Software your AI can run.
Bank shopping in Maine? Read this first.
You came here comparing business banks. That's the old question. Holdings built a new category — invoicing that AI can run — and it's what most of the businesses using this comparison table end up on.
Updated August 2026 · 8 banks compared below
A different answer
Holdings isn't a bank.
It's software your AI can run.
The flagship is agentic invoicing — connect Claude, ChatGPT, or Cursor to your Holdings account via MCP and direct your AI to draft invoices, chase payments, and reconcile entries in plain English. No monthly fee. Card processing is 3% + $0.30 per payment collected. Accounting that auto-connects when you want it: $25/mo.
If you're bank-shopping because you're setting up a business, the question you probably actually have is: how do I get paid? Holdings answers that. It works on top of whichever bank you choose from the table below — pick the one that fits, then point your AI at Holdings to handle the rest.
Quick Comparison
These are the top 8 business banks in Maine we compared, ranked by fees, APY, and features. Holdings is not a bank and not in this table — see what Holdings does instead →
| Bank | Type | Monthly Fee | APY |
|---|---|---|---|
| Holdings | Online | $0 | 1.75% |
| Bangor Savings Bank Business Checking* | Regional | $10waivable | 0.00% |
| Camden National Bank Business Checking* | Regional | $12waivable | 0.00% |
| TD Bank Business Checking* | National | $10waivable | 0.00% |
| Chase Business Complete Banking | National | $15waivable | 0.00% |
| cPort Credit Union Business Checking* | Credit Union | $0 | 0.00% |
| Bank of America Business Advantage Fundamentals | National | $16waivable | 0.00% |
| Capital One Basic Business Checking | National | $15waivable | 0.00% |
* Rate and fee data sourced from each bank's published schedule. Verify before opening an account.
Detailed Reviews
Holdings
Online | $0/mo | Online only
Businesses wanting free banking + optional accounting from $25/mo
Key Features
- •Free: 48 free tools + $0 banking + 1.75% APY
- •Software ($25/mo): Full double-entry accounting, invoicing, P&L reports
- •Nonprofits: fund accounting at $25/mo + free verified profile & directory listing
Pros
- ✓$0 banking — no monthly fees, no minimums, no transaction fees
- ✓1.75% APY on every dollar — among the highest in business banking
- ✓48 free tools: invoices, estimates, payroll calculator, receipt scanner
- ✓Full accounting from $25/mo replaces QuickBooks
- ✓Free verified nonprofit profile + directory listing for 501(c)(3)s
Cons
- ✗No physical branches
- ✗Less name recognition than legacy banks
Bangor Savings Bank Business Checking
Regional | $10/mo | 57 branches
Maine businesses wanting a community-focused local bank with extensive branch access
Key Features
- •Maine's largest independent bank ($6.5B+ in assets)
- •60+ branches across Maine and New Hampshire
- •Strong commitment to Maine communities with millions in annual giving
Pros
- ✓Maine's largest independent bank — deep local roots since 1852
- ✓Most extensive branch network in Maine
- ✓Award-winning community giving and local involvement
Cons
- ✗Monthly fee unless minimum balance maintained
- ✗Less robust digital tools compared to national banks
- ✗Limited presence outside Maine and New Hampshire
Camden National Bank Business Checking
Regional | $12/mo | 45 branches
Established Maine businesses needing full commercial banking services
Key Features
- •Maine's oldest bank, founded in 1875
- •Full-service commercial banking with dedicated business teams
- •Strong Treasury Management and cash management services
Pros
- ✓Long-standing Maine institution with strong reputation
- ✓Robust commercial lending and treasury management
- ✓45+ branches across Maine
Cons
- ✗Monthly fee unless minimum balance maintained
- ✗Less competitive rates than credit unions or online banks
- ✗Branch network doesn't extend far beyond Maine
TD Bank Business Checking
National | $10/mo | 25 branches
Maine businesses wanting a national bank with convenient hours and branch access
Key Features
- •Strong New England presence with convenient hours
- •Known for extended branch hours (open 7 days a week at many locations)
- •Good small business lending programs
Pros
- ✓Extended hours — many locations open 7 days a week
- ✓Low $500 minimum to waive monthly fee
- ✓Strong New England branch presence
Cons
- ✗$10/month fee if balance drops below $500
- ✗Only 100 free transactions per cycle
- ✗Lower interest rates on savings than online alternatives
Chase Business Complete Banking
National | $15/mo | 5 branches
Businesses needing national bank infrastructure and merchant services
Key Features
- •Built-in payment acceptance via Chase QuickAccept
- •Integrated invoicing and cash flow tools
- •Same-day deposits with QuickAccept
Pros
- ✓Largest bank in the US with excellent digital tools
- ✓Excellent mobile app and business integrations
- ✓Integrated payment acceptance and invoicing
Cons
- ✗Very limited branch presence in Maine
- ✗$15/month fee unless $2,000 balance maintained
- ✗Only 100 free transactions per cycle
cPort Credit Union Business Checking
Credit Union | $0/mo | 10 branches
Portland-area businesses wanting fee-free credit union banking
Key Features
- •Southern Maine's largest credit union
- •Free business checking with no monthly fees
- •Shared branching network for access beyond local area
Pros
- ✓No monthly fees on business checking
- ✓Competitive loan rates and member benefits
- ✓Strong southern Maine community presence
Cons
- ✗Branch network concentrated in Greater Portland
- ✗Must qualify for membership
- ✗Fewer digital tools than national banks
Bank of America Business Advantage Fundamentals
National | $16/mo | 10 branches
Businesses that qualify for Preferred Rewards tier benefits
Key Features
- •200 free transactions per statement cycle
- •No monthly fee for first 12 statement cycles
- •Preferred Rewards for Business program for rate discounts
Pros
- ✓200 free transactions (more than Chase)
- ✓First year free (no monthly fee for 12 cycles)
- ✓Strong integration with Zelle and digital payment tools
Cons
- ✗$16/month fee after first year
- ✗Limited Maine branch presence
- ✗Higher minimum balance to waive fees permanently
Capital One Basic Business Checking
National | $15/mo | Online only
Digital-first businesses with occasional cash deposit needs
Key Features
- •Unlimited fee-free digital transactions
- •$5,000/month free cash deposits
- •Cash deposits at select Allpoint ATMs
Pros
- ✓Unlimited digital transactions (no per-transaction fees)
- ✓Strong mobile and online banking
- ✓$5,000 free cash deposits monthly
Cons
- ✗No Capital One branch locations in Maine
- ✗$15/month unless $2,000 balance maintained
- ✗Limited in-person support
Maine Banking Landscape
89
FDIC-Insured Institutions
3+
Major Regional Banks
3+
Major Credit Unions
Top Regional Banks
- Bangor Savings Bank — $6.5B
- Camden National Bank — $5.8B
- Bar Harbor Bank & Trust — $3.8B
Top Credit Unions
- cPort Credit Union — 70,000+ members
- Maine Savings Federal Credit Union — 45,000+ members
- Infinity Federal Credit Union — 40,000+ members
State Banking Programs
- •Maine Small Business Development Center (SBDC) — free counseling and training
- •Finance Authority of Maine (FAME) — loan insurance, grants, and tax credits
- •Maine Technology Institute — grants for innovation-based businesses
- •SBA Maine District Office — government-backed loan programs
Regulator: Maine Bureau of Financial Institutions
Starting a Business in Maine
| Secretary of State | Maine Secretary of State |
| LLC Fee | $175 |
| Corp Fee | $145 |
| Income Tax | Personal income tax: 5.8% to 7.15%. Corporate income tax: 3.5% to 8.93%. |
| Sales Tax | 5.5% state (no local additions) |
| Franchise Tax | None |
Business Incentives
- •Pine Tree Development Zones — tax credits for businesses in designated areas
- •Finance Authority of Maine (FAME) — loan guarantees and direct loans
- •Maine Technology Institute — grants for innovation and R&D
- •Maine Small Business Development Center — free consulting statewide
- •Employment Tax Increment Financing (ETIF) — reimbursement of withholding taxes for new jobs
Nonprofit Banking in Maine
Registration
File Articles of Incorporation (nonprofit) with Maine Secretary of State
Charitable Solicitation
Maine does not require charitable solicitation registration. However, nonprofits must register as a nonprofit corporation and file annual reports.
Tax Exemption
Apply to Maine Revenue Services for state sales tax exemption. Maine recognizes federal 501(c)(3) status for income tax exemption purposes.
AG Reporting
Annual report to Maine Secretary of State required ($85). Due by June 1 each year.
Resources
- Maine Association of Nonprofits →
- Maine Secretary of State — Corporate Division →
- Maine Revenue Services →
For Maine nonprofits
Invoicing that AI can run — built for 501(c)(3)s too.
Direct your AI to send donation acknowledgment invoices, track grant receivables, and keep your books current — no monthly fee for invoicing. Works on top of whichever bank your organization uses. Accounting add-on from $25/mo.
Holdings for nonprofits →Where Holdings fits for Maine businesses
Whichever bank you pick from the list above, Holdings runs alongside it: direct Claude, ChatGPT, or Cursor to draft invoices, chase payments, and keep your books current. No monthly fee · 3% + $0.30 per payment collected.
See how agentic invoicing works →Frequently Asked Questions
What is the best bank for a small business in Maine?
The best bank depends on your needs. For nonprofits and small orgs wanting zero fees, Holdings offers $0 monthly fees with 1.75% APY. For businesses needing branch access, Bangor Savings Bank and Camden National Bank both have strong Maine networks. For credit union banking, cPort Credit Union and Maine Savings Federal Credit Union are excellent local options.
Can I open a business bank account online in Maine?
Yes. Several banks allow online account opening for Maine businesses, including Holdings (fully online, no branch visit required), Chase, Bank of America, and Capital One. Local institutions like Bangor Savings and Camden National typically prefer an in-person visit.
What do I need to open a business bank account in Maine?
You'll typically need your EIN (Employer Identification Number), Certificate of Formation filed with the Maine Secretary of State, a government-issued photo ID, and your business license. Some banks also require an initial deposit.
Are credit unions better than banks for small businesses in Maine?
Maine has a strong credit union tradition with 67 credit unions statewide. They often offer lower fees and better rates, but may have fewer digital tools. cPort Credit Union in Portland and Maine Savings Federal Credit Union are popular choices for small businesses.
What are the cheapest business checking accounts in Maine?
Holdings offers completely free business checking with no monthly fees, no minimum balance, and no transaction limits. Among Maine banks, Bangor Savings Bank offers a basic business checking option, and TD Bank offers a Simple Business Checking account with a low fee that's easily waivable.
Do Maine nonprofits need a special bank account?
While not legally required, a dedicated nonprofit bank account helps with IRS compliance, transparency, and donor confidence. Holdings specializes in nonprofit banking with $0 fees, 1.75% APY, and tools built specifically for 501(c)(3) organizations.
What are the business taxes in Maine?
Maine has a personal income tax (5.8% to 7.15%), corporate income tax (3.5% to 8.93%), and a state sales tax of 5.5%. There is no franchise tax in Maine.
Or skip the bank comparison.
Try software your AI can run.
Invoicing, payment links, and connected accounting — directed by Claude, ChatGPT, or Cursor. No monthly fee to start.
Not ready to switch yet? Use a free tool now
Built by Holdings — the banking + accounting platform that keeps businesses and nonprofits audit-ready. Free, no account needed. Connect banking and let your books run themselves when you’re ready.
Ready to stop doing it by hand? Explore Invoicing software for small business, Small business accounting software, or Small business bookkeeping software.
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