market Account

Key Features Details
Minimum Deposit $5,000
Access to Your Money Market Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee
Current Terms and Standard Rates
  • Account balances of $5,000 - $24,999.99: 0.15% APY
  • Account balances of $25,000 - $49,999.99: 0.20% APY
  • Account balances of $50,000 - $99,999.99: 0.25% APY
  • Account balances of $100,000 and over: 0.35% APY

If you already have a Bangor Savings Bank personal checking account, you’ll be able to add to your savings with the Benefit Money Market Account. You won’t have to worry about adding a monthly fee. 

You will need at least $5,000 to open this money market account, though. You need to maintain that balance to start earning interest as well. Balances higher than that minimum can earn at even higher rates. 

Market Rate Account

Key Features Details
Minimum Deposit $5,000
Access to Your Money Market Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $10 monthly fee, waivable with $5,000 minimum balance
Current Terms and Standard Rates
  • Account balances of $5,000 - $24,999.99: 0.10% APY
  • Account balances of $25,000 - $49,999.99: 0.15% APY
  • Account balances of $50,000 and over: 0.20% APY

Unlike the Benefit Money Market Account, you don’t need a Bangor Savings Bank personal checking account to open the Market Rate Account. You’ll still  earn at great rate and be able to access your account with its own Bangor Debit MasterCard.

Benefit Plus® Checking Account

Key Features Details
Minimum Deposit $25
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $20 monthly fee, waived with a $10,000 minimum combined balance in all your Bangor Savings Bank accounts
Current Terms and Standard Rates Account balances of $1,000 and over: 0.05%

Bangor Savings Bank bills this checking account as its “most rewarding.” Indeed, the account earns interest, qualifies you to open Benefit Savings Accounts and Benefit Money Market Accounts, earns higher rates on CDs and more. You can also benefit from free or discounted checks, a waived mortgage application fee and a free or discounted safe deposit box rental. 

You don’t need a large deposit to open this account. However, note that in order to earn interest, you’ll need at least $1,000 in the account. Be careful of the high monthly fee, too, which you can only waive with a large combined balance with the bank. 

Benefit 62 Checking Account

Key Features Details
Minimum Deposit $25
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee

The Benefit 62 Checking account is made for customers ages 62 and over. It makes banking in retirement easier with no fees and no minimum balance requirements. You’ll need at least $25 to open the account, but after that you don’t need to worry about maintaining a certain balance. 

Although this account doesn’t earn interest, it does come with many of the same perks as the Benefit Plus® Checking account. This includes a waived mortgage application fee and free or discounted checks. 

Benefit Checking Account

Key Features Details
Minimum Deposit $25
Access to Your Checking Account Online, mobile, ATMs and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee

The Benefit Checking account is Bangor Savings Bank’s standard approach to checking. It doesn’t earn interest and there’s no monthly fee or minimum balance requirement. You can just use it as your basic go-to checking account. It does include a few perks like a waived mortgage application fee, qualification for a Benefit Savings Account and the potential for a free credit card. 

Branch Locations

Bangor Savings Bank operates locations in Maine and New Hampshire, with most branches in southern Maine. 

Plus, Bangor Savings Bank provides its customers with free ATMs worldwide. So if you’re ever in a situation where you can’t find a Bangor ATM, you can use any ATM, pay the ATM’s fee and Bangor will reimburse you for that fee. The bank won’t charge a fee themselves when you use an out-of-network ATM. 

Financial Statistics & Bank Health Rating

Bangor Savings Bank holds $3.77 billion in assets and $2.60 billion in loans according to the FDIC. Bangor Savings Bank customers currently hold $2.77 billion in deposits. 

To determine the risk a bank potentially poses, you can take a look at its Texas Ratio. This ratio is calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. A Texas Ratio under 5% is considered excellent, meaning the bank poses very little risk. A score above 90% indicates the bank is poorly placed to protect your deposits. Bangor Savings Bank has a Texas Ratio of 1.64%.

Tips for Saving Money

  • Luckily for Bangor Savings Bank customers, many of its savings accounts don’t charge a monthly fee. This allows your money to grow undisturbed. However, if you’re currently stuck paying a monthly fee on a savings or checking account, you don’t have to be stuck much longer. There are a ton of free checking accounts out there if you’re willing to switch. If not, you should work to waive the monthly fees. 
  • Once you’ve cut out account monthly fees, you might be itching to better your finances in other areas, as well. A financial advisor can help you there since they can take a more comprehensive look at your financial situation. They can help you save, invest and manage your money more efficiently. To find the right advisor for you, you can use our SmartAdvisor tool. This will pair you with advisors in your area based on your needs and preferences.

Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

Worse
Better
Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study