Bar Harbor Bank & Trust CD Rates

Bar Harbor Bank & Trust 3-Month CD

0.15% APY

Bar Harbor Bank & Trust (BHBT), headquartered in Bar Harbor, Maine, is one of the oldest banks in operation, having opened its doors in 1887. It caters to customers at its 14 branches across the coast of Maine, with an additional 35 branches in New Hampshire and Vermont. BHBT offers a wide range of financial services to its many customers, including individuals, families, businesses, and nonprofits.

When it comes to its certificate of deposit (CD) rates, BHBT does not list them publicly, unlike its checking, savings or money market account (MMA) rates. Instead, the bank prompts you to call its toll-free number listed on its website to connect with a banker who will explain the terms and limits to you.

In order to open a CD account at BHBT, you as a customer must make a $500 minimum deposit. This is a typical starting deposit for many banks, and it’s actually fairly generous, but but unfortunately, BHBT’s rates don’t quite match, especially compared to the CD rates of many other banks.

The reason for its fairly low rates likely come down to the costs they must pay to maintain its vast physical presence of its branches across three states. BHBT’s more than sixty brick-and-mortar storefronts must be paid for in order to maintain their customer’s loyalty. But even so, you can still find many CD account options to choose from at BHBT, with a range of term lengths and a list of various benefits.

It’s best to decide which one will work best for you depending on factors like when you’ll need to tap into your savings, how much you can afford to stow away in the present and how long you can afford to wait for your investment to mature.

You can open a CD at BHBT from anywhere as short as ninety days to as long as five years. You can adjust and fine-tune which term works best for you based on the APY rate and monthly compounds. But take heed: BHBT CD rates are regularly updated, so it’s important to stay on top of them.

To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.

3-Month CD Interest Rate Comparison

Overview of BHBT National Bank CDs

For a chain of its size, BHBT offers both an impressive range of CD account term lengths alongside its various checkings, savings and money market accounts, and reasonable APY rates. But don’t act too quickly. Before signing up, compare BHBT’s rates with some of the best CD rates in the country. Even so, because it serves a comparatively small population, BHBT typically will recommend making an appointment for an in-person consultation with one of its bankers. This way, an expert can help pair you with a CD account that will best fit your financial goals, even if its annual percentage yields aren’t top of the line.

How Much You Earn With BHBT CDs Over Time

It goes without saying: the more money you invest in the account, the more you’ll eventually make. But given the pretty low interest rates that BHBT offers, even if you store away a sizable amount of money, the payoff will still be underwhelming compared to what you may get at similar banks in the same amount of time. Either way, here’s a breakdown of some of BHBT’s most common starting deposits and most-used CD terms, listed by initial deposit amount:

How BHBT CD Rates Compare to Other Banks’

Across the board, BHBT CDs tend to fall short as compared to its much larger competitors like Ally Bank and Goldman Sachs. However, don’t forget that BHBT only operates in three small New England states, and as such, its client count and total assets come out to much lower than at those nationwide competitors. Even so, it is the biggest in the state, having acquired smaller chains in its time, so its rates don’t necessarily have to be as low as they are.

In fact, there aren’t any full-fledged BHBT branches beyond Maine, New Hampshire and Vermont, meaning its entire business operation is quite small and locally focused. This small-scale business plan indeed offers unique benefits that its much larger competitors cannot. All that said, here’s how BHBT CD account APYs compare to those of Ally Bank and Marcus by Goldman Sachs, two online banks, and Chase, a national bank with particularly low rates:

Should You get a BHBT CD Account?

If you live in Maine, New Hampshire, or Vermont, and have at least $500 to put away, opening a CD account with BHBT may be a perfectly good choice. But unless you’re able to financially bear the burden of a very gradual accrual of interest compared to what you may get elsewhere, it may be best to keep looking. That said, it is easy to make an appointment to speak with a bank teller at BHBT, and perhaps you’ll find that among the variety of accounts they offer is the perfect fit for you and your future prospects.