Finding the right bank is important for your financial security. Individuals and businesses generally prefer expert financial services that are tailored to their needs. Maine has several local community banks and credit unions, as well as national banks, to best serve you.
Top Banks Across Maine
Below are the top banks with locations across Maine for accessibility and convenience.
- Machias Savings Bank
Machias Savings Bank is the best bank in Maine. It is FDIC-insured and has 15 branches across the state. It offers services regarding checking, security, credit cards, savings, loans, online banking and mortgages. MSB Online, its mobile and online banking service, is easily accessible using a mobile device or computer. The simple application syncs across devices and has advanced encryption and security measures.
When you open a My MSB Checking account, there is no minimum balance or monthly fees. The same applies to a savings account, which also allows for unlimited transactions. Machias Savings Bank also offers a Home Equity Line of Credit, allowing you to convert the equity in your home into real money. Its customer support is available 24/7 for emergencies and important questions.
- Bar Harbor Bank & Trust
Bar Harbor Bank & Trust is FDIC-insured and has over 30 branches in Maine. Its app for mobile and online banking that allows account access from anywhere. Card control services enable customers to monitor their debit card usage and manually turn it on or off. The bank also helps with home mortgages and business loans.
Founded in 1887, Bar Harbor Bank & Trust operates with the technology and resources of a larger bank. However, it provides the personalized service of a local one. Customers can also earn cashback rewards just for using their debit card.
- Bangor Savings Bank
Bangor Savings Bank possesses 70 branches across Maine and New Hampshire to aid customers with business banking, home loans, checking accounts, cards and various financial calculations. It has strong community values with several community-based programs, including corporate funding, grant making, volunteerism and creative partnerships.
Offering a range of rates, Bangor Savings Bank is flexible in its banking approach. It thrives on innovation, collaboration and a desire to improve customers’ lives. Established in 1852 and FDIC-insured, it boasts a personalized and caring relationship with consumers.
- KeyBank
KeyBank operates 19 branches in Maine and is insured by the FDIC. Services include checking accounts, personal loans and lines of credit, savings accounts, and credit cards. With Key Smart Checking, new accounts can earn a $300 bonus. Using the Key Cashback Credit Card, customers can earn unlimited 2% cashback with no expiration.
With Key Private Client, you can get personalized insights from its dedicated team. It also features a reliable mobile banking app for on-the-go financial transactions.
- Franklin Savings Bank
Franklin Savings Bank is FDIC-insured with eight branches in Maine, offering checking, savings or CD online accounts. The bank can help you reach your financial goals through its flexible design and security. With savings and checking accounts, customers have no monthly maintenance or transaction fees and easy online and mobile banking access.
Franklin Savings Bank offers business banking to any size business with many available packages. The bank’s financial resources include information and guidance on consolidating accounts, getting personalized support, calculating mortgages and viewing competitive interest rates.
Comparing Banks in Maine
Individuals and businesses have many FDIC-insured banking options in Maine.
| Bank | Founded In | Branches | Online Access |
| Machias Savings Bank | 1869 | 15 branches in Maine | MSB Online and My MSB Checking account |
| Bar Harbor Bank & Trust | 1887 | Over 30 branches in Maine | Mobile app |
| Bangor Savings Bank | 1852 | 70 branches in Maine and New Hampshire | Community-based programs |
| KeyBank | 1825 | 19 branches in Maine | KeyBank online, Key Smart Checking, Key Cashback Credit Card and Key Private Client |
| Franklin Savings Bank | 1868 | 8 branches in Maine | CD online |
Methodology
The best banks across Maine were chosen based on careful research on their websites, a comparison of key features and an examination of similar lists. Special attention as given to those with local roots in the state.
Key Features of Banks
To further evaluate banks and determine which one is right for you, consider the following factors.
Type of Institution
Research the type of institution you desire. Traditional banks offer a wide range of products and services, but sometimes charge higher fees. However, their interest rates are lower. Completely online banks have no physical branches but often have lower fees overall.
Maine has a significant number of credit unions. Credit unions are member-owned or community-focused, and they occasionally offer nationwide banking through shared networks.
Location and Hours
Select a bank with locations throughout Maine. If you prefer to do banking in person, find one with a building near you. Note which holidays the bank closes for and its weekly hours. Check if the bank has ATMs available nearby for easy, in-person banking. If you want a bank with 24/7 accessibility, institutions with an online application work best.
Reputation
Is your bank of choice small and local or expansive and nationwide? This could determine the amount of personalized care you will receive. Check the bank’s financials to determine its stability, and read customer reviews. For your security, the bank should be FDIC-insured or NCUA-insured.
Account Perks and Fees
Many banks offer perks when customers open accounts with them. See if any bonuses or rewards are available before you sign up. Some accounts have limitations, so ensure the account meets all of your personal needs.
Fees may apply, so look for plans with low or no monthly maintenance fees. Also, check the charges for overdrafts and wire transfers. The Annual Percentage Yield (APY) is important when comparing the bank’s savings account offerings. Decide whether you want simple checking or complex services, as that influences perks and fees as well.
Secure Your Financial Future With Banks in Maine
Choosing the right bank in Maine is essential to securing the best care for you and your finances. Considering highly rated banks and key criteria to consider will prepare you to make the best possible decision.