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BankGloucester


Overview / Commentary
www.bankgloucester.com
978-283-8200
160 Main Street
Gloucester, MA 01930

BankGloucester is headquartered in Gloucester and is the 94th largest bank in the state of Massachusetts. It is also the 2,288th largest bank in the nation. It was established in 1887 and as of March of 2020, it had grown to 53 employees at 4 locations. BankGloucester's money market rates are 14% higher than the national average, and it has an A health rating.

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Reviews (2)

Local Bank Review: BankGloucester (Mass)

Posted by: |

We had to travel 1.5 hours in Mass to reach their main branch in Gloucester.  At that time the RCA rate was 4.51%.  They changed rate to 4.01% ($25K) one month after we opened three accounts (limit to three accounts per household).  It is a small bank with personal customer service.  Even though they have a small asset size ($171M), they are not picky at all about their debit card transactions (not like some banks).  One of our favorite is that they give out a free set of (150) checks.  We decided to keep our three accounts open due to their excellent customer service and free checks.  Who knows, they may be the first to increase their rate one of these days.

Pros:

Easiness to open accounts

Free checks

Small debit transactions are ok (ten is the requirement)

Famous site for the Movie "Perfect Storm":-)

Cons:

Branch visit necessary

Local to Mass

There are only three CSRs, thus sometimes it will take longer to get service 

2

Completely Inefficient

Posted by: |

Opening an account with this bank has been a complete hassle. I waited over a week for a debit card, then another 5 days for the PIN to arrive. Still waiting for online banking to be approved after 6 days. Paid a visit to the bank for help but got no assistance...they have my money but I can't pay any bills. How does that make sense?

3


Health
A

Data as of Q1 2020

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #26536
Year Established1887
Employees53
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.59%
Return on Equity - YTD6.87%
Annual Interest Income$3.4MM
Assets and Liabilities
AssetsQ1 2020vs Q1 2019$287.7MM$270.9MM
LoansQ1 2020vs Q1 2019$235.4MM$231.9MM
DepositsQ1 2020vs Q1 2019$245.8MM$223.6MM
Equity CapitalQ1 2020vs Q1 2019$24.5MM$22.6MM
Loan Loss AllowanceQ1 2020vs Q1 2019$2.0MM$1.7MM
Unbacked Noncurrent LoansQ1 2020vs Q1 2019$3.0MM$5.4MM
Real Estate OwnedQ1 2020vs Q1 2019$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not BankGloucester; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

BankGloucester Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%--Traditional IRA Statement Savings
0.15%--Passbook Savings
0.15%--Statement Savings
0.15%--Christmas Club Account

BankGloucester Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.76%*$1m*-Premier Plus Money Market
OTHER TIERS: 0.15% → Up to $10k | 0.25% → $10k - $250k | 0.50% → $250k - $500k | 0.66% → $500k - $1m
0.50%*$25k*$50kPremier Money Market
OTHER TIERS: 0.25% → Any amount
0.10%--Personal Money Market

BankGloucester Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.26%*-$25kElite Checking
OTHER TIERS: 0.25% → $25k+
0.05%--Signature Checking

BankGloucester CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.27%$500-60 Month CD
1.02%$500-30 Month CD
1.02%$500-36 Month CD
1.02%$500-48 Month CD
0.76%$500-12 Month CD
0.76%$500-18 Month CD
0.76%$500-24 Month CD
0.76%$500-9 Month CD
0.50%$2.5k-6 Month CD

BankGloucester IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.27%$500-48 Month IRA
1.02%$500-30 Month IRA
1.02%$500-36 Month IRA
0.76%$500-12 Month IRA
0.76%$500-18 Month IRA
0.76%$500-24 Month IRA
Locations


BankGloucester Locations
Bankgloucester160 Main StreetGloucester, MA 01930
Essex Branch15 Martin StreetEssex, MA 01929
Ipswich Branch143 High StreetIpswich, MA 01938

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