Maine Savings FCU

What Maine Savings FCU does

Maine Savings Federal Credit Union (Maine Savings FCU) is a federally chartered, member-owned not-for-profit credit union headquartered at 101 Western Avenue, Hampden, Maine. Founded in 1961, the institution operates 12 branches across Maine (with a 12th announced for Bangor in March 2025) and serves personal banking members, small-to-mid-sized businesses, and homebuyers throughout the state. Membership is open to anyone living, working, or connected to its field of membership, requiring only a $5 share deposit, establishing the member-owner relationship that underpins the cooperative model.

The product portfolio is organized into four pillars. Personal banking centers on the RedWallet family of checking and savings accounts (Cash Back, Cash, Classic, Saver), with certificates, IRAs, HSAs, money market accounts, club accounts, and digital investing (launched 2024) starting at $10. Consumer credit products include the Maine Savings Visa credit card, auto, personal (with credit card refinancing claimed to save up to 50%), student (via Sallie Mae), energy, recreational vehicle, and overdraft lines of credit. Business banking is anchored by the BizWallet Free/Pro/Enterprise checking tiers, business savings, the Business Beyond Visa credit card, letters of credit, lines of credit, commercial real estate loans, term loans, and Heartland-powered bankcard processing and payroll. Home lending encompasses conventional fixed and adjustable rate mortgages, FHA, VA, USDA rural housing, construction, land/camp financing, home equity loans, HELOCs, and the CUSO Home Lending-powered CU Promise program with guaranteed same-day decisions and local servicing. Insurance is offered through the F.A. Peabody 'One Maine' partnership and AD&D coverage, and wealth planning via Northeast Planning Associates.

The unified Digital Banking platform (web and mobile) integrates Apple Pay, Google Pay, Samsung Pay, VISA Secure Remote Commerce, Popmoney bill pay, eStatements, savings goals, and business-specific widgets (Business Admin, Business ACH, Business Wires, Reports, eDeposits). Upcoming Quicken and QuickBooks integrations are announced. Revenue is generated primarily through interest income on personal, auto, mortgage, home equity, business, and credit card lending, supplemented by deposit account fees, overdraft fees, transaction fees (wires, official checks), and bill pay services. Distribution combines physical branches, the shared branching network, Select Employee Group (SEG) employer partnerships, and the digital banking platform. Maine Savings is NCUA-insured and NMLS-licensed (#401037).

Name

Maine Savings FCU

Legal name

Maine Savings Federal Credit Union

Website

https://mainesavings.com

Company type

Private

Founded year

1961

Operating status

Operating

Headcount range

101–250 employees

Short description

Maine Savings Federal Credit Union is a federally chartered, member-owned cooperative credit union headquartered in Hampden, Maine, operating 12 branches statewide and serving Maine consumers, small-to-mid-sized businesses, and homebuyers with RedWallet personal banking, BizWallet business banking, full-service mortgage and home equity lending, and an integrated digital banking platform.

Ownership category

akta.pro rank

Product category

Credit Union Retail Banking

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending
• Business banking services
• Mortgage lending
• Credit union services

Headquarters

HQ city

Hampden

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Revenue generated from interest on personal loans, auto loans, home mortgages, home equity loans, business loans, and credit cards
2. Deposit Account Fees: Monthly service fees on certain account types, overdraft fees, and other account-related charges
3. Transaction Fees: Fees for wire transfers, official checks, and other transaction-based services
4. Bill Pay Services: Bill payment services with fees for non-RedWallet checking accounts

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Maine Savings Federal Credit Union is a member-owned, not-for-profit cooperative financial institution operating 12 branches across Maine. It provides personal banking (checking, savings, credit cards, consumer loans), business banking (BizWallet checking tiers, commercial lending, business credit cards), home lending (purchase mortgages, refinances, home equity, construction loans), and complementary services such as insurance, digital investing, and retirement accounts.

Product overview

Maine Savings Federal Credit Union is a federally chartered credit union offering a comprehensive range of banking products and services organized across personal banking, business banking, home lending, and digital platforms. The core personal banking lineup centers on the RedWallet family of checking and savings accounts (RedWallet Cash Back, RedWallet Cash, RedWallet Classic, RedWallet Saver), complemented by certificates, IRAs, health savings accounts, money market accounts, and club accounts. Credit products include the Maine Savings Visa credit card, auto loans, personal loans (including credit card refinancing), student loans (via Sallie Mae), recreational vehicle loans, energy loans, and overdraft/credit-builder lines. The business banking suite is anchored by the BizWallet family of checking accounts (Free, Pro, Enterprise) with business savings, money market, commercial real estate loans, term loans, lines of credit, letters of credit, and the Business Beyond Visa credit card. Heartland provides bankcard processing and payroll services. Home lending encompasses conventional fixed and adjustable rate mortgages, CU Promise home loans (in partnership with CUSO Home Lending), FHA loans, VA loans, rural housing loans, construction loans, land and camp financing, home equity fixed rate loans, HELOCs, and refinancing options. Insurance offerings through One Maine Insurance (F.A. Peabody partnership) and AD&D coverage are available. The unified Digital Banking platform serves as the primary delivery channel for both personal and business members, supporting account management, transfers, bill pay (via Popmoney), wire transfers, check deposits, eStatements, savings goals, and business widgets (Business Admin, Business ACH, Business Wires). Digital wallets support Apple Pay, Google Pay, Samsung Pay, and VISA Secure Remote Commerce. Additional financial services include Digital Investing (starting at $10), Maine Wealth Planning, SavvyMoney credit monitoring, Shared Branching access, Member to Member transfers, and Member Privilege overdraft protection. The institution is NCUA-insured and NMLS-licensed (#401037).

Differentiator

Problem solved

Functional benefit

Brands

• RedWallet: Brand family for checking and debit card products including RedWallet Cash Back, RedWallet Cash, RedWallet Classic, and RedWallet Saver accounts.
• BizWallet
• Maine Wealth Planning
• One Maine Insurance
• SavvyMoney

Products and services

• RedWallet Cash Back Checking
• RedWallet Cash Checking
• RedWallet Classic Checking
• RedWallet Saver Account
• Personal Savings Account
• Share Certificates
• Club Accounts
• Health Savings Account (HSA)
• Individual Retirement Accounts (IRAs)
• Personal Money Market Account
• Maine Savings Visa Credit Card
• Auto Loans
• Personal Loans
• Student Loans
• Energy Loans
• Recreational Vehicle Loans
• BizWallet Free Business Checking
• BizWallet Pro Business Checking
• BizWallet Enterprise Business Checking
• Business Savings Account
• Business Money Market Account
• Business Beyond Visa Credit Card
• Letters of Credit
• Lines of Credit

Quantifiable outcome

• Members can save up to 50% by refinancing credit card or personal loan debt
• +2 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability2 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• SavvyMoneycoreTechnology or IntegrationSavvyMoney provides free credit score monitoring, daily credit score updates, full credit reports, and credit monitoring for Maine Savings members at no cost. The service pulls credit data from TransUnion and uses VantageScore 3.0 model.
• F.A. Peabody InsurancecoreStrategic or Co-development PartnerPartnership with F.A. Peabody Insurance agency providing One Maine Insurance products to members. Business members receive free business insurance and financial planning consultations through this partnership.
• Northeast Planning Associates, Inc.coreStrategic or Co-development PartnerPartnership providing free financial planning consultations to business members. Financial planning services offered through this partnership are not NCUA insured.
• Selman & CompanyminorStrategic or Co-development PartnerSelman & Company administers the Accidental Death and Dismemberment (AD&D) insurance program on behalf of Maine Savings, provided through New York Life to Minnesota Life Insurance Company.
• CUSO Home LendingcoreStrategic or Co-development PartnerCUSO Home Lending provides the CU Promise home loan program with guaranteed same-day loan decisions, guaranteed closing dates, and guaranteed local servicing. Maine Savings partners with CUSO for specialized mortgage products.
• Sallie MaeminorStrategic or Co-development PartnerStudent loans from Maine Savings in partnership with Sallie Mae help students finance their education with competitive rates and terms.
• HeartlandcoreTechnology or IntegrationHeartland provides secure card processing and payroll services for Maine Savings business members. Maine Savings recommends Heartland for bankcard processing and payroll data processing needs of business members.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Bangor Savings Bank: Maine-based community bank headquartered in Bangor offering personal, business, and mortgage lending with a similar regional community-banking footprint and comparable deposit/lending product set, competing head-to-head in the same geography.
• Norway Savings Bank: Maine-based mutual savings institution with branches across the state providing retail, business, and mortgage banking. Closely comparable as a community-oriented Maine depository with full personal/business lending.
• Camden National Bank: Maine-headquartered community bank (publicly traded) with branches across the state offering checking, savings, lending, and wealth services. Directly comparable geographic footprint, community positioning, and product breadth.
• University Credit Union: Maine-based community credit union with field-of-membership extending across the state. Comparable federal credit union structure, deposit/lending products, and Maine-focused community positioning.
• Atlantic Federal Credit Union: Maine-based federal credit union offering personal and business banking, lending, and digital services. Closely comparable member-owned cooperative structure serving the same Maine market.

Broad incumbents

• KeyBank (Maine): Regional commercial bank with retail and business banking in Maine. Overlaps with Maine Savings' personal and business banking, mortgages, and digital banking, but operates as part of a multi-state portfolio.
• Navy Federal Credit Union: Largest US credit union by assets, offering comprehensive personal and business banking, lending, and digital services. Comparable product breadth and federal credit union charter, but at vastly larger scale and with a defined military-affiliated field of membership.
• Alliant Credit Union: Large national digital-first credit union with competitive deposit rates, lending, and credit cards. Comparable product breadth; competes for digitally-native Maine members without geographic constraint.
• PenFed Credit Union: Large federally chartered credit union offering full personal banking, mortgages, credit cards, and auto lending nationally. Comparable federal credit union structure and product set, with much greater scale.
• TD Bank (Maine): Large multi-state commercial bank with significant branch presence in Maine. Competes across deposits, lending, and digital, but as part of a much larger portfolio - relevant as a broader incumbent benchmark rather than direct community-credit-union competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mainesavings
• Facebookfacebook.com/mainesavings

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Maine Savings FCU