Maine State Credit Union Adds Rate-Leading 8-Month Promo CD

Early Withdrawal Penalty

As stated on the Deposit Rates page, the Early Withdrawal Penalty for the 8-month Promo Certificate is 90 days of dividends. According to CSR, a Promo Certificate can only be closed early (no partial withdrawals) and the principal is not protected.

Availability

Headquartered in Augusta, Maine, Maine State Credit Union’s field of membership (FOM) is primarily community-based. U.S. citizens/resident aliens with a valid Social Security number who live, work, worship, or attend school in the Maine counties of Androscoggin, Cumberland, Kennebec, Knox, Lincoln, Sagadahoc, Somerset, or Waldo qualify for membership.

Employees of the State of Maine, the Main Housing Authority, the Maine Technical College System, or the Maine State Retirement System are eligible to join.

Members of the Maine Association of Retirees or the Maine State Employees’ Association qualify for membership.

Immediate family members (spouse, child, sibling, parent, grandparent, and grandchild) and household members of anyone eligible to join Maine State CU are welcome to apply.

Account Opening

Joining Maine State CU and/or opening a Promo Certificate can be done online or at any of five full-service Maine branches located in Augusta (2), Gray, Rockland, and Waterville.

A minimum $5 deposit in a Share Account establishes a Maine State Credit Union membership.

Funding and Other Details

The following information is from a conversation with CSR.

Funding – ACH ($50k max), wire, or internal transfer.
CO-OP Shared Branch Participant – Yes.
Ownership – Individual or joint.
Dividends – Compounded/credited monthly and can be withdrawn without penalty.
Maturing Funds – Internal transfer to a Maine State CU checking or savings account.
Grace Period – 10 calendar days before automatic renewal.
Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers are required.
Credit check – Soft pull through Experian.

Credit Union Overview

Maine State Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.97% (excellent) based on September 30, 2023 data. In the past year, Maine State CU has increased its non-brokered total deposits by $12.51 million, an above average annual growth rate of 2.35%. Please refer to our financial overview of Maine State Credit Union (NCUA Charter # 63377) for more details.

Chartered in 1935, Maine State Credit Union’s original FOM was exclusive to the employees of the Maine State House and their families. Joining the credit union cost only 25¢, while the price of a fully paid share was $5. Within five years, 437 of 500 eligible individuals had joined. A state charter was adopted in 1944, which allowed all state employees to join and led to a new name: Maine State Employees’ Credit Union. A community charter was granted in 2004, with the credit union rebranding as Maine State Credit Union in early 2005. Currently the third largest credit union headquartered in Maine, Maine State Credit Union has more than 34,000 members and assets in excess of $594 million.

How the 8-Month Promo Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, have fixed rates, and have minimum deposit requirements of $10k or less, no banks or credit unions currently have higher rates than offered on the Maine State Credit Union 8-Month Promo Certificate. The following table compares the 8-Month Promo Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above rates are accurate as of 2/6/2024.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.