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Gorham Savings Bank (ME) Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Gorham Savings Bank Savings
0.10% APY

Overview

Our Rating: 4.4/5 How we calculated this rating

Started in 1868, Gorham Savings Bank has $1 billion in assets and $846 million in deposits, classifying the institution as a medium-size bank. Gorham Savings Bank, whose headquarters are in Gorham, Maine, has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, Gorham Savings Bank is a great bank that you should seriously consider with a rating of 4.4 out of 5 stars from the SmartAsset experts. 

Gorham Savings Bank has the complete package of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Gorham Savings Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Gorham Savings Bank offers an option without a maintenance or monthly fee. Why keep checking and savings accounts with one bank? Quick transferring of funds between the two accounts translates to better interest rates in your savings account with the flexibility of spending from your checking.

Service Quality

Gorham Savings Bank is a brick-and-mortar bank, with 14 total bank locations in Maine. With mobile and web apps, Gorham Savings Bank makes mobile banking convenient, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 7:30a.m. to 5:00 p.m. ET; Saturday, 7:30 a.m. to 12:00 p.m. ET. Gorham Savings Bank also offers a live chat feature, key for getting quick access to customer service.

Gorham Savings Bank receives positive feedback from customers for its mobile platform: the Gorham Savings Bank mobile app has an overall rating of 4.7 out of 5 (with 660 ratings on Apple and Android) compared to the national average of 3.8. You can use Gorham Savings Bank's app to manage your bank accounts by looking at account balances, transferring money as well as reaching support representatives. Gorham Savings Bank gets a superb consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.10% APY $25 Compare Offers
Certificates of Deposit
  • 12 Month: 1.71% APY
  • 24 Month: 2.02% APY
  • 36 Month: 2.17% APY
  • 48 Month: 2.43% APY
  • 60 Month: 2.94% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 1.15% APY
  • 25K tier: 1.25% APY
$10,000 Compare Offers
Checking Accounts 0.05% APY $1 Compare Offers

Gorham Savings Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. Gorham Savings Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Gorham Savings Bank's CD rates are fair in comparison to other U.S. banks. 

Rates

With a savings rate of 0.10%, Gorham Savings Bank ranks below the mean as compared against the national average. Gorham Savings Bank's one-year CD has a rate of 1.71% and the five-year CD has a rate of 2.94%, while its highest-yielding money market account has an APY of 1.25%. Given its poor savings rate, you should consider opting for higher earning savings accounts with other banks.

Compare Gorham Savings Bank to Other Competitive Offers

Fees

Gorham Savings Bank has generally extremely low fees compared to other U.S. banks. With no monthly fee, Gorham Savings Bank is ideal for people who want a simple checking account. Gorham Savings Bank reimburses any incurred ATM fees, which gives convenient access to cash at any time.

Financial Health

Gorham Savings Bank is currently a medium-size bank and handles assets totaling $1 billion as well as deposits totaling $846 million. Gorham Savings Bank's Texas Ratio is 4.80%, indicating an exceedingly small likelihood of failure. Additionally, Gorham Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Gorham Savings Bank Near Me

Gorham Savings Bank has 14 branches across the U.S.

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