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Bangor Savings Bank Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon

Pros:

  • Variety of personal deposit accounts
  • Business accounts available
  • Competitive interest rates on CDs
  • Most accounts have low opening amounts

Cons:

  • High opening required amount for MMA
  • Tiered interest rates
  • Accounts only for certain residents
  • Some accounts require a checking account

What You Need to Know

Bangor Savings Bank offers a variety of personal deposit accounts. They offer three checking accounts and savings and money market accounts. Those accounts include a savings account for kids and one for the holidays. Bangor offers CDs that range from three-month terms to five-year terms.

Bangor Savings Bank offers a wide variety of business accounts. Those accounts include business checking and savings accounts. They offer business credit cards and insurance options. Bangor offers cash management and payroll services for businesses.

The Bangor Savings Bank CDs offer competitive rates. The interest rates for these CDs are competitive with other online CDs. The terms range from three months to five years. The amount required to open each CD is $500.

Most Bangor Savings Bank accounts have low required amounts to open. Each of the checking accounts requires $25 to open. Two savings accounts also only need $25 to open. The CDs each need $500 to open.

The Benefit Money Market and Market Rate account have high opening required amounts. These accounts each need $5,000 to open and to earn interest. Balances below $5,000 do not earn interest. There is a $10 monthly fee if the Market Rate account drops below $5,000. The Benefit Money Market does not have a monthly fee.

Some Bangor Savings Bank accounts have tiered interest rates. To earn the most competitive rate for the MMA requires an account balance of $100,000. The savings account requires $25,000. Amounts under that balance earn interest, just not the most competitive rate.

Bangor Savings Bank accounts are not available to anyone across the United States. Only residents of Maine, Massachusetts, New Hampshire, and Vermont can open an account. You can open some accounts online if you are a resident of one of these states. A few accounts require visiting a branch location.

Some accounts require having a Bangor checking account first. To open the Benefit Savings and MMA requires having a Bangor checking account. Once you have a checking account, you qualify to open these other accounts.

Cool Things

Financial Calculators

The Bangor Savings Bank website offers a variety of financial calculators. With these calculators, you can figure the best vehicle for your budget or how much home you can afford. You can see how much you need to save for college or to become a millionaire. Calculate your budget and spending or how to effectively pay off your debt. The website also offers financial calculators for businesses.

History

Bangor Savings Bank started in Maine in 1852. The bank started when the lumber industry was growing. They offered those working in the lumber industry a safe place to keep their money.

Bangor Savings Bank has been serving their customers for over 166 years. They serve the residents of Maine, Massachusetts, New Hampshire, and Vermont. They have over 210,000 customers and more than 900 employees. Today, they have over $3 billion in assets with over 50 branch locations.

Awards and Recognition

  • Ranked Highest in New England for Retail Banking Customer Satisfaction by J.D. Power in 2018
  • Top Small Business Administration Lender in 2017

Giving Back

In 2018, the Bangor Savings Bank Foundation donated over $500,000. The money went to 17 different organizations and charities. The charities were mainly in Maine and New Hampshire. The amount of each grant ranged from $2,000 to $25,000. Recipients included boys and girls clubs, the Red Cross, and public libraries.

Bangor Savings Bank donated $5,000 to the Got Lunch Program in 2018. This program serves lunch through the summer to children who need food assistance. Bangor Savings Bank also donated 500 recyclable bags and 250 jars of peanut butter and jelly.

In 2018, Bangor Savings Bank collected 11,406 jars of peanut butter and jelly. They have been doing a peanut butter and jelly drive for the past seven years. The jars go to food banks around Maine and New Hampshire. Part of these jars went to the Got Lunch Program.

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 do I access my money?

With checks, ATM or debit cards, bill pay, or electronic transfers. You can visit a local branch location or access money with Popmoney.

Does Bangor Savings Bank offer mobile banking?

Yes. With the mobile app, you can check account balances, transfer funds, and pay bills. You can send money to others with Popmoney.

Is Bangor Savings Bank free?

Most Bangor accounts do not have a monthly maintenance fee. The Market Rate account does have a monthly fee if your balance falls below a set amount.

Is Bangor Savings Bank a good bank?

The CDs offer competitive interest rates. The other rates are not competitive with online accounts. You can only open an account if you are a resident of select states. Those states include Maine, Massachusetts, New Hampshire, and Vermont.

Is Bangor Savings Bank secure online?

Bangor Savings Bank uses security measures that comply with federal laws. Their computers have safeguards, and their files and buildings are secure. They limit the personal information employees can see.

Does Bangor Savings Bank offer competitive interest rates?

Only the CDs offer competitive interest rates. The other account interest rates are similar to typical bank rates. They are not competitive with online accounts.

Can I use Bangor Savings Bank for my business accounts?

Yes. Bangor offers a variety of business accounts. Those include savings and checking accounts and CDs. They also offer cash management and payroll services.

How is Bangor online banking different from the online banking my bank offers?

The CDs offer higher interest rates than typical bank accounts. You cannot open all accounts online. Bangor does offer online and mobile banking. You can access most everything for your account online.

Do Bangor Savings Bank checking accounts pay interest?

One Bangor checking account earns interest. The rates are not competitive with other online checking accounts. The interest rates are similar to typical bank rates.

How do I reach customer service?

By phone, email, mail, or through online chat. Their customer service does have set hours. Those hours are on their website. You can follow Bangor Savings Bank on Instagram, YouTube, Facebook, and Twitter.

Does Bangor Savings Bank offer bill pay?

Yes. Bangor Savings Bank offers free bill pay. You can pay bills from the mobile app or through online banking.

Can I deposit cash?

Yes, at a local branch location.

How long do transfers take?

Specific transfer times are not listed on the website.

Can I sign up for direct deposit to Bangor Savings Bank accounts?

Yes. Money can be directly deposited into Bangor Savings Bank accounts.

Bank Contact Information

PO Box 930 Bangor, ME 04402
1.877.226.4671

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