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.
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.
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.