Maine Banking Rates and News

In February Rockland Trust launched the internet division Rockland Direct with a competitive money market account. It has a yield of 1.00% APY for balances of $2,500 to $1 million as of 5/17/2012. A $2,500 minimum balance is required to earn interest and to avoid a $15 monthly fee. There's no guarantee about how long the rate will last, but I was told it's not an intro rate, and it will probably remain the same for some time to come.

Application Details

There's an online application via andera.com which allows funding via an ACH transfer from your existing checking account. The...

EBSB Direct is offering a competitive 3-year CD yield of 1.80% APY. Minimum deposit is $1,000. This used to a better deal back in June when the yield was 2.25%, but it's still quite competitive compared to what's available today. There's also a 10-month CD, but the rate is much less competitive at 0.55% APY. Minimum deposit is $1,000. These rates are listed at EBSBdirect.com as of 10/04/2011.

According to the bank's disclosure, "terms over 12 months the penalty will equal 6 months interest on the amount withdrawn."

EBSBdirect.com also offers an online savings...

People's United Bank is offering a $100 gas card when you open any personal checking account and perform certain activities. The account must be opened with a minimum of $25 by 10/31/2011. They give you three choices of activities which must be completed within 60 days of account opening. You can choose any one of the following to qualify for the bonus:

• Receive a recurring direct deposit of at least $100
• Use the debit card to make at least 10 purchases of at least $25 each
• Make at least 5 payments of at least $25 each using Online Banking

The promotion is listed...

KeyBank is again offering an iPod touch as part of a checking account promotion. One thing that has changed since the last one is that you have to make twice the number of payments and/or purchases. So if you want the free iPod touch, it will require some work. Like before it's an online-only offer, but the online application only accepts certain areas which appear to be in their market area (see below).

Here's the new KeyBank promotions page. The offer is scheduled to last until July 22, 2011. The following are the requirements...

Update 11/16/2011: The offer has been extended. However, based on the comment below, you may first want to call Key to ensure your application will qualify for the bonus.

KeyBank has checking promotion in which you can earn $150. It's very similar to KeyBank's iPod touch checking promotion that I mentioned last month. It should appeal to those who don't want an iPod touch or who just prefer a cash bonus in which you don't have to worry about the gift value that the bank reports to the IRS. Like before it's an online-only offer, but...

KeyBank has a new checking account promotion with an iPod touch bonus. It's similar to what they were offering last year, but this one requires more work. It's an online-only offer, but the online application only accepts certain areas which appear to be in their market area (see below).

Here's the KeyBank promotions page. The offer is scheduled to last until June 24, 2011. The following are the requirements to qualify for the iPod touch:

• open a qualifying KeyBank checking account online and enter offer code ONTT0311 by June 24, 2011
• make at least 10 payments...

Androscoggin Bank is offering a special CD that it calls the 12345 Certificate of Deposit. It has a blended APY of 3.05% APY for a term of 5 years. It's a step-up type of CD with rates that go up each year (1st year 1.00%, 2nd year 2.02%, 3rd year 3.04%, 4th year 4.07%, 5th year 5.12%). Minimum deposit is $500 for both a regular and IRA CD. This special CD is listed in the bank's rates page as of 5/12/2011.

It appears that a branch visit is required to open an account. Androscoggin...

EBSB Direct continues to offer a good deal on its high yield savings account for those with large balances. The savings account has a 1.30% APY on balances of $50K to $1M as of 4/10/2011. For balances of $5K to $50K, the rate goes down to 0.75% APY, and for balances under $5K, no interest is paid.

This rate has held since I reviewed EBSB Direct in December. Back at that time, a 1.30% APY was good but there were several banks offering higher rates. That's not the case any more as you can see in my

People's United Bank is offering a free Amazon Kindle for opening its Advantage Checking Account with direct deposit by 3/18/2011. The important downside to this promo is that Advantage Checking has a $20 monthly fee unless you maintain a combined average balance of $5,000. The promo is listed on the bank's front page. Here's the offer's small print (with my highlights):

This offer applies when you open a new People's United Advantage Checking Account (the "Account") between 2/8/11 and 3/18/11 with a $25 minimum opening deposit and a recurring direct deposit. To qualify for the Kindle, you...

EBSB Direct continues to offer a competitive 3-year CD rate of 2.25% APY. It's the same rate as in my last report on this bank in early October. With rates trending down since October, this rate has become even more competitive. There's also a 10-month CD, but the rate is less competitive at 1.05% APY. Minimum deposit is $1,000. These rates are listed at EBSBdirect.com as of 12/19/2010.

One thing that appears to have changed since my October post is a reduction in the early withdrawal penalty. According to the bank's disclosure, "terms over...

EBSB Direct is offering competitive savings account deal and 3-year CD rate. The savings account offers a 1.30% APY with the rate guaranteed until January 1, 2011. It's a tiered rate account, and the 1.30% APY requires a $50K minimum balance. The rate drops to 0.75% for balances of $5K to $50K, and there's no interest on balances under $5K. In addition, there's a $15 monthly fee for balances under $5K. So this is not a good deal if you don't intend to keep a balance of at least $50K.

I first reviewed this savings account in May...

Sovereign Bank is offering a $150 cash bonus for opening a checking and money market account. Here's the direct link to the promotions page. Accounts must be opened by November 12, 2010. Here are the requirements:

• Open a new Sovereign Premier Checking account with a minimum $100 deposit
• Open a new Sovereign Premier Money Market Savings account with a minimum $100 deposit
• Enroll in Online Banking at account opening
• Make 5 debit card purchases or receive direct deposit within 60 days of account opening

When you qualify, you will receive a credit of $150 to your new checking account within 75...