Best Money Market Accounts in Maine of October 2021

Mary Gilman

If you are looking for an account that lets you easily grow your money without uncertainty tied to it, consider a money market account. Banks in Maine have a wide range of money market account options available for its residents to choose from.

Money market accounts are available from both traditional and online banks. Online banks tend to offer higher interest rates because they have lower overhead costs than traditional banks. Apart from the high-interest rates, money market accounts offer you the flexibility to access your money when you need to. Most banks offer debit cards, check-writing capabilities, online or mobile access.

Another important feature to consider when choosing an account is the minimum requirements and transaction limits. Some accounts require high minimum initial deposits and high minimum balance requirements, which may not be ideal incase you go below the minimum requirement. Some banks also limit the number of withdrawals you can make on your account in a specific period. If you are saving towards an emergency fund, this may not be an ideal option for you.

Shop around and compare the available options before making a choice. We have done the research for you. We reviewed some of the best money market accounts in Maine. Use our top picks to find the most suitable fit for you.

Axos Bank High Yield Money Market Account

axos bank logo

$0

Monthly Fee

$1000

Min. To Open

0.60%

Est. APY

Overview

This is a great money market account which acts like a checking account in some aspects.

It comes with a debit card and check writing privileges but be careful not to go over the monthly limit of 6 transactions. Per transaction above the limit will be expensive, around $10 per transaction.

What we like

  • Reimburses domestic ATM fees twice a month
  • Interest compounded daily
  • Debit card and check writing allowed

What we don't

  • No physical branch
  • $1,000 to open account
  • 6 Monthly Transaction Limit

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$1000
  • Min. Deposit For No Fee$0
  • Overdraft Fee$25
  • InsuredFDIC
  • State RestrictionsNone

ATM & Limits

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Check WritingAllowed
  • Debit Card UseAllowed

CIT Bank Money Market Account

cit bank logo

$0

Monthly Fee

$100

Min. To Open

0.50%

Est. APY

Overview

This money market account comes with a low intial deposit of $100 to open the account and comes with no monthly fees. Interest is compounded daily and paid monthly.

You'll earn the current APY rate regardless the amount you deposit in the account - there is no tiered system.

What we like

  • No monthly fees
  • $100 to open
  • Zelle & Paypal available

What we don't

  • No check writing
  • No physical branch locations
  • No tier for higher APY

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$100
  • Min. Deposit For No Fee$0
  • Overdraft Fee$25
  • InsuredFDIC
  • State RestrictionsNone

ATM & Limits

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Check WritingN/A
  • Debit Card UseAllowed