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Savings Account

By opening this share account and maintaining a balance of at least $5.00 per member, you secure your Maine Savings membership and gain full access to all the great perks of banking with us! And because this account also serves as a traditional savings account, you will earn and receive monthly dividends based on your average daily balance.

Current Rates

Effective Date: Saturday, October 19, 2019

Deposit Accounts

Dividend RateAnnual Percentage Yield (APY)Minimum to Open*Minimum to Earn Dividends
Savings (Share) Accounts0.10%0.10%$5 per member$5 per member

* Minimum Deposit to Open Account — not Minimum Balance to Maintain Account

 

Certificates

Start planning for your future while leveraging the power of guaranteed, compounded interest growth that comes with a Share or IRA Certificate*. Pick a term that suits your plans, and then let your deposit do the heavy lifting.

Features
  • $500 minimum to open and earn dividends
  • Terms from six months to five years available
  • Rate is fixed at the time of deposit
  • Accumulated dividends are available monthly in one of two ways: compounded or transferred to one of your Maine Savings accounts
Current Rates

Effective Date: Saturday, October 19, 2019

Share & IRA Certificates (Term Accounts)

Dividend RateAnnual Percentage Yield (APY)Minimum to Open*Minimum to Earn Dividends
6 month (not available for IRA)1.55%1.56%$500$500
1 year1.95%1.97%$500$500
18 month2.30%2.32%$500$500
2 year2.35%2.38%$500$500
3 year2.55%2.58%$500$500
4 year2.75%2.78%$500$500
5 year2.95%2.99%$500$500
66 Month3.10%3.14%$500$500

For Share Certificate and IRA Certificate accounts (SC), the amount of the early withdrawal penalty will be as follows on the amount withdrawn (whether earned or not): Less than 6-month SC will result in a 3-month early withdrawal penalty (90 days); 6–18 month SC will result in a 6-month early withdrawal penalty (180 days); Any SC greater than 18 months–66 months will result in a 12-month early withdrawal penalty (365 days). 

Owner's Advantage Account (OAA) Product has been discontinued as of 10/1/2011. Anyone who currently has an OAA Share or IRA Certificate of Deposit will continue to receive the additional 0.10% rate on any renewal of the existing funds. There is no additional 0.10% rate increase on any new money that is invested in a Share or IRA Certificate of Deposit.

* Minimum Deposit to Open Account — not Minimum Balance to Maintain Account

 

Club Accounts

When it comes to planning for life's many expenses, a designated account can be the best solution for achieving a goal.

Holiday Club

Prepare for holiday expenses by saving throughout the year. When October 15th rolls around, your Christmas Club balance will be transferred directly into your Savings account - just in time for the shopping season.

  • Deposit conveniently via many electronic methods
  • No limit on savings
  • Earn monthly dividends, calculated on your average daily balance
Design Your Own Club

Need to save for that special vacation, set money aside for taxes and insurance, or plan your dream wedding? Design a club account based on your unique saving needs.

  • Deposit conveniently via many electronic methods
  • Dividends accumulate throughout the year
  • Withdraw your funds at any time
Current Rates

Effective Date: Saturday, October 19, 2019

Deposit Accounts

Dividend RateAnnual Percentage Yield (APY)Minimum to Open*Minimum to Earn Dividends
0.10%0.10%$0$0

* Minimum Deposit to Open Account — not Minimum Balance to Maintain Account

 

Health Savings Accounts

A Health Savings Account (HSA) is a tax-advantaged savings account that can be used to exclusively cover qualified medical expenses on a tax-free basis.

Features
  • Helps pay for qualified medical expenses not covered by your insurance, including your annual deductible
  • Contributions and the interest they earn may not be taxable*
  • Distributions are tax-free if used to pay for qualified medical expenses
  • Balance rolls over from year to year
Current Rates

Effective Date: Saturday, October 19, 2019

Deposit Accounts

Dividend RateAnnual Percentage Yield (APY)Minimum to Open*Minimum to Earn Dividends
Health Savings Share Draft Account0.50%0.50%$0$0

* Minimum Deposit to Open Account — not Minimum Balance to Maintain Account

 

Individual Retirement Accounts (IRAs)

The first step to securing a stable financial future is putting an effective savings plan in place. Support your longer-term plan with an IRA that will guide you toward your goals.

Individual Retirement Accounts

Traditional IRAsRoth IRAs Coverdell Education Savings
Tax-Deductable Contributionschecked
Tax-Deferred Earningscheckedchecked
Earnings Eligible for Tax-Free Withdrawalscheckedchecked
Age-Related Distribution Requirementschecked
Traditional IRAs

Invest in the well-being of your family by making steady contributions to this reliable retirement savings option. Earnings will grow over time while you benefit from tax advantages.

  • Contributions are tax-deductible
  • Any earnings generated are tax-deferred (you do not pay tax on earnings until you withdraw them)
  • Any after-tax amounts (nondeductible contributions) within your IRA can be withdrawn tax- and penalty-free
  • Annual minimum distributions begin at age 70 1/2
  • You may qualify for a saver's tax credit of up to $1,000 when you make a contribution
Roth IRAs

Not only can a Roth IRA help with retirement needs, but also a first-time home purchase or other financial goals. This flexibility makes the Roth IRA appealing to many different age and income groups. Although it's not a one-size-fits-all solution, the Roth IRA may give you an easy and safe way to plan for your future.

  • Contributions are not tax-deductible
  • You can withdraw your contributions at any time tax- and penalty-free
  • Any earnings generated are tax-deferred (you do not pay tax on earnings until you withdraw them)
  • If you meet certain requirements you can withdraw earnings tax-free
  • You are never required to make minimum distributions
  • You may qualify for a saver's tax credit of up to $1,000 when you make a contribution
Coverdell Education Savings

Watching your child earn a college degree is a dream of many parents, but the cost can be overwhelming. A Coverdell Education Savings Account (ESA) can be a smart way to save.

  • Contributions are not tax-deductible
  • Withdrawals, including earnings, are tax-free when used for tuition, books, and other qualified higher education expenses
Current Rates

Share & IRA Certificates (Term Accounts)

Effective Date: Saturday, October 19, 2019

Share & IRA Certificates (Term Accounts)

Dividend RateAnnual Percentage Yield (APY)Minimum to Open*Minimum to Earn Dividends
6 month (not available for IRA)1.55%1.56%$500$500
1 year1.95%1.97%$500$500
18 month2.30%2.32%$500$500
2 year2.35%2.38%$500$500
3 year2.55%2.58%$500$500
4 year2.75%2.78%$500$500
5 year2.95%2.99%$500$500
66 Month3.10%3.14%$500$500

For Share Certificate and IRA Certificate accounts (SC), the amount of the early withdrawal penalty will be as follows on the amount withdrawn (whether earned or not): Less than 6-month SC will result in a 3-month early withdrawal penalty (90 days); 6–18 month SC will result in a 6-month early withdrawal penalty (180 days); Any SC greater than 18 months–66 months will result in a 12-month early withdrawal penalty (365 days). 

Owner's Advantage Account (OAA) Product has been discontinued as of 10/1/2011. Anyone who currently has an OAA Share or IRA Certificate of Deposit will continue to receive the additional 0.10% rate on any renewal of the existing funds. There is no additional 0.10% rate increase on any new money that is invested in a Share or IRA Certificate of Deposit.

* Minimum Deposit to Open Account — not Minimum Balance to Maintain Account

 

Note: You may be subject to a 10% early distribution penalty tax on any taxable amount taken from either a Traditional or Roth IRA before you reach age 59 1/2, unless you qualify for one of these penalty exceptions: disability, certain health insurance costs, certain medical expenses, higher education expenses, first-time homebuyer expenses, substantially equal periodic payments, IRS tax levy, qualified military reservist distributions, or death.

Money Market Accounts

Maximize your interest earning potential while funds remain accessible. Your balance will benefit from a dividend rate that is higher than our Savings account.

Features
  • Up to six withdrawals per month allowed via Online Banking, TellerPhone, ACH, Member Service Center, or check
  • No restrictions on deposits
  • Federally insured
Current Rates

Effective Date: Saturday, October 19, 2019

Money Market (Checking) Accounts

Dividend RateAnnual Percentage Yield (APY)Minimum to Open*Minimum to Earn Dividends
Min. bal $0.00 - $24,999.990.10%0.10%$0$2,500
Min. bal $25,000 - $49,999.990.20%0.20%$0$25,000
Min. bal $50,000 - $99,999.990.30%0.30%$0$50,000
Min. bal $100,000 and over0.30%0.30%$0$100,000

* Minimum Deposit to Open Account — not Minimum Balance to Maintain Account

 

RedWallet® Debit Card Options

Debit Card Text Alerts

As a RedWallet® account holder, this card is your go-to connection to your cash. Whether you're making purchases in-person or online, each transaction will help you rack up the rewards that your checking account offers.

Haven't joined our family yet? Become a member today!

Checking

With a reliable checking account in your corner, everyday transactions can be handled with ease.

Credit Cards

Get added financial flexibility and earn rewards while you shop.

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