Bangor Savings Bank Review: Versatile Accounts, ATM Perks and Local Service
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
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Choose from one of four checking account options at Bangor Savings Bank.Â
Bangor Savings Bank has various checking account options and three savings accounts. There is an extra bonus for parents who want to teach kids about savings. Bangor Savings Bank offers a kid’s savings account and CDs. Bangor Savings Bank was named one of the Best Banks in Maine for 2025 by GOBankingRates.
Bangor Savings Bank has over 60 branches between Maine and New Hampshire and wide access to ATMs through the Allpoint ATM network. Bangor Savings claims it was the first Maine bank to offer free ATMs worldwide, wherein you simply accept any charges incurred from using the machine, and the bank reimburses you within three business days. Customers with Bangor Savings can also take advantage of free online banking.Â
Bangor Savings Bank Checking Accounts
Bangor Savings Bank offers four checking accounts. All checking accounts require a $10 or $25 minimum deposit to open.Â
- No monthly service charge or monthly daily balance requirement on Benefit Checking, Benefit Promise Checking and Benefit 62 Checking.
- Benefit Plus Checking earns interest on any balance over $1,000.
- Benefit Plus Checking has a $20 monthly fee unless you have $10,000 in linked accounts.Â
- Accounts come with a debit card.
- Having a Benefit Plus, Benefit Checking and Benefit 62 account automatically qualifies you for a savings account with Bangor Savings Bank.
Best For
Banking in Maine
Mobile App
Low Monthly Fees
Low Minimum Deposit
Loan Options
Low Minimum Deposits
Bangor Savings Bank’s checking accounts offer flexibility with low minimum deposits, no monthly fees on most options and added benefits like free mobile banking and overdraft protection.
Fees
$0 to $20 monthly
APY
Min Opening
$10 to $25
Pros
- Low minimum deposit
- Benefit Plus also comes with a free first-year safety deposit box rental
- Overdraft protection with Benefit Plus, Benefit Checking and Benefit 62
- Free mobile banking on all accountsÂ
Cons
- Minimal geographic locations
- A $20 monthly fee on Benefit Plus Checking is only waivable with $10,000 across accounts
- Limited interest earnings on Benefit Plus Checking account
Quick Take
Bangor Savings Bank has various checking accounts for different financial profiles. For individuals who want a straightforward checking account, Benefit Checking only requires a $25 minimum deposit to open, has no monthly service charges or minimum balance requirements, and includes features like a free debit card.
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Bangor Savings Bank Savings Accounts
Bangor Savings has several savings account options, but their three main ones are Statement Savings, Benefit Savings and Market Rate Savings accounts. You can also save for Christmas with a Holiday Club account.
- Benefit and Statement Savings require a $25 minimum to open.Â
- To qualify for Benefit Savings you must open a checking account too.
- Market Rate Savings requires a $5,000 minimum to open.
- All savings accounts come with an ATM card.
- Earn interest based on the balance.
- Great Start Savings account for kids requires $1 to open.
Best For
Banking in Maine
Mobile App
Low Monthly Fees
Low Minimum Deposit
Loan Options
Tiered Interest Rates
Bangor Savings Bank offers a variety of savings accounts, including options with low minimum deposits and kid-specific accounts. Benefit from ATM access, tiered interest rates and a dedicated holiday savings option.
Fees
$0 to $10 monthly
APY
Up to
Min Opening
$1 to $5,000
Pros
- Variety of savings account options
- Low minimum opening deposits
- Most savings accounts have low monthly maintenance fees
Cons
- Interest rates are relatively lowÂ
- High minimum balance for Market Rate SavingsÂ
- Limited geographic locations
Quick Take
Bangor Savings Bank has multiple selections for savings accounts, including an account that is reserved for holiday shopping. Families who want to teach their kids about savings can open a kid-specific account with only $1.
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Bangor Savings Bank CD Accounts
Bangor Savings certificates of deposit range from 3 months to 5 years. To open a CD, a minimum balance of $500 is required.
- APY ranges based on term.
- Standard CD APYs go up to .
- Special CD rates go up to .
- Benefit Plus Checking account members can get a 0.05% rate bump.
- Term options from 3 to 60 months.
- FDIC insured accounts.
Best For
Banking in Maine
Mobile App
Low Monthly Fees
Low Minimum Deposit
Loan Options
Rate Boost Opportunities
Bangor Savings Bank offers CDs with flexible terms, competitive APYs up to and a rate bump for Benefit Plus customers. Accounts are FDIC insured, but must be opened in person at a branch.
Fees
Early withdrawal penalties may apply
APY
Up to
Min Opening
$500
Pros
- Flexible terms
- Interest compounds daily and is credited monthly
- Existing Benefit Plus account holders get an APY bump
Cons
- Early withdrawal penalties
- CDs must be opened at the branch
- APYs are relatively low for those who are not Benefit Plus customersÂ
Quick Take
Bangor Savings Bank’s CDs offer flexible terms and competitive rates, especially for Benefit Plus customers. However, the necessity of in-person account opening may be a bar for those who do not live near a local branch.
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Bangor Savings Bank Money Market Accounts
Bangor Bank offers one money market account — the Benefit Money Market. The minimum deposit is $5,000, and you must have a personal checking account with the bank.
- No monthly service charge.
- ATM access.
- $5,000 minimum to earn interest.
- APYs range based on balance and go up to .
- Free debit card with Buoy Local rewards.
- Online banking with eStatements and mobile banking with the Bangor Mobile app.
Best For
Banking in Maine
Mobile App
Low Monthly Fees
Low Minimum Deposit
Loan Options
No Monthly Fee
The Benefit Money Market account from Bangor Savings Bank offers no monthly fees, wide ATM access and digital banking tools. A $5,000 minimum deposit is required to earn interest, and a linked checking account is necessary.
Fees
No monthly service fee
APY
Up to
Min Opening
$5,000
Pros
- No monthly fees
- Complete access to digital banking
- Wide ATM accessÂ
Cons
- High minimum deposit
- Requirement of linked accounts
- Geographical limitations
Quick Take
Bangor Savings Bank offers a money market account, but only to customers who already have a personal account with the bank. The account is geared toward individuals who have high account balances.
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Banking Experience
Bangor Savings Bank stands out for its full-service offerings. Personal and business banking is available. Besides online banking and various accounts, mortgages, vehicle loans and credit cards are also available. Plus, auto, home, property, life and disability insurance can be purchased through the bank.
Bangor Savings Bank ranks 4.7 out of 5 stars on Google Play, while on Apple, it ranks 4.8 out of 5 stars.Â
Customer Service
Bangor Savings Bank customer service is available by calling 1-888-263-3099. Hours are as follows:
- Monday to Friday from 7:00 a.m. to 7:00 p.m.
- Saturdays from 8:00 a.m. to 2:00 p.m.
- Sundays from 9:00 a.m. to 2:00 p.m.
You can also reach out for support by emailing bangorsupport@bangor.com.Â
Comparable Banking OptionsÂ
To compare banks before you choose, consider the following alternatives.Â
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $20 monthly
$0 to $25, many waivable
$5 a month for inactivity
APY
APY
APY
for Key Select Checking
Up to
Min Opening
Min Opening
Min Opening
$10 to $25
$0 to $50
$100
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0 to $10 monthly
$0
$5 a month for inactivity
APY
APY
APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$1 to $5,000
$10
$100
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Early withdrawal penalties may apply
N/A
Early withdrawal penalties will 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
No monthly service fee
$20, waivable
Waivable $10 monthly service fee
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$5,000
$5,000
$2,500
Bangor Savings Bank vs. Kennebec Savings Bank
Kennebec Savings Bank is another local financial institution in the state of Maine. However, the bank does not have as many locations as Bangor Savings does. Both are full-service banks offering accounts, loans, investments and more. However, Kennebec Savings Bank’s rates are more competitive.
Bangor Savings Bank vs. Bar Harbor Bank & Trust
Bar Harbor Bank & Trust is one of the largest banks in Maine with over 40 branches throughout Maine, Vermont and New Hampshire. Like Bangor Savings Bank, Bar Harbor Bank & Trust offers customers various financial services, including accounts, loans, investments and more. Bar Harbor Bank & Trust stands out for its digital presence. Its mobile banking app and online services are top-notch compared to other local banks.
Bangor Savings Bank vs. Camden Bank
Bangor Savings Bank and Camden National Bank are two Maine-based financial institutions. Camden National Bank maintains over 60 branches within Maine, offering accounts like Access Checking, which has no monthly fees, and Select Savings, requiring a $25 minimum deposit to open. Both Bangor Savings and Camden Bank are comparable in terms of their digital platforms and so the choice between them hinges on customer preferences.
Final Take Â
Bangor Savings Bank is a good option for individuals searching for a quality regional bank. Although the savings accounts have low APY rates and higher balance requirements, there are plenty of positives that offset the drawbacks, such as money market accounts, a couple of checking account options, and CDs with competitive rates.Â
Bangor Savings Bank FAQ
- What is Bangor Savings Bank's interest rate?
- Bangor Savings Bank offers different interest rates based on the financial product. It is always good to call the branch or check online regarding current interest rates. Interest rates on savings accounts go up to 0.40%. Certain checking accounts and CDs also have specific interest rates.
- How many branches does Bangor Savings Bank have?
- Bangor Savings Bank has 69 branches in Maine and New Hampshire.
- Does Bangor Savings Bank support Zelle?
- Bangor Savings Bank does not currently support Zelle.
- What accounts does Bangor Savings Bank offer?
- Bangor Savings Bank offers checking, savings, money market accounts, CDs and credit cards.
- Does Bangor Savings Bank reimburse ATM fees?
- Yes, Bangor Savings Bank offers free ATM access worldwide. They do not charge fees for using non-Bangor Savings Bank ATMs and will reimburse fees charged by other banks.
Sean Dennison and Cynthia Bowman contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 18, 2024.
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.
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. 18, 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.
