Machias Savings Bank Review: High-Yield Savings & More for Maine Residents
Written by
Marc Guberti
Edited by
Elizabeth Constantineau
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Receive significant overdraft protection that starts at $500 and gets as high as $2,500.
Machias Savings Bank offers a wide range of financial products so you can do all of your banking in one place. You can create checking and savings accounts, take out loans and mortgages and open a credit card. The bank offers several types of accounts that can help you manage your money and generate additional income.
Machias Savings Bank, recognized as one of the Best Banks in Maine by GOBankingRates, offers a variety of financial services to meet your needs. From checking and savings accounts to loans and investments, the bank provides all-in-one banking solutions designed to help you manage and grow your money.
Machias Savings Bank Checking Account
The Machias Savings Bank checking account has a good overdraft protection program and offers out-of-network ATMs. It has additional perks that you’ll find with most checking accounts, such as online banking, a complimentary Visa debit card and bill pay.Â
Get out-of-network ATM rebates and overdraft protection that ranges from $500 to $2,500. You will also receive a higher interest rate for your checking account as you grow your deposit balance.
- The account requires a $100 minimum opening balance, which is feasible, but other checking accounts do not have minimum balance requirements.Â
- The highest APY is APY if you have a balance of $10,000 or higher.Â
- If your balance is below $10,000, you’ll only end up with APY.
- Receive up to $25 in monthly ATM rebates when using a non-Machias Savings Bank ATM in the U.S.
- You can find plenty of checking accounts that have higher APYs and the same features as Machias Savings Bank.Â
Best For
Banking in Maine
Mobile App
Low Monthly Fees
Loan Options
Investment Services
Great Overdraft Protection
The MSB Checking account offers solid overdraft protection and out-of-network ATM rebates. However, its APY is relatively low. Perfect for those looking for basic checking with added protections.
Fees
$5 a month for inactivity
APY
Up to
Min Opening
$100
Pros
- High overdraft protection
- Out-of-network ATM rebates
- Choose between paper statements or eStatements
Cons
- Low APY
- $100 minimum deposit requirement
- Not enough perks that help it stand out from other checking accounts
Quick Take
Machias Savings Bank has good overdraft protections but doesn’t stand out from other checking accounts. You only get rewarded with a APY for building up to a $10,000 balance. The bank can be a good option for people who live in Maine, as the financial institution has several branches in that state.Â
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Machias Savings Bank Savings Account
Make unlimited transactions and receive a higher interest rate as you grow your balance. You can also pledge your savings account as collateral on a loan.
- The MSB High Yield Savings account offers unlimited transactions, while some banks only let you make six withdrawals from savings accounts each month before adding fees.
- You must make an initial deposit of at least $100 to open an account.
- Customers can opt for paper statements or eStatements.
- The account only has a $5 per month inactivity fee, and there is no monthly maintenance fee beyond that.
- APYs start as low as for the first $50,000 but get respectable as you put more into your account.Â
- You can end up with APY if you have $250,000 or more in your high-yield savings account.
Best For
Banking in Maine
Mobile App
Low Monthly Fees
Loan Options
Investment Services
Unlimited Transactions Offered
Machias Savings Bank High Yield Savings account offers unlimited transactions and a high APY of up to for large balances. Starting with a APY for smaller balances, it’s a great choice for those who can meet the higher balance thresholds.
Fees
$5 a month for inactivity
APY
Up to
Min Opening
$100
Pros
- Earn up to APY if you have a high enough balance
- Make unlimited transactions
- You can use your savings account as collateral on a loan
Cons
- The APY starts as low as if you do not have a high balance.
- Inactivity fee of $5 per month
- A $100 initial deposit is required
Quick Take
Machias Savings Bank’s High Yield Savings account offers APY. However, you can start with a rate as low as APY, which isn’t nearly as attractive. Granted, you can make unlimited transactions with this account, which gives it an edge over other savings accounts.
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Machias Savings Bank CD Accounts
Receive up to APY with a $500 minimum balance. Choose CD terms ranging from three months to five years.Â
- Every Machias Savings Bank CD requires a $500 minimum balance.
- Early withdrawal penalties will apply.
- You can pledge your CD account as collateral on a loan.
- Machias Savings Bank will automatically reinvest your account at maturity if you don’t make changes within 10 days.
- You can draw interest from your CD or let it compound in your account.
Best For
Banking in Maine
Mobile App
Low Monthly Fees
Loan Options
Investment Services
Earn Up to With Just a $500 Deposit
Machias Savings Bank’s CDs offer competitive rates of up to APY with a minimum deposit of $500. Choose from a variety of terms, including options for reinvesting your interest.
Fees
Early withdrawal penalties will apply
APY
Up to
Min Opening
$500
Pros
- Wide range of terms
- Earn up to APY
- You can reinvest interest or send it to one of your checking accounts
Cons
- Each CD requires a $500 minimum opening deposit
- Machias Savings Bank does not have no-penalty CDs
- Some CDs have low APYs
Quick Take
Machias Savings Bank offers plenty of CDs, with their promotional CDs having the most competitive rates. An APY of is respectable, but you shouldn’t commit to a long-term CD for APY. While a $500 minimum opening deposit may sound steep, it’s a common amount for CD accounts.Â
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Machias Savings Bank Money Market Accounts
Capitalize on unlimited transactions plus discounts of up to $250 on mortgage and home equity loan closing costs.Â
- You must make a $2,500 minimum opening deposit to get started.
- The account has a monthly maintenance fee of $10 which is waivable by maintaining a $2,500 balance.
- The discount for mortgage and home equity loan closing costs can add up for real estate investors.
- APYs top out at if you have a balance of $100,000 or more.
- The lowest rate is APY.
- Your money market account comes with a complimentary Visa debit card and the ability to make unlimited transactions.
Best For
Banking in Maine
Mobile App
Low Monthly Fees
Loan Options
Investment Services
Discounts for Mortgage Loan Closing Costs
Machias Savings Bank’s Money Market account offers unlimited transactions and a complimentary Visa debit card. While the APYs are low, the account is ideal for those seeking a mortgage or home equity loan discount.
Fees
Waivable $10 monthly service fee
APY
Up to
Min Opening
$2,500
Pros
- Discounts for mortgage and home equity loan closing costs
- Unlimited transactions
- Complimentary Visa debit card
Cons
- High $2,500 minimum opening balance
- Monthly maintenance fee of $10 if you don’t maintain a $2,500 balance
- Low APYs
Quick Take
This money market account can generate good savings if you are an active real estate investor. However, the APY isn’t much compared to what you can get with an online bank’s savings account or money market account. Furthermore, you have to put in at least $100,000 to qualify for APY. It’s a niche product that may not be the best option for most people.
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Banking Experience
Machias Savings Bank has good reviews in the App Store and Google Play. The bank averages 4.8 stars from 748 App Store reviews and 4.0 stars from 81 Google Play reviews.
Many reviewers have said good things about the financial institution’s service. Reviewers have also expressed appreciation for how easy the app is to use.
Comparable Regional Bank Options
Here’s how Machias Savings Bank stacks up to other regional banks.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$5 a month for inactivity
$0 to $25, many waivable
$0 to $20 monthly
APY
APY
APY
Up to
for Key Select Checking
Min Opening
Min Opening
Min Opening
$100
$0 to $50
$10 to $25
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$5 a month for inactivity
$0
$0 to $10 monthly
APY
APY
APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$100
$10
$1 to $5,000
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Early withdrawal penalties will apply
N/A
Early withdrawal penalties may apply
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$500
$2,500
$500
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Waivable $10 monthly service fee
$20, waivable
No monthly service fee
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$2,500
$5,000
$5,000
Machias Savings Bank vs. Northeast Bank
Both banks are based in Maine and offer a variety of products. Northeast Bank provides better yields on its savings accounts, particularly for lower balances, while Machias Savings Bank’s savings rates improve as balances increase.
When it comes to CDs, Northeast Bank offers fewer term options but provides higher rates across the board. Machias Savings Bank has a broader range of CD terms, but its top APY is slightly lower.
Machias Savings Bank vs. Bath Savings Institution
These Maine banks offer similar products, but Machias Savings Bank stands out with its competitive CD rates. While Bath Savings provides a range of terms from 91 days to 5.75 years, their highest standard APY is limited, and even their special CDs offer a modest increase.
Machias Savings Bank vs. Bar Harbor Bank & Trust
Bar Harbor Bank & Trust has branches in Maine, New Hampshire and Vermont. Some of the bank’s checking accounts have monthly maintenance fees, but it’s easy to waive them.
Bar Harbor Bank & Trust has CDs ranging from one month to five years that require high minimum deposits. Not all of the CDs are worth it, but the bank currently has a 6-month CD special with a very competitive APY.
Final Take
Machias Savings Bank can be a good resource for Maine residents who do frequent real estate transactions. They can save money on closing costs for mortgage and home equity loans. Some of the APYs are competitive, but you’re likely to find better interest-bearing accounts at other financial institutions.
Some of these accounts also have high minimum deposit requirements. The money market account is a notable example, as you need at least $2,500 to get started. You may do better with another bank, depending on your goals.
Machias Savings Bank FAQ
Here are the answers to some of the most commonly asked questions about Machias Savings Bank.- What types of accounts does Machias Savings Bank offer?
- Machias Savings Bank offers checking accounts, savings accounts, money market accounts, CDs and IRAs.
- Does Machias Savings Bank offer home equity loans?
- Yes. Machias Savings Bank offers home equity loans. You can even save money on closing costs if you have a money market account with the bank.
- How big is Machias Savings Bank?
- Machias Savings Bank only has physical branches in Maine. The financial institution currently has 15 locations.
- Does Machias Savings Bank have Zelle?
- Yes. Machias Savings Bank allows you to use Zelle to send and receive payments.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 10, 2024.Â
To discover the Best Banks by state, GOBankingRates analyzed the top institutions (excluding online banks and neobanks) by state branch locations. To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) checking product minimum deposit; (3) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (4) savings product minimum deposit; (5) savings product APY; (6) Bauer rating (out of 5 stars); (7) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (8) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (4) were weighed 0.5 times, factor (5) was weighed 2.5 times and factor (7) was weighed 1.5 times. All products and offerings had to be available as of Nov. 8, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 10, 2024.
To qualify as one of the Best Banks in the state, the institution needed at least five branch locations in the respective state, with some exceptions for larger and/or smaller states.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
