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Bangor Savings Bank VS Connexus Credit Union

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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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
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Competitive interest rates
  • No monthly maintenance fees
  • ATM fee reimbursements
  • Variety of accounts available

Cons:

  • Must become a member
  • CDs have high opening required amounts
  • Tiered interest rates for money market
  • Requirements for checking interest rates
Bangor Savings Bank Review

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.

Read the full Bangor Savings Bank review.

Connexus Credit Union Review

The interest rates for most Connexus accounts are competitive. Their CD and checking accounts offer rates competitive with other online accounts. These rates are much higher than typical brick and mortar bank rates. The Connexus saving accounts do not offer rates competitive with other online accounts.

The personal deposit accounts with Connexus do not have monthly maintenance fees. There are no required amounts to keep in accounts to avoid fees. The checking, money market, and savings accounts are completely free. The HAS account has a fee and the business checking account if your balance falls below $200.

Two Connexus checking accounts offer ATM fee reimbursement. ATM transactions are free at any Connexus ATM. The Xtraordinary checking allows for six free ATM withdrawals from non-Connexus ATMs. The MyRewards allows four ATM withdrawals. If you exceed this amount, Connexus will reimburse you up to $25 in surcharges each month.

Connexus Credit Union offers a good variety of personal deposit accounts. They offer three checking accounts, money market account, and CDs. They offer a traditional savings account, one for youth, and a holiday savings account. Each of these accounts can open online.

To open Connexus accounts, you must first become a member of the credit union. Employees of certain businesses or residents of certain cities qualify to become members. Relatives of members qualify. You can also become a member with a one-time $5 donation to the Connexus Association. Just because you apply does not mean you qualify to become a member. It can take up to three business days to hear if you are approved or not.

The CD accounts through Connexus Credit Union all have high opening balances. Each of the CD terms requires $5,000 to open. Their CDs include 12, 24, 36, 42, or 60-month terms. There are no fees for these CDs unless you withdraw the money before the CD reaches maturity.

The Connexus money market account has tiered interest rates. To earn the most competitive rates requires an account balance of $100,000. Balances below this amount still earn interest, just not the most competitive rate.

The Connexus checking accounts have set requirements to earn competitive rates. That includes eStatements, one direct deposit, and one online bill payment. You must also make a set amount of debit card transactions each month. If you meet these requirements, you earn the competitive rates. If you do not meet them, you are not charged a fee, you just do not earn the best rates.

Read the full Connexus Credit Union review.

Favorite Rates

CIT Bank
Savings 08/19/2019
APY 2.30%
Rate 2.27%
For APY $100
Monthly Fee $0.00
Checkbook No
$25k+ balance or $100+/month deposit for 2.30% APY. Member FDIC.
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CIBC Bank USA
Savings 08/19/2019
APY 2.20%
Rate 2.18%
For APY $1
Monthly Fee $0.00
Checkbook No
Grow your savings with a rate you can rely on.
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