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.
To get the cash back rewards you have to meet requirements. You must link a UPromise Goal Saver Account with the UPromise Rewards Account. You must also either have $5,000 in the account or make ten deposits within the first 90 days. You earn 10% of the amount of money transferred from your Rewards account to your Goal Saver account. If you meet the requirements, you earn an annual bonus of $10 the first two years and a loyalty bonus of $100 the third year.
The high yield savings account and money market accounts do not have any monthly fees. There is no required amount to open these accounts. They offer competitive interest rates, and there is no required monthly balance.
Sallie Mae is a college funding bank. They offer student and personal loans. Some of the different loans include undergraduate loans, parent loans, MBA loans, dental or medical school loans, medical residency loans, bar study loans, or graduate student loans. Sallie Mae offers a personal loan to help consolidate your debt, pay for major expenses, or life events.
The interest rates on Sallie Mae CDs are exceedingly higher than other banks. CDs range in term from six months to five years. The five year CD offers the best interest rate, but the other terms are still better than other banks.
To open a CD with Sallie Mae bank, the required opening balance is $2,500. The interest rates on the CDs are much higher than other banks.
To earn interest on Sallie Mae CDs, you must keep at least $2,500 in the CDs at all time. If your account balance drops below that amount, you will not earn interest. Sallie Mae CDs offer interest rates that are considerably higher than other banks and even other online banks.
Sallie Mae does not offer a checking account. This is a college savings bank. They do offer different savings accounts to help you prepare for college. Sallie Mae also has different loans to help pay for college, but no checking accounts.
As with any loan, the interest rates are high. Know the different repayment plans, interest rates, and if there is a fee for paying your loan off early. High-interest rates mean you could end up paying almost $9,000 in interest on a $10,000 loan.