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you could create checking and savings accounts, take out loans and mortgages and open a credit card.
The bank offers several types of accounts that can help you manage your money and generate additional income.
Get out-of-connection ATM rebates and overdraft protection that ranges from $500 to $2,500.
You will also receive a higher interest rate for your checking account as you grow your deposit balance.
However, its APY is relatively low.
Perfect for those looking for basic checking with added protections.
You only get rewarded with aAPY for building up to a $10,000 balance.
it’s possible for you to also pledge your savings account as collateral on a loan.
Machias Savings Banks High Yield Savings account offersAPY.
Machias Savings Bank CD Accounts
Receive up toAPY with a $500 minimum balance.
Choose CD terms ranging from three months to five years.
Choose from a variety of terms, including options for reinvesting your interest.
An APY ofis respectable, but you shouldnt commit to a long-term CD forAPY.
While a $500 minimum opening deposit may sound steep, its a common amount for CD accounts.
Furthermore, you have to put in at least $100,000 to qualify forAPY.
Its a niche product that may not be the best option for most people.
Banking Experience
Machias Savings Bank has good reviews in the App Store and Google Play.
The bank averages 4.8 stars from 748App Storereviews and 4.0 stars from 81Google Playreviews.
Many reviewers have said good things about the financial institutions service.
Reviewers have also expressed appreciation for how easy the app is to use.
Comparable Regional Bank Options
Heres how Machias Savings Bank stacks up to other regional banks.
When it comes to CDs, Northeast Bank offers fewer term options but provides higher rates across the board.
Machias Savings Bank has a broader range of CD terms, but its top APY is slightly lower.
Some of the banks checking accounts have monthly maintenance fees, but its easy to waive them.
Bar Harbor Bank & Trust has CDs ranging from one month to five years that require high minimum deposits.
They can save money on closing costs for mortgage and home equity loans.
Some of the APYs are competitive, but youre likely to find better interest-bearing accounts at other financial institutions.
Some of these accounts also have high minimum deposit requirements.
The money market account is a notable example, as you need at least $2,500 to get started.
You may do better with another bank, depending on your goals.
All other information on accounts is accurate as of Dec. 10, 2024.
All factors were then scored and combined, with the lowest score being the best.
All products and offerings had to be available as of Nov. 8, 2024, to be considered.
Rates are subject to change; unless otherwise noted, rates are updated periodically.
All other information on accounts is accurate as of Dec. 10, 2024.
