Bangor Savings Bank CD Rates – You Matter More
The largest CD rate increase from Bangor Savings Bank was on the bank's 1 year CD which was increased 45 basis points. Bangor Savings Bank's motto is "you matter more."
The new 1 year CD rate at Bangor Savings Bank is at 1.51 percent, up from 1.06 percent. 2 year CD rates from Bangor Savings Bank were increased to 1.71 percent, up from 1.36 percent. 5 year CD rates from Bangor Savings Bank were increased from 1.71 percent to 1.86 percent.
Information about certificate of deposit accounts at Bangor Savings Bank:
The minimum opening deposit is reasonable at $500. Of course the more you deposit the more you earn in interest on the account. CD interest is compounded daily and credited to your account monthly.
Daily compounding of interest maximizes the overall annual percentage yield of an account which is good. Some banks compound interest on monthly or quarterly periods which leads to an overall lower APY.
As with any CD account, penalties may be imposed for early withdrawal so be careful, make sure you don't need access to the funds. You can see how current Bangor Savings Bank CD rates compare with other CD rates at banks to get the best rate today.