Savings Bank of Maine's Certificates of Deposit offer rates that vary based on the term of the CD and the balance of the CD. Generally, the higher the balance and the longer the term, the higher the interest rate. Customer has three options for the interest earned. You can add the interest to the CD principal, have the interest deposited in a Savings Bank of Maine Checking or Savings Account or you can receive a monthly interest check. Consider our bank for Certificates of Deposit.
- Minimum deposit $500
- Minimum term is 6 months
- Maximum length is 7 years
- Available to any resident of our local area
- A savings or checking account is not required
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Individual Retirement Accounts were established by the Federal Government to allow an individual means to save for their retirement. These accounts are opened as individual accounts. To be eligible for a Traditional IRA the individual must be under the age of 70 1/2 and have earned compensation.
- No minimum to open
- Fixed terms ranging from 6 months to 5 years
- 18 month variable rate available
- Contribution may be tax deductible
- You have until April 15, to open and fund a Traditional IRA for the prior tax year
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