Best Certificates of Deposit Rates in Maine for 2025
- Maine residents have a multitude of banks and credit unions offering competitive interest rates on CDs.
- Online banks make a strong case for customer business with exceptional interest rates that lead to greater yield.
- Keep your money local: Maine State Credit Union offers a 6-month share certificate with an exceptional interest rate.
- CDs pose minimal risk, which is important in times of extreme volatility in public equity markets.
Volatility in the stock market can unravel the most carefully constructed investment portfolio. Certificates of Deposit (CDs) offer a hedge against market turmoil by providing guaranteed returns and little to no risk.
CDs are a great option for both short- and long-term savings. Use this guide to help find the best CD rates in Maine. We’ve highlighted multiple banks, credit unions and online financial institutions offering the most competitive rates on certificates of deposit in Maine so you can begin growing your savings today.
Best CD Rates in Maine
Popular Banks and Credit Unions in Maine
Mainers have a multitude of regional banks and credit unions offering some of the top CD rates in Maine. Choose terms ranging from as little as three months to 18 months or even as long as five years.
Camden National Bank. Founded in 1875, Camden National is the largest bank in Maine, with 73 branch locations in Maine and New Hampshire. It offers CD terms ranging from 90 days to five years.
Maine State Credit Union. MSCU was the first credit union founded in Maine. Residents of the Pine Tree State can tap into some of the best CD rates in Maine (3%-4.169%) with terms ranging from three months to five years.
Atlantic Federal Credit Union. AFCU is a non-profit financial institution actively engaged in many Maine cities and towns. It offers a wide range of certificates of deposit, including top-up and step-up share certificates.
Online financial institutions. Mainers can access many different online banks that offer competitive CD rates that are often significantly higher than those found at regional banks and credit unions in Maine.
Online Banks Offering CDs in Maine
Online banks don’t have the same operating costs as traditional financial institutions, which allows them to offer highly competitive rates on certificates of deposit and other savings products. Below are a handful of the many benefits that come with choosing an online bank:
Competitive interest rates
In addition to lower overhead than brick-and-mortar financial institutions, online banks offer some of the best CD interest rates in Maine in order to attract new customers.
Lower fees
Many digital banks offer no-fee banking services that waive common charges such as monthly maintenance and ATM fees. Some also offer no-fee CDs in case you get into a financial pinch and need to access your savings.
Low minimum deposits
Traditional banks usually require minimum deposits of $500 to $1,000 to open a CD. Online banks often allow customers to open CDs with as little as $100.
Easy to open savings accounts
Smaller banks and credit unions often want customers to open CDs and other accounts in person. Digital banks operate entirely online, and you can set up a new certificate of deposit account in just a few clicks.
Here are four of the top online banks offering competitive CD rates in Maine.
Ally Bank. Ally Bank has CD terms ranging from three months to five years, with interest rates at an attractive 2.9% to 4% (six-month term).
Bread Savings. Bread has exceptional rates on both short- and long-term CDs. Three-month CDs start at 3.8%, and six-month CDs are an industry-leading 4.4%. Bread’s 4% APY on five-year CDs is hard to beat at any financial institution. If you can’t park your money that long, consider opening a 2-year CD.
Bask Bank. Bask Bank offers savers CD terms ranging from 3 to 60 months, with highly competitive terms between 3.92% and 4.25%. Minimum deposits start at $1,000.
First Internet Bank. With as little as $1,000, Mainers can open a variety of CDs at First Internet Bank. Its three-month CD has a 3.65% interest rate, while its 12-month CD is an attractive 4.12%.
This is just a handful of the many online banks that offer compelling savings options for residents of Maine.
Factors to Consider When Choosing a CD in Maine
Interest rates are a primary consideration when researching the best CD rates in Maine, but there are many other important factors that you should also take into account. Macro and micro economic factors, state and federal taxes, and related factors can impact your overall yield.
Introductory and Maine-specific CD rates. Regional banks and credit unions often offer special introductory CD rates for Maine residents.
State taxes. Maine has a graduated individual income tax structure, and interest earned on CDs is also taxed at the federal level.
National economic trends. Interest rates are predicted to fall modestly in 2025, reducing the yield from savings products such as CDs and money market accounts.
Pros and Cons of CDs
As we mentioned earlier, certificates of deposit are an excellent tool to hedge against risk. They aren’t without a few drawbacks, though. Here’s a list of pros and cons of opening a CD.
Pros
- Minimal risk
- Guaranteed returns
- Fixed interest rates
- Multiple term lengths
- Federally insured up to $250,000
Cons
- Lack of liquidity
- Penalty for early withdrawal
- Returns potentially lower than investing in equity stocks
Start Your CD Savings Journey Today
The federal funds target rate is predicted to drop by .50 basis points in the later half of 2025, so Maine savers should capitalize on high CD interest rates by opening a Certificate of Deposit sooner rather than later.
Start your CD savings journey today by exploring the many different CD rates and terms available to Maine residents.
Frequently Asked Questions
Maine has a sliding scale for personal income tax, and income earned from CDs and other savings products is also subject to federal income tax.
With exceptional interest rates on CDs, online banks make a compelling case for your money. However, money deposited at regional banks and credit unions benefits the residents and communities where those institutions are based.
Certificates of deposit are insured by the Federal Deposit Insurance Corporation up to $250,000.
