If you want the security of a long-term certificate with a competitive rate, Maine Savings Federal Credit Union’s (Maine Savings) 66-month CD (3.14% APY) might be just the product you’re looking for. The minimum opening deposit is only $500, with no stated balance cap.
As stated on the Savings Rates page, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of greater than 18 months, then the early withdrawal penalty on the amount withdrawn will be equal to 365 days dividends earned or not.
When I asked about a grace period, CSR told me there wasn’t one. Thinking he had misunderstood my question, I asked again and was told that Maine Savings will send a notification approximately 30 days before maturity, requesting instructions as to what should be done with the maturing funds. If no instructions are received, the CD will automatically renew on the maturity date. The following quote from the Rates and Fees Disclosure (attached to the online application) seems to back up the no grace period policy.
Certificate Accounts are automatically renewable accounts.
Automatically renewable accounts will renew for another term upon maturity.
If you choose not to renew your CD, maturing funds will be distributed through a cashier’s check or can be transferred to a Maine Savings savings or checking account.
Headquartered in Hampden, Maine, Maine Savings Federal Credit Union’s field of membership (FOM) allows all Maine residents to join through membership in the American Consumer Council (ACC).
Residency: Individuals who live, work, or worship in the Maine towns of Albion, China, Hampden, Vassalboro, or Woodland, or most of Washington County are eligible to join.
Employment/Association: Employees/retirees of more than 450 companies also qualify for membership, as do members/students of more than 60 organizations, churches, and schools.
Details about membership eligibility are only listed on Maine Savings’ online application.
Joining Maine Savings and/or opening a CD can be done online, or at any of the eleven Maine branches, located in Bangor (2), Bar Harbor, Brewer, Corinth, Ellsworth, Hampden, Milo, Old Town, Portland, and Vassalboro.
According to the online application, not every type of account can be opened online.
If you are under the age of 18; not a U.S. citizen; or want to open a business, trust, estate, custodial, or fiduciary account, please stop by one of our branches.
This isn't the type of membership where you are responsible for a routine fee. Instead, you'll just need to buy a $5 "share" of Maine Savings by depositing $5 into a share account. .
Maine Savings members have access to more than 3,500 CO-OP Shared Branches and over 260 surcharge-free SURF ATMs throughout Maine.
Credit Union Overview
Maine Savings Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.78% (excellent) based on March 31, 2019 data. In the past year, Maine Savings increased its total non-brokered deposits by $7.36 million, an above average annual growth rate of 2.36%. Please refer to our financial overview of Maine Savings Federal Credit Union (NCUA Charter # 14565) for more details.
Founded in 1961 as the BARCO Federal Credit Union, the original FOM was exclusive to the employees of the Bangor & Aroostock Railway Company. The Maine Savings rebrand occurred in 2001, prompted by the Credit Union’s “evolution and growth.”
In 1993, Maine Savings, along with six other Maine-based credit unions and the Maine Credit Union League, was one of the founders of CUSO Mortgage Corporation. CUSO is now the largest credit union mortgage lender in Maine and is one of the top 5 largest multi-owned Credit Union Service Organizations in the country.
Maine Savings is currently the largest credit union in Maine, with nearly 29,000 members and assets in excess of $435 million.
How the CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Maine residents, Maine Savings Federal Credit Union's 66-month CD APY currently ranks first.
The above rates are accurate as of 8/22/2019.
To look for the best CD rates, either nationwide or state specific, please refer to our CD Rates Table page.