The Best Fixed Annuity and CD Rates in Maine (February 2024)

Shawn Plummer

CEO, The Annuity Expert

Welcome to our comprehensive guide for residents of the beautiful Pine Tree State – Maine. This resource is perfect for those interested in growing their money and capitalizing on the best rates available for CDs, savings accounts, money markets, and fixed annuities. We delve into the competitive banking world, scrutinizing both banks and credit unions to provide you with the most favorable online savings account rates and money market rates. We understand that the landscape of interest rates can be complex, and navigating through it can be challenging. Thus, we aim to simplify this journey, ensuring you get the best investment return. So, whether you’re in Portland or Bangor, join us as we explore Maine’s most rewarding financial opportunities online.

The Best CD Rates In Maine

A certificate of deposit is a type of savings account. This account has a set interest rate and date when you will get your deposited money back. Banks and credit unions offer these types of accounts. The interest rate for the account depends on how long you agree to keep the money in the account and what market conditions are like when you open the account.

Here are the top CD rates in Maine:

3-Month CD Rates

Banks and credit unions have the highest CD rates for three months.

Best 3-Month CD RatesRateTermMinimum
Ponce Bank5.35% APY3 Months$1.00
Total Direct Bank5.66% APY3 Months$25,000.00
Western Alliance Bank5.51% APY3 Months$1.00

6-Month CD Rates

The following banks and credit unions have the highest CD rates for six months.

Best 6-Month CD RatesRateTermMinimum
Inova5.50% APY6 Months$200.00
My eBanc5.57% APY6 Months$50,000.00
Newtek Bank5.50% APY6 Months$50,000.00

1-Year CD Rates

The following banks and credit unions have the highest CD rates for 12 months.

Best 12-Month CD RatesRateTermMinimum
Hudson Valley Credit Union5.67% APY12 Months$750.00
Space Coast Credit Union5.61% APY12 Months$500.00
Lafayette Federal Credit Union5.61% APY12 Months$100,000.00

2-Year CD Rates

Banks and credit unions have the highest CD rates for 24 months.

Best 2-Year CD RatesRateTermMinimum
Luana Savings Bank5.16% APY24 Months$100,000.00
Eastman Credit Union5.40% APY24 Months$1,000.00
Pelican State Bank5.27% APY24 Months$500.00

3-Year CD Rates

Banks and credit unions have the highest CD rates for 36 months.

Best 3-Year CD RatesRateTermMinimum
Mountain Credit Union5.15% APY36 Months$2,500.00
Hughes Federal Credit Union4.97% APY36 Months$99,000.00
Lafayette Federal Credit Union5.20% APY36 Months$100,000.00

4-Year CD Rates

The following banks and credit unions have the highest CD rates for 48 months.

Best 4-Year CD RatesRateTermMinimum
Bread Savings4.15% APY48 Months$1,500.00
NexBank4.45% APY48 Months$10,000.00
Fedchoice Federal Credit Union4.35% APY48 Months$500.00

5-Year CD Rates

Banks and credit unions have the highest CD rates for 60 months.

Best 5-Year CD RatesRateTermMinimum
Farmers Insurance5.00% APY60 Months$1,000.00
Lafayette Federal Credit Union4.63% APY60 Months$100,000.00
Virginia Credit Union4.48% APY60 Months$100,000.00

Benefits of a CD:

  • Guaranteed interest rate
  • FDIC-insured up to $250,000
  • Low risk
  • Potential for higher interest rates with longer terms

Drawbacks of a CD:

  • Penalty for early withdrawal
  • Limited access to funds until the maturity date
  • The fixed interest rate may be lower than other investment options

The Best Fixed Annuity Rates In Maine

A fixed annuity is a type of insurance contract that provides a guaranteed interest rate for a specific period. The interest rate on a fixed annuity is fixed and can range from 4% to 5.50% per year, depending on the insurer and the length of the contract.

Here are the top fixed annuity rates in Maine:

Disclaimer: Products are subject to state availability. Please inquire below for details.

It’s important to note that these rates are subject to change and may fluctuate over time. Therefore, before investing in a fixed annuity, it’s essential to understand the benefits and drawbacks.

Benefits of a Fixed Annuity:

  • Guaranteed income stream for a specific period or life
  • Tax-deferred growth
  • Death benefit
  • No market risk

Drawbacks of a Fixed Annuity:

  • Low-interest rates compared to other investment options
  • Surrender charges if you withdraw money before the contract’s maturity date
  • Limited flexibility
  • Potential loss of purchasing power due to inflation

Next Steps

In conclusion, various fixed annuity and CD options are available to Maine investors. When selecting a suitable investment, you’ll want to assess your needs and goals based on your financial portfolio. Fixed annuities offer relatively low risks with potential returns, while CDs typically provide higher interest rates but with more restrictions. No matter what option you decide on, ensure you understand the terms to set yourself up for success. If you’d like to explore these opportunities further or obtain a quote, our team of experts is here to help. Don’t hesitate to reach out and get started today!

The Best Fixed Annuity Rates And Cd Rates In Maine.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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