bank rates

Maine Deal: 3.01% For Rewards Checking

State of Maine commemorative quarterResidents in the Portland, Maine, area can earn 3.01% APY on balances to $10,000 if they open a rewards checking account at Town & Country Federal Credit Union.

The Free Rewards Checking account has no minimum balance requirement to open the account or earn interest, and it carries no monthly fees.

Like a typical rewards checking account, you’ll need to make at least a dozen debit card purchases in a month, plus have a direct deposit or automatic payment and receive eStatements, to receive the best rate.

It’s another case of a local financial institution paying as much or more than the best nationally available deals and paying higher rates than the big banks.

But again, we wish this balance cap was higher. Grabbing a strong rate only goes so far when the earning power ends at $10,000.

For any portion of your balance greater than $10,000, you’ll earn 0.50% APY, assuming you meet the monthly requirements.

This credit union also will reimburse all domestic ATM fees up to $25 a month.

Failure to meet the requirements means you earn just 0.05% APY for that particular month, and you’ll forfeit ATM fee reimbursement.

Membership at Town & Country Federal Credit Union is open to anyone who lives, works or attends school in Cumberland or York counties in Maine, or has a family member who does. The credit union is headquartered in South Portland.

You’ll first need to open a savings account with a $25 minimum deposit, and then you can open your Free Rewards Checking account. You can open an account online or stop by one of the credit union’s six branches.

For more information, visit www.tcfcu.com or call 800-649-3495.

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