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Bangor Savings Bank CD Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Variety of Terms: 5.0 Star Icon
  • Opening Required Amount: 5.0 Star Icon
1.26%APY
1 Year CD

Pros:

  • Good variety of accounts available
  • Competitive interest rates on CDs
  • Low opening required amounts
  • Many ways to contact customer service

Cons:

  • Cannot open CD accounts online
  • CDs have tiered interest rates
  • Early withdrawal fee is half of interest
  • No ten-day interest rate guarantee

What You Need to Know

There is a good variety of CD terms available through Bangor Savings Bank. The terms range from three-months to 60-months. There are a total of nine different CD terms offered through Bangor Savings Bank.

Bangor Savings Bank CDs offer competitive interest rates. The rates are competitive with other online CDs. Bangor Savings Bank CDs interest rates are slightly lower than other online CD terms. These CD rates are much higher than typical bank rates. Even the short-term CDs offer competitive interest rates.

The opening required amount is the same for each CD term. Each Bangor Savings Bank requires $500 to open. You must keep this balance in your CD to earn the competitive interest rates on these CDs.

There are a number of ways to contact customer service with Bangor Savings Bank. They have branch locations in Maine and New Hampshire. They offer live chat, email, mail, and phone options to contact customer service. You can also follow Bangor Savings Bank on Facebook, Twitter, LinkedIn, and Twitter.

You cannot open any of the Bangor Savings Bank CD accounts online. To open a CD with this bank you must visit a local branch location. Bangor Savings Bank has over 50 branch locations in Maine and New Hampshire.

The CDs available through Bangor Savings Bank have tiered interest rates. To earn the most competitive interest rates you must be a Benefits Plus Customer. To be a Benefits Plus Member you must meet certain requirements. Talk to customer service about those requirements when you open your CD.

If you withdraw money before your CD reaches the maturity date, Bangor charges a penalty. The penalty for most of the CD terms ends up being half of the earned interest of the CD term. For CDs with a term length of 12-months, the penalty is six-months of interest. For 36-month CDs, the penalty is 18-months of interest. The 48-month and 60-month CDs both have the penalty of 24-months of interest.

Bangor Savings Bank does not offer an interest rate guarantee. The interest rate you earn for the life of the CD term is the rate on the day you open the CD. If the rates increase shortly after you open your CD, your interest rate will not increase.

Cool Things

Great Start CD

The Great Start CD is for children. It is a 12-month term and requires $100 to open. You can make deposits during the CDs term. Each deposit must be more than $50. To open the Great Start CD contact customer service or visit a local branch.

History

Bangor Savings Bank started in 1852 and has been helping customers for over 160 years. They have 58 branch locations in Maine and New Hampshire. Bangor Savings Bank serves over 210,000 customers and 900 employees. Their assets total over $4 billion.

Bangor Savings Bank offers a variety of banking services. Those services include personal checking, savings, and money market accounts. They offer personal deposit CDs and lending options. Bangor also offers business accounts and lending services.

Awards and Recognition

  • Ranked #22 on the World’s Best Banks list by Forbes in 2019
  • Received an outstanding rating from FDIC from 2015 to 2018

Giving Back

In 2019, Bangor Savings Bank Foundation awarded grants to 55 nonprofits. The money awarded totaled over $140,000. Some of the organizations included a soup kitchen, veterans center, and library. Other grant money went to a variety of animal shelters. These organizations are in Maine and New Hampshire.

In 2018, Bangor Savings Bank Foundation awarded more grants. Over $200,000 went to nonprofit organizations in Maine and New Hampshire. The grant amounts ranged from $2,000 to $25,000. Some of these recipients included homeless shelters, community recreation centers, and hospitals. In the 12 years of the Bangor Savings Bank Foundation over $1.2 million in grants has been awarded. Over 530 organizations have benefited from the grants.

Frequently Asked Questions

Is Bangor Savings Bank FDIC insured?

Yes. Bangor Savings Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How many different terms does Bangor Savings Bank offer?

There are nine CD terms available through Bangor Savings Bank. The terms range from three-months to 60-months.

What is the required amount to open a CD with Bangor Savings Bank?

The required amount for all Bangor Savings Bank CDs is $500. You must open these CDs at a branch location.

How do I deposit money into Bangor Savings Bank CDs?

Bangor Savings Bank CDs must be opened through a branch location. Talk to a customer service representative to see how to deposit money into the accounts.

How do I access my money?

Contact customer service to access your money or visit a local branch location.

Do I have to open other Bangor Savings Bank accounts before I can open a CD?

No, but you cannot open Bangor CDs online. You must visit a branch location to open a CD. Bangor Savings Bank has over 50 branch locations in Maine and New Hampshire.

Do Bangor Savings Bank CDs offer competitive interest rates?

The CD rates are competitive. They are lower than other online accounts, but still much higher than typical bank rates. Bangor rates are competitive with other online accounts, just not the highest.

Can I choose how to receive my interest payments from Bangor Savings Bank CDs?

Contact customer service to talk about ways to receive interest payments.

What percentage am I charged if I withdraw money before the maturity date?

The penalty equals out to half of the CD terms interest. For CDs 18-months in term, the penalty is nine-months of interest. For 30-month CDs the penalty is 15-months of interest. The 48 and 60-month CD terms require 24-months of interest.

How do I make changes during the grace period?

You must contact customer service in writing if you do not want your CD to automatically renew.

How will I know my Bangor Savings Bank CD is nearing maturity?

Bangor Savings Bank will send a notification 30 days before your CD reaches maturity.

How long is the grace period between renewal?

The grace period is ten days after the CD reaches maturity.

Are Bangor Savings Bank CD rates guaranteed for the entire term?

Yes. Bangor Savings Bank guarantees the interest rates for the life of the CD term.

Does Bangor Savings Bank offer mobile banking?

Yes. With the mobile app you can see account balances and make transfers between accounts. You can locate an ATM or branch location. You can see account history and send money to people with Popmoney.

Is Bangor Savings Bank a good bank?

The CD interest rates are competitive with other online CDs. Their rates are slightly lower than the market leaders, but still competitive. The opening required amount is low. They offer a good variety of CD accounts. Not all accounts can be opened online.

Is Bangor Savings Bank secure online?

Bangor Savings Bank offers security measures that comply with federal law. Their computers have safeguards. Their buildings and files are secure. Bangor restricts what customer information employees can see.

What is the shortest Bangor Savings Bank CD term offered?

The shortest CD term is a three-month CD.

What is the longest Bangor Savings Bank CD term offered?

The longest CD term offered is a 60-month CD.

Does Bangor Savings Bank offer accounts other than CDs?

Yes. Bangor Savings Bank offers a variety of personal and business accounts. These accounts include savings and checking accounts. They also offer lending options. Not all accounts can be opened online.

Can I use Bangor Savings Bank CDs for my business accounts?

Bangor Savings Bank has specific business bank accounts. Those include checking and savings accounts, as well as lending options.

How do I reach customer service?

Through email, mail, phone, or online chat. You can visit a local branch location. You can follow Bangor Savings Bank on Facebook, Twitter, LinkedIn, and YouTube.

Bank Contact Information

Bangor Savings Bank Customer Care
1.877.226.4671

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