Highest Yielding CD Rates for Maine, ME

Includes Online Banks, Local Banks and Credit Unions / Updated September 27, 2022

All rates listed are Annual Percentage Yield (APY).


 

12-Month Rates

  • 3.250% Reviews Online Rate 12 Month CD - $0
  • 3.200% Reviews Online Rate 12-Month CD - $500

    | April 23, 2022 |

    Thanks CFG ! Opened a 12-month CD today with the fantastic rate of 1.24%. Best rate in town. Most area banks still offering terrible rates .01% to .50%. Not at all fair when charging up to 5% for loans.... Read More

  • 3.100% Reviews Online Rate 1-Year CD - $500
  • 3.050% Reviews Online Rate 12-Month CD - $25,000

    Early withdrawal penalty is 6 months interest.

  • 3.010% Reviews Online Rate 1-Year CD - $25,000

    | June 14, 2022 |

    Lots of these big more recognized names have long wait times to be followed by people answering the phone needing to do research in order to provide unsatisfactory answers. I have only called CIBC once or... Read More

  • 3.000% Reviews 1-Year CD - $1,000

    | September 20, 2022 |

    Quite pleased with this one so far. Rate is consistently above anything else. I am just hoping they continue to be in the top tier of competitiveness! Read More

  • 3.000% Reviews Online Rate 1-Year CD - $1,500

    Early withdrawal penalty is 180 days interest.

    | May 5, 2022 |

    This is nuts! The new system associated with the new brand doesn't allow you to transfer in or out more than $5,000. Other systems of this nature are easily defeated by initiating it from an outside bank... Read More

  • 3.000% Reviews Online Rate 12 MONTH - $2,500 Min
  • 2.750% Reviews Online Rate Basic CD - $1,000

    | October 17, 2021 |

    The savings rate is 0.50% as listed here. Their money market rate is only 0.40%. These guys are deceptive! They keep one rate high so that customers like me see them on a site like this and go through and ... Read More

  • 2.750% Reviews Online Rate 12 Month CD - $2,000

    | September 20, 2022 |

    This whole bit about delaying the transaction 3-4 days is really unacceptable. Should be illegal. It takes 2 seconds to run an ACH transfer. I've had accounts with Barclays, CIT, Marcus and all of the r... Read More

18-Month Rates

24-Month Rates

  • 3.560% Reviews Online Rate 2-year CD - $5,000

    | September 26, 2022 |

    talked with 3 people with Connexxus...3 different stories on how to open CD..even with the "shared branchs"... this company is a nightmare! Read More

  • 3.550% Reviews Online Rate 24 Month CD - $1,000

    | June 21, 2021 |

    This account is great. Had first opened an online savings account and then I locked into the 18-month No Penalty CD. While interest is still lost if you get out before a quarterly payment date, it provides... Read More

  • 3.300% Reviews Online Rate 2 Year CD - $10,000

    Early Withdrawal Penalty is 270 days interest.

  • 3.290% Reviews Online Rate 2-year CD - $100,000
  • 3.200% Reviews Online Rate Connect 24-Month Investment CD - $500
  • 3.200% Reviews Online Rate 24-Month CD - $1,000

    Early Withdrawal Penalty is 360 days interest.

  • 3.200% Reviews Online Rate 24 Month CD - $2,500

    | August 30, 2022 |

    It is ludicrous in this day and age to have an account where it takes so long to get your money. This may be Sallie's racket, but I am out. Read More

  • 3.100% Reviews Online Rate 24 MONTH - $2,500 Min
  • 3.050% Reviews Online Rate Basic CD - $1,000

    | October 17, 2021 |

    The savings rate is 0.50% as listed here. Their money market rate is only 0.40%. These guys are deceptive! They keep one rate high so that customers like me see them on a site like this and go through and ... Read More

  • 3.000% Reviews Online Rate 24 Month CD - $0

    | November 9, 2021 |

    Higher rate but same old bank. Still engages in a process of not crediting deposits for two days after they are drawn. As a result, any transfers initiated after Wednesday will miss earning interest over t... Read More

36-Month Rates

  • 3.650% Reviews Online Rate 36 Month CD - $25,000

    Warning: Early Withdrawal Penalty is 2% of the account balance.

  • 3.610% Reviews Online Rate 36 Month CD - $5,000

    | September 26, 2022 |

    talked with 3 people with Connexxus...3 different stories on how to open CD..even with the "shared branchs"... this company is a nightmare! Read More

  • 3.550% Reviews Online Rate 36 Month Online CD - $1,500
  • 3.500% Reviews Online Rate 36 Month Online CD - $500

    | April 23, 2022 |

    Thanks CFG ! Opened a 12-month CD today with the fantastic rate of 1.24%. Best rate in town. Most area banks still offering terrible rates .01% to .50%. Not at all fair when charging up to 5% for loans.... Read More

  • 3.400% Reviews Online Rate 36 Month CD - $10,000

    Early Withdrawal Penalty is 365 days interest.

  • 3.390% Reviews Online Rate 3-Year CD - $500
  • 3.340% Reviews Online Rate 3-Year CD - $100,000
  • 3.300% Reviews Online Rate Connect 36-Month CD - $500
  • 3.300% Reviews Online Rate 36-Month CD - $2,500

    | August 30, 2022 |

    It is ludicrous in this day and age to have an account where it takes so long to get your money. This may be Sallie's racket, but I am out. Read More

  • 3.250% Reviews Online Rate 3-Year CD - $0

    | September 20, 2022 |

    Quite pleased with this one so far. Rate is consistently above anything else. I am just hoping they continue to be in the top tier of competitiveness! Read More

48-Month Rates

60-Month Rates

All rates listed above are Annual Percentage Yield (APY).

CERTIFICATE OF DEPOSIT (CD) QUESTIONS AND ANSWERS

What are Certificates of Deposit (CDs)?

CDs, often also called time deposits, are a savings vehicle similar to a savings or money market account, but guaranteeing a fixed rate in return for a consumer’s commitment to keep the money deposited until a specified date (the maturity date). Only in rare circumstances, and with the payment of a penalty, can the money be withdrawn early, and then it is at the bank’s discretion.

What are advantages and disadvantages of certificates of deposit compared to a savings account?

Since the rate is fixed, you avoid the risk of falling savings rates. You take on the risk of rising rates. Rates are above savings rates to compensate you for the risk of rising rates and to provide you with a premium for agreeing to keep your money on deposit until maturity. You should consider the rates above carefully in comparison with the best savings rates that may be available to you. Depending on your view of the direction of rates and the trajectory at which you believe they will rise, you may be more inclined to stick with shorter maturities (1-year) or you may find that that the premium of any CDs over savings rates does not provide adequate compensation.

What are the top current CD rates?

The table above lists best CD rates currently offered for several different maturities (lengths). Rates on longer maturities are ordinarily higher as they provide greater compensation for the risk of rising rates and provide you with a greater premium of depositing your money for a longer time.

Are the funds in certificates of deposit insured?

CDs in FDIC-insured or NCUA-insured institutions are insured so long as you remain within relevant insurance limits, ordinarily to a maximum of $250,000 within an ownership category. If you hold a CD that is accruing interest during the course of CD, you may wish to consider depositing no more than such amount that will, when combined with any other accounts you have at the bank or credit union, exceed $250,000 at maturity.

What is a reasonable Early Withdrawal Fee?

An Early Withdrawal Fee (also called an Early Termination Fee) is the fee charged by a bank for early termination of a CD (termination before maturity). This fee is ordinarily expressed by the bank in terms of months of interest, rather than as a flat fee, and if the CD is cancelled before that period has passed may reduce principal. A reasonable fee for early withdrawal from a CD (early termination of a CD) is said to make the CD more liquid. Rates & Info believes that a reasonable early withdrawal fee for a CD of less than one year is 3 months’ interest and a reasonable early withdrawal fee for a CD of 18 months to 5 years is 6 months’ interest. In a rising interest rate environment or one where you require liquidity, you should avoid CDs with more onerous Early Withdrawal Fees. Under any circumstance, you may wish to also favor No Penalty CDs. You may wish to read this important article in a competing website which indicates that banks may retain the right not to allow early termination even with payment of this fee.

Should I invest in CDs?

Your own risk tolerance level and personal situation determines your allocation to cash versus risk assets. Cash can be apportioned between savings accounts and CDs. However, if you feel interest rates will rise quickly, you should keep all of your cash in high-interest savings accounts.


The graph above shows how the average rates for CD accounts have trended over the last several years.


The graph above shows the difference in rate between average 5-year CD rates and average 1-year CD rates.

Compare Savings and CDs

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