Maine Savings Fed Credit Union Has Competitive 15-Month CD Special


Deal Summary: 15-month CD Special, 5.38% APY, $500 minimum deposit.

Availability: Easy membership for all Maine residents through the American Consumer Council.

Maine Savings Federal Credit Union (Maine Savings) is currently offering a competitive 15-month CD Special, which earns 5.38% APY. This limited-time CD Special can be opened with a minimum $500, with no stated balance cap. The 15-month CD Special has the highest and most competitive APY offered in the Maine Savings CD product line.

The 15-month CD Special is also available as an IRA CD Special (Traditional, Roth, CESA, SEP), earning the same APY with the same deposit requirements.

Early Withdrawal Penalty

As stated in the Rate and Fee Disclosure, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of equal to or greater than 6 months and does not exceed 18 months, then the early withdrawal penalty on the amount withdrawn will be equal to 180 days dividends earned or not.

CSR confirmed partial withdrawals are allowed, as long as a $500 minimum balance is maintained. The principal is not protected: any withdrawal made within 180 days of account opening will reduce the principal.


Headquartered in Hampden, Maine, Maine Savings Federal Credit Union’s field of membership (FOM) includes an easy membership requirement (EMR), which allows all Maine residents to join Maine Savings through membership in the American Consumer Council (ACC).

Joining ACC and Maine Savings can be done simultaneously using the credit union’s online membership application. As stated on the online application,

There are no annual dues and you will not receive any e-mails or direct mail from ACC because all communication will come from your credit union.

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 nearly 450 companies also qualify for membership, as do members/students of more than 60 organizations, churches, and schools.

Family Relationship: Individuals who are related (“by blood, marriage, or adoption”) to anyone who is membership-eligible also qualifies for membership.

Details about membership eligibility are only listed on Maine Savings’ online application.

Account Opening

Joining Maine Savings and/or opening a CD Special 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.

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.

Funding and Other Particulars

The following information is from the Maine Savings website and a conversation with CSR.

  • Funding* – ACH or Shared Branch transfer.
  • CO-OP Shared Branch Network – Yes.
  • Ownership – Individual and joint.
  • Dividends – Compounded/credited monthly and can be transferred to a Maine Savings accounts.
  • Maturing Funds – Cashier’s check to address on file or internal transfer to Share Savings account.
  • Grace Period – none; notice sent 30-45 days prior to maturity requesting instruction for maturing funds; if no instructions are received, the 15-month Certificate Special will renew as a 12-month Certificate on the maturity date.
  • Beneficiaries – Unlimited, equal shares, Social Security numbers preferred but not required.
  • Credit Check – none.

*According to CSR, opening a Certificate Special is actually a two-step process for those joining Maine Savings. The first step is to fund a Savings Share, which limited to a maximum $750 if funding online. After the membership application has been approved, you can deposit the funds for the Certificate Special into the Savings Share account (via ACH, Shared Branch transfer, or check) and then call Maine Savings to open the Certificate Special. Existing members can fund a Certificate Special by depositing new money into a Savings Share account and then contacting Maine Savings to open the Certificate Special.

Credit Union Overview

Maine Savings Federal Credit Union has an overall health grade of "A" at, with a Texas Ratio of 3.17% (excellent) based on September 30, 2023 data. In the past year, Maine Savings increased its total non-brokered deposits by $67.26 million, an excellent annual growth rate of 13.04%. 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 second largest credit union in Maine, with nearly 38,000 members and assets in excess of $697 million.

How the 15-Month CD Special Compares

When compared to similar length-of-term CDs tracked by that are available within the FOM and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the Maine Savings Federal Credit Union 15-Month CD Special. The following table compares the 15-Month CD Special to the four highest-rate 18-month CDs from other banks/credit unions within the market area.

The above information and rates are accurate as of 2/9/2024.

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

Related Pages: Portland CD rates, Bangor CD rates, 1-year CD rates, IRA CD rates

Maine Savings Fed Credit Union Offers Rate-Leading 50-Month CD Statewide
Update 1/19/23: The 50-month CD Special has ended.

Deal Summary: 50-month Certificate Special, 5.12% APY, $500 minimum deposit, new money.

Availability: Easy membership for all Maine residents through the American Consumer Council.

Maine Savings Federal Credit Union (Maine Savings) is currently offering three Certificate Specials, with the 50-month having the most competitive rate. Earning 5.12% APY, the 50-month Certificate Special can be opened with a minimum $500 deposit of new money, with no stated balance cap. “New money” is defined simply as funds coming from another financial...

Continue Reading
Maine Savings Federal Credit Union 66-Month CD Earns 3.14% APY
Deal Summary: 66-month CD, 3.14% APY, $500 minimum deposit.

Availability: Easy membership for all Maine residents through the American Consumer Council.

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:

When I asked about a grace period, CSR told me...

Continue Reading

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.