Bangor Savings Bank Review: ATM System Will Help You Avoid Fees

Features like Bangor online might make you want to bank here.

Bangor Savings Bank, headquartered in Bangor, Maine, has been serving Mainers and New Hampshirites for over 165 years. The full-service, community-focused bank affords its members standard banking products and financial services such as personal checking accounts, online and mobile banking, wealth management resources and business banking.

Here’s an overview of what to expect when you bank with Bangor Savings if you want to determine if it’s the best bank for you.

Bangor Savings Bank Review

Bangor Savings Bank has around 60 locations in Maine and New Hampshire, and access to 55,000 ATM machines around the world 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. Bangor has saved its customers $23 million in ATM fees since 2006 using this approach.

Being a locally based bank, Bangor Savings also contributes to charitable causes. It sponsors a peanut butter and jelly drive and funds corporate donations through its Corporate Giving initiative. The bank said it will give away nearly $1 million to community causes in 2018.

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Customers with Bangor Savings can also take advantage of its technological services. Bangor Online lets you manage your account from your computer, pay your bills online, save money on fees using eStatements and transfer funds between accounts. Its mobile app uses biometric security measures to safeguard your information, and it lets you quickly search transactions and locate ATMs.

Know: 13 Banking Fees You Should Never Pay

Bangor Savings Bank Products and Services

Whether an individual or a business, Bangor Savings provides its customers with a bevy of financial material to use.

Checking Accounts

Bangor Savings offers customers three checking account options, all of which require a minimum $25 deposit to open:

  • Benefit Plus Checking: This is a tiered checking account that earns you 0.05% APY with balances of $1,000 or more.
  • Benefit 62 Checking: Designed for people aged 62 and older, 62 Checking gives you a choice of free specialty checks or a 50 percent discount on initial and future Deluxe check orders.
  • Benefit Checking: This checking account has no minimum daily balance requirement or monthly service charge.

All accounts are compatible with Bangor Savings online banking and qualify you for the Benefit savings account.

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Be Prepared: All the Documents You Need to Open a Checking Account

Savings Accounts

Bangor Savings offers customers several savings account options, but its two main ones are the Statement savings and the Benefit savings accounts.

Bangor Savings Accounts
Tier APY
$0-$24.99 Statement: 0.00%
Benefits: 0.00%
$25-$4,999.99  Statement: 0.05%
Benefits: 0.08%
$5,000-$24,999.99 Statement: 0.08%
Benefits: 0.12%
$25,000 and over Statement: 0.10%
Benefits: 0.15%
All rates accurate as of Aug. 10, 2018.

Both Bangor savings accounts require $25 to open and $25 or more in the account to earn interest.

Certificates of Deposit

Bangor Savings certificates of deposit range from three months to five years. The account comes with a higher APY rate if you are a Benefit Plus customer. For example, a five-year CD carries an APY of 1.66 percent, but when you’re a Benefit Plus customer, that rate shoots up to 1.92% APY. Even a three-month rate of 0.50% APY goes up to 0.75 percent with a Benefit Plus account.

Read: How Often Do CD Rates Change?

Personal Loans

Customers can take out loans for a variety of needs through Bangor Savings. Its personal unsecured loans use fixed rates, which help when planning finances. Bangor Savings also offers CD loans, which let you borrow against the funds in your own account, which can help build credit. Other available loans include home improvement loans, auto loans and refinancing options. It also offers lines of credit attached to your checking account, for amounts up to $25,000 or as low as $500.

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Pros and Cons of  Bangor Savings Bank

Every bank comes with its ups and downs depending on what it offers versus what you need. Before banking with Bangor Savings, consider these key points:


  • Internationally covered ATM reimbursements
  • Benefit Plus Customer feature boosts CD rates
  • Benefit Checking has no monthly charge


  • Limited geographical presence
  • Tiered savings rates aren’t much higher than the industry average
  • Low APY on checking account

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The Bottom Line on Bangor Savings Bank

Locals throughout Maine and regions of New Hampshire will benefit most from Bangor Savings Bank, if only because the charity work the bank does directly impacts the communities it operates in. Those not near the Pine Tree State might still want to consider some of Bangor Savings’ features. No ATM fees worldwide is a huge boon for travelers, not to mention those who loathe extraneous fees. The ability to boost CD rates means Bangor Savings’ certificates are a competitive force on the market. The savings accounts, by contrast, have low APY rates with some steep balance requirements. Overall, despite its locality, Bangor Savings Bank will interest those who want to take advantage of different ATM networks or those who prefer CDs as investment tools.

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This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved or otherwise endorsed by Bangor Savings Bank.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account. 

About the Author

Sean Dennison

Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both military and collegiate writing and editing experience. Sean’s first foray into writing happened when he enlisted in the Marines, with the occupational specialty of combat correspondent. He covered military affairs both in garrison and internationally when he deployed to Afghanistan. After finishing his enlistment, he completed his BA in English at UC Berkeley, eventually moving to Southern California.

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