Camden National Bank CD Rates
Camden National Bank, headquartered in Camden, Maine, is one of the oldest banks in operation, having opened its doors in 1875. It caters to customers at its 61 branches across greater southern Maine, with two lending locations in bordering New Hampshire and Vermont. It is the largest bank headquartered in Maine.
When it comes to its certificate of deposit (CD) rates, Camden National Bank 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 Camden Bank, you as a customer must make a $500 minimum deposit. This is a typical starting deposit for many banks, both local and national, but unfortunately, Camden’s rates are largely disappointing, especially if you compare its CD rates to those of other banks out there.
The reason for its low rates might come down to the costs of maintaining a vast physical presence. Camden’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 Camden, with a range of term lengths and a list of various benefits.
You can 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 Camden National Bank 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: Camden CD APY rates change every single week, 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||$500||0.15%||Compare CD Rates|
|6-Month||$500||0.20%||Compare CD Rates|
|1-Year||$500||0.25%||Compare CD Rates|
|18-Month||$500||0.55%||Compare CD Rates|
|2-Year||$500||0.60%||Compare CD Rates|
|3-Year||$500||1.01%||Compare CD Rates|
|4-Year||$500||0.95%||Compare CD Rates|
|5-Year||$500||1.31%||Compare CD Rates|
3-Month CD Interest Rate Comparison
Overview of Camden National Bank CDs
For a chain of its size, Camden National Bank offers both an impressive range of CD account term lengths alongside its various checkings, savings and money market accounts, from which you can take your pick. However, the APY and interest rates offered for their CD accounts don’t stack up to any of the best CD rates in the country. Even so, because it serves a relatively small population, Camden National Bank suggests an in-person consultation with one of its bankers so as to pair you with a CD that will best fit your financial goals, even if its annual percentage yields (APYs) don’t impress.
Unfortunately, if you try to withdraw any amount of money before your CD reaches maturity, you will have to pay an early withdrawal penalty, which will typically be worth 90 days’ interest on the amount withdrawn. But keep in mind that these figures can greatly vary, depending on your banking history and the terms of your account. Speak with a Camden National Bank teller at your local branch for a clear understanding of the terms.
How Much You Earn With Camden National Bank CDs Over Time
The rates do the talking—the more you put into the account, the more you’ll make. But given the fairly low interest rates that Camden 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 Camden Bank’s most common starting deposits and most-used CD terms, listed by initial deposit amount:
|Initial Deposit||6-Month CD||1-Year CD||5-Year CD|
Compare Camden National Bank to Other Competitive Offers
How Camden Bank CD Rates Compare to Other Banks’
When put in perspective, Camden Bank falls short compared to its much larger competitors such as Ally Bank and Marcus by Goldman Sachs. However, it’s best to take into account that Camden Bank operates solely in one state, and as such, its client count and total assets are far 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 Camden National Bank branches beyond Maine and its bordering states, so its entire business operation is quite small and locally focused. This intimate business plan can offer unique benefits that its competitors, large national banks, cannot. All that said, here’s how Camden National Bank measures up to Ally and Marcus by Goldman Sachs, two online banks, and Chase, a national bank with particularly low rates:
|CD||Camden Bank||Ally Bank||Marcus by Goldman Sachs||Chase|
Should You get a Camden National Bank CD Account?
If you live in Maine and have at least $500 to put away, opening a Camden National Bank CD account may be a good choice. But unless you’re fine with a very gradual accrual of interest, it may be best to keep looking. Camden’s rates are not the best you can find, and as their expansion picks up speed, they no longer really qualify as a small, regional bank in many significant respects, like customer service and bonuses or benefits. That said, it is easy to make an appointment to speak with a bank teller at Camden, and perhaps you’ll find that among the variety of accounts they offer is the perfect fit for you.