Norway Savings Bank Review | Review, Fees, Offerings | SmartAsset.com (2024)

Established in 1866, Norway Savings Bank has assets totaling $1.87 billion as well as $1.49 billion in deposits, classifying the institution as a medium-size bank. Norway Savings Bank, whose headquarters are in Norway, Maine, has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. With a commendable 4.3 stars out of 5, Norway Savings Bank is a great bank that you should seriously consider.

Norway Savings Bank has a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Norway Savings Bank has a fair savings rate, which means other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking account does not have a monthly fee. Using one bank for checking and savings is best when you want to get the most return on your deposits while retaining easy access to your money.

Service Quality

Norway Savings Bank is a brick-and-mortar bank, with 24 total bank locations in Maine. It also offers access to mobile and web apps for simple access and banking on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. ET, Saturday, 8:00 a.m. to 12:00 p.m. ET. Additionally, Norway Savings Bank customers can access live chat for their banking questions or needs, giving customers an easy access point throughout the day.

Norway Savings Bank's online and mobile banking services receive fairly good ratings from customers: out of 86 ratings across both Apple and Android platforms, the Norway Savings Bank mobile app is scored at 3.7 out of 5 (compared to the national average of 3.8). You can utilize Norway Savings Bank's mobile app to manage your bank accounts by monitoring current statements, sending and receiving money and reaching support representatives. Norway Savings Bank receives an exceptional consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Products Offered

Norway Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. It does not have the best savings rate, which means you should consider looking 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. Norway Savings Bank's CD rates are competitive in comparison to other U.S. banks.

Rates

With a savings rate of 0.03%, Norway Savings Bank ranks below the mean compared to the national average. Its one-year CD has a rate of 0.20% and the five-year CD has a rate of 0.95%, while its highest-yielding money market account earns at a rate of 0.15%. It has a fair savings rate, which means you can find higher rates with other banks. Think about taking a look at other banks for savings accounts.

Compare Norway Savings Bank to Other Competitive Offers

Fees

Norway Savings Bank charges customers extremely low fees in comparison to the average U.S. bank. With no monthly fee, Norway Savings Bank's checking account is ideal for people who need a hassle-free checking account. Norway Savings Bank reimburses any incurred ATM fees (with conditions), making getting cash a free and easy process.

Financial Health

Norway Savings Bank is a medium-sized bank with assets totaling $1.87 billion and deposits totaling $1.49 billion. Its Texas Ratio is 4.03%, indicating a very low probability of failure. Additionally, Norway Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Norway Savings Bank Near Me

Norway Savings Bank has 24 branches across the U.S.