Maine Savings Federal Credit Union is headquartered in Hampden and is the 2nd largest credit union in the state of Maine. It is also the 620th largest credit union in the nation. It was established in 1961 and as of December of 2022, it had grown to 131 employees and 35,222 members at 11 locations. Maine Savings Federal Credit Union's CD rates are 2X the national average, and it has an A health rating.
Field of Membership Restrictions
Membership is open to all residents of the state of Maine through joining the American Consumer Council (can join through the credit union's online application). Membership is also open to those living in select areas of Maine and to members of the Select Employee Group (details are in the credit union's online application).
See current membership details
Great local feeling and hospitality
Maine savings is the ONLY credit union I have ever used. I first went in skeptical, but their friendly and knowledgeable staff convinced me to open an account with them and 4 years later I do not regret it! As a young person, I had not many ideas about saving, butt with their service fee free savings accounts with versatile interest rewards options made me feel more secure in my decision. Red wallet reward options are pretty unique and definitely not something that any other bank in the area offers. I would also like to say that they are very understanding and lenient with overdraft fees and financial accidents as long as they are corrected when noticed, as long as you keep up to date on finances there should be no issue with this credit union, they are truly great and so helpful for someone like me who doesn;t really know much about savings and investment.
Ruined My Credit And Can't/Won't Help Fix Their Mistake
I closed my account in person at this bank. Cancelled my card, withdrew all my money, then moved across the country. Two years later I found out they tried to send me a small bill after I had done this. They have no record for what it is or when it was or how much it is. According to a credit report it was less than $50. Even though I closed the account in person and none of this should have happened, I know have a delinquency on my credit that has dropped my score from almost 800 to 550 and I have slowly had it rise back to 650 which is still garbage for getting a mortgage. I have emailed multiple times with no response and have called multiple times with no help. Essentially the bank has no idea what happened, but still won't remove the blemish from my account. This could cost my thousands of dollars if I buy a home before the 7 years it takes to fall off my record. I would highly suggest to not even THINK of using Maine Savings. They are lazy, they are dumb, and they should not handle be allowed to handle any individual's money.
Data as of Q4 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 14565 |
| Year Chartered | 1961 |
| Employees | 131 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.64% |
| Return on Equity - YTD | 7.44% |
| Annual Interest Income | $21.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2022vs Q4 2021 | $639.5MM$565.0MM |
| Loans | Q4 2022vs Q4 2021 | $482.4MM$375.9MM |
| Deposits | Q4 2022vs Q4 2021 | $587.1MM$513.5MM |
| Equity Capital | Q4 2022vs Q4 2021 | $52.5MM$48.5MM |
| Loan Loss Allowance | Q4 2022vs Q4 2021 | $1.3MM$1.4MM |
| Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $1.1MM$441.00K |
| Real Estate Owned | Q4 2022vs Q4 2021 | $0$0 |
