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


Deal Summary: 8-month Promo Certificate, 6.10% APY, $500 minimum deposit.

Availability: Eight Maine counties.

The 25-month and 39-month Promo Certificates offered by Maine State Credit Union (Maine State CU) last month are no longer available. The latest addition to the Maine State CU product line is an 8-month Promo Certificate that earns a rate-leading 6.10% APY. The minimum opening deposit is $500, with no stated balance cap.

While Maine State CU non-Promo Certificates are available as IRA Certificates, the 8-month Promo Certificate is not.

It's nice to see another 6% CD, even though it's a short-term CD that's not nationally available. These CD Specials often don’t last long. The last 6% CD I reported on two weeks ago has already ended.

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.


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  • Dividends – Compounded/credited monthly and can be withdrawn without penalty.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, 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 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.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
6.10%8-Month Promo Certificate (EWP=90 days)Maine State Credit Union
5.75%6-Month Share Certificate Special (EWP=90 days)Andrews Federal Credit Union
5.55%9-Month Share Certificate Special (EWP=180 days)NASA Federal Credit Union
5.50%9-Month CD (EWP=180 days)Northern Bank Direct
5.50%6-Month Online CD (EWP=90 days)BMO Alto

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.

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

  |     |   Comment #1
8 months isn't worth the time. But, decent rate.
  |     |   Comment #2
Application took less than 3 mins and there is an option to mail a check as ACH is limited to 50K. Also has credit card funding option but no details provided, might be limited to the saving account?
Maine State Credit Union Offers Market-Leading 25-Month Promo CD
Deal Summary: Promo Certificates – 25-month (5.60% APY) and 39-month (5.00% APY), $500 minimum deposit

Availability: Eight Maine counties.

Maine State Credit Union (Maine State CU) is currently offering two Promo Certificates – 25-month (5.60% APY) and 39-month (5.00% APY). The minimum opening deposit is $500, with no stated balance cap.

As stated on the Deposit Rates page, the Early Withdrawal Penalty for the 25-month Promo Certificate is 90 days of dividends and 120 days of dividends for the 39-month Promo Certificate.

According to CSR, a Promo...

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4.07% Reward Checking Account at Maine State Credit Union - Local Only
Maine State Credit Union is offering a reward checking account called Advantage Checking. The account has the following rates and features if certain monthly requirements are met:
  • 4.07% APY on balances up to $25,000
  • 0.25% on portion of balances above $25,000
  • 0.05% base rate if qualifications are not met
  • Refunds ATM fees up to $25 per cycle
The monthly requirements include:
  • 12 Visa check card purchases
  • One direct deposit or ACH debit
  • maintain online banking
  • Receive eStatements
There is no minimum balance requirement regardless of meeting the above requirements.

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