Bangor Savings Bank 2022: Free Online Banking



GOBanking Rates Score

Quick take: Bangor Savings Bank, headquartered in Bangor, Maine, has served the people of Maine and New Hampshire for over 160 years. The full-service, community-focused bank offers its members standard banking products and financial services such as personal checking accounts, online and mobile banking, wealth management resources and business banking services.

  • APY
  • Advantages
  • Some products
  • Customer service

How did we calculate this?

Advantages

  • Full-service bank offering checks, savings, loans, credit cards, insurance and investment services.
  • Variety of savings account options, including Money Market Accounts and Holiday Club Accounts.
  • Refunds for international ATM withdrawals.
  • Benefit Checking has no monthly fees.

The inconvenients

  • Branches only available in Maine and New Hampshire.
  • Minimum monthly service charge of $20 on Benefit Plus to check balances under $10,000.

Bangor Savings Bank Overview

Bangor Savings Bank has 65 branches between Maine and New Hampshire and access to 55,000 ATMs worldwide through the Allpoint ATM network. Bangor Savings claims it was the first bank in Maine to offer free ATMs worldwide, where you simply accept any charges incurred for using the machine and the bank reimburses you within three business days . Bangor Savings customers can also take advantage of free online banking services.

Main characteristics

Bangor Savings Bank earned a GOBankingRates score of 4.7 out of 5 for its strong local service and varied account options. Here’s more:

APY

Bangor Savings Bank does not offer the most competitive interest rates on your checking and savings accounts. At most, you will earn %APY to your savings account.

As for CDs, terms of 3 to 60 months are available. Rates vary according to the length of your commitment and go up to %APY. CDs require a minimum of $500 to open an account.

Advantages

Banking with Bangor Savings Bank is extremely convenient. You will have access to a variety of savings and credit banking products in one place. Even better, customers can benefit from relationship banking rates on loans and bank accounts. For example, Benefit Plus customers get a 0.05% markup on CD rates and up to one point off on select loans and lines of credit.

Products offered

Bangor Savings Bank offers almost every type of banking product you might need. The most popular include:

Verify Accounts

There are three main checking account options, all of which require a minimum deposit of $25 to open:

  • Benefit Verification: The basic checking account option with no minimum daily balance requirements or monthly service fees.
  • Benefit Plus Checking: A tiered checking account that provides relationship banking rates on loans and savings.
  • 62 Checking Advantage: Designed for people aged 62 and over, 62 Checking gives you a choice of free specialty checks or a 50% discount on initial and future orders of luxury checks.

Savings accounts

Bangor Savings offers several savings account options, but their three main ones are Statement, Money Market, and Benefit savings accounts. You can also save for Christmas with a Holiday Club account.

CD

Bangor Savings certificates of deposit range from 3 months to 5 years. The account has a rate surcharge of 0.05% if you are a Benefit Plus customer. To open a CD, a minimum balance of $500 is required.

Customer service

Bangor Savings Bank customer service is available by calling 1-888-263-3099 Monday through Friday 7:00 a.m. to 7:00 p.m., Saturday 8:00 a.m. to 2:00 p.m., and Sunday 9:00 a.m. to 2:00 p.m. pm You can also contact support by emailing bangorsupport@bangor.com.

How Bangor Savings Bank Stands Out

Bangor Savings Bank is distinguished by its comprehensive service offerings that facilitate the choice of financial institution. Personal and business banking services are available. Besides online banking and a variety of accounts, mortgages, car loans and credit cards are available. In addition, auto, home, property, life and disability insurance can be purchased from the bank.

Comparable Bangor Savings Bank Options

To compare banks before choosing, consider the following alternatives.

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. Both are full-service banks offering accounts, loans, investments and more. However, Kennebec Savings Bank rates are more competitive.

Bangor Savings Bank v Bar Harbor Bank & Trust

Bar Harbor Bank & Trust is Maine’s third largest bank in the state with 49 branches in Maine, Vermont and New Hampshire. Like Bangor Savings Bank, Bar Harbor Bank & Trust offers its customers a variety of 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.

How to register

Not all bank accounts can be opened online. Some accounts such as CDs require a visit to a local branch with your government-issued photo ID or by calling 1-877-226-4671.

Chequing, savings and money market accounts can be opened online at your convenience. You’ll need to set up an online connection and provide your social security number, photo ID, and funds to get started.

Who is Bangor Savings Bank for?

People in Maine and part of New Hampshire will benefit the most from the Bangor Savings Bank, if not because their charitable work has a direct impact on the communities in which they operate and they have access to branches. The bank offers a full range of financial services from accounts to loans to insurance for anyone looking for a one-stop-shop for their personal and business banking needs.

Final take

Bangor Savings Bank is a good option for people looking for a quality regional bank. Although savings accounts have low APY rates and higher balance requirements, there are many advantages that outweigh the disadvantages such as money market accounts, a few checking account options, and CDs with competitive rates.

FAQs

  • Is Bangor Savings Bank any good?
    • Bangor Savings Bank has a strong reputation as a full-service bank that has operated in the region for over 160 years.
  • Is Bangor Savings Bank FDIC insured?
    • Bangor Savings Bank is a member of the FDIC, insuring up to $250,000 per depositor.
  • How many clients does Bangor Savings Bank have?
    • Bangor Savings has over 227,000 customers and continues to grow. It manages $6.8 billion in assets.
  • Is Bangor Savings Bank a mutual bank?
    • Bangor Savings is a mutual bank and one of the oldest in New England. Mutual banks are owned by their customers and generally offer quality banking services at low cost.

Sean Dennison contributed reporting for this article.

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

Rates are subject to change; unless otherwise specified, prices are updated periodically. All other account information is accurate as of June 19, 2022.

Is this your bank?

Thank you for signing up!

Prepare to receive the best financial advice from the experts at GOBankingRates.

Take advantage of our best offers

About the Author

Cynthia Paez Bowman is a personal finance writer with a degree in international business and journalism from American University. In addition to writing about personal finance, she writes about real estate, interior design, and architecture. His work has been featured in MSN, Brex, Freshome, MyMove, Emirates Open Skies magazine and more.



Source link
Previous BRATA malware has evolved to target online banking services across Europe, researchers warn
Next TOP 7 online games to play with friends