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Bangor Savings Bank VS EBSB Direct

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

  • High interest rates on accounts
  • No monthly maintenance fees
  • Accounts are entirely online
  • Debit card offered for MMA

Cons:

  • Limited deposit accounts offered
  • Highest rates require a large amount
  • MMA requires a large opening amount
  • Must link to another account
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.

EBSB Direct Review

The EBSB Direct accounts offer competitive interest rates. The rates are competitive with other online-only accounts. They are much higher than your typical brick and mortar bank rates.

There are no monthly fees listed for the money market account. The only fee that applies to the CD is if you withdraw the money before the CD reaches the maturity date.

EBSB Direct accounts are entirely online accounts. You can apply for the accounts online. Everything for your account is online. The EBSB Direct accounts are not available through the EBSB branch locations. You can make transactions to your EBSB Direct accounts at a local branch.

The money market account with EBSB Direct offers a debit card for you to access your money. Federal regulations only allow six withdrawals per month from this money market account. There is a fee if you withdraw more than six times.

EBSB Direct only offers a money market account and one 14-month CD. There are no other personal deposit accounts offered. There are no specific business accounts offered.

To earn the highest interest rate offered on the MMA, you must have at least $10,000 in the account. The lower balances still earn interest, but a much lower rate.

To open the money market account offered through EBSB Direct, you must have $2,500. The 14-month CD requires $1,000 to open. Once you open the account, you are not required to keep a set amount in the account.

EBSB Direct only offers a money market account and CDs. To make electronic transfers, the accounts must connect to another account. Link your EBSB Direct account to any other financial institution in the United States. You can also link more than one account to your EBSB Direct account.

Read the full EBSB Direct review.

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BMO Harris Bank
MMA 10/18/2019
APY 2.20%
Rate 2.17%
For APY $5,000
Monthly Fee $0.00
Checkbook Yes
Member FDIC Insured.
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