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Bangor Savings Bank VS First Internet Bank of Indiana

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: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
0.75%APY
Savings/MMA
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Pros:

  • Low opening required amounts
  • Competitive interest rates on accounts
  • Variety of different accounts offered
  • ATM fee reimbursement

Cons:

  • Savings have high required daily balances
  • Accounts have monthly fees
  • CD early withdrawal penalties are high
  • Competitive rates require a large sum
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.

First Internet Bank of Indiana Review

First IB only requires $25 to open the regular checking account. The interest earning checking account requires $100 to open. The savings accounts require $25 for the free account and $100 for the interest account. The money market account only requires $100 to open. CDs required $1,000 to open.

First IB accounts earn competitive interest rates. Each of the different accounts earns a good rate. To earn the best rate for the checking account only requires $500 in the account. The savings accounts do not have a set limit to earn the competitive interest rates.

A variety of different accounts are available through First IB. There are personal deposit and business accounts. First IB offers a variety of different personal deposit accounts. There is a free checking account as well as an interest earning account. They offer money market savings, regular savings, and a free savings account. There are savings accounts for kids. Loans, credit cards, and health savings accounts are available through First IB.

First IB is a member of the ATM Plus network. This gives you access to millions of ATMs across the United States. Certain accounts with First IB reimburse ATM fees. Up to $10 each month in ATM fees are available for reimbursement. The interest checking, money market, and regular savings offer the reimbursement option.

The First IB saving accounts have high required balance to avoid the monthly fees. The money market savings account requires a daily balance of $4,000 to avoid the monthly fee. The regular savings account requires a daily balance of $1,000 to avoid the monthly fee.

Most First IB accounts have a monthly fee. The fees range from $2 to $10 each month. Waive the fees by keeping an average daily balance in the accounts. The interest earning checking account requires $500 in the account. The money market account requires $4,000. The regular savings account earns $1,000 to waive the fees. The basic checking, savings, and kids accounts do not have a monthly fee.

CDs have a fee for withdrawing money before it reaches maturity. The fees on CDs at First IB are high. CD terms for three-months requires the interest from 90 days. CD terms from 6-months to 18-months require 180 days of interest. CD terms over 24-months fee are 360 days of interest. For some of these terms, you lose all the interest earned if you withdraw your money early.

To earn the most competitive rate, the money market savings requires a high daily balance. First IB requires a daily balance of $250,000 in the money market savings account to earn the highest rate. Amounts under that earn good rates, just not the most competitive rate.

Read the full First Internet Bank of Indiana review.

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