Understanding Inflation & Its Affects

As the Federal Reserve raises interest rates to combat inflation, it’s important to understand that its action will translate into higher rates for mortgages, home equity lines of credit, auto loans, credit cards, and a wide range of financial products. The goal of this policy is to reduce demand and lower spending to slow inflation, but that can create financial stress for both consumers and businesses in the short- to intermediate-term.

Gorham Savings is committed to the financial well-being of its customers and maintaining competitive deposit rates. We encourage you to reach out to a Branch Manager to review your accounts and ensure you are maximizing the interest you can earn.

It’s also important to prepare for the changing economic situation by utilizing our tools and resources, including:

  • Our Financial Wellness webpage
  • Lesley Warn, our Financial Wellness Coach
  • Personal Finance, a tool within Online Banking and the GSB mobile app that can help you create a budget and track spending
  • Credit Insights, to view and track your credit score in the GSB mobile app
  • Round It Up, a tool to make savings automatic by rounding debit card transactions to the nearest dollar
  • Branch Managers, Mortgage Loan Officers, and Commercial Bankers who can provide advice to anyone considering buying a home, taking out a business loan, and/or or have an adjustable-rate loan that will rest in the coming months
  • Contacting ResourceTeam@gorhamsavings.bank to discuss community resources that may be of help to your personal financial situation
  • Smart Start, a new product designed to provide a safe and affordable checking account option. Branch staff are always available to review your banking needs and find the right fit.

If you are experiencing financial difficulties, please call Customer Service at (207) 839-4796 or email paymentsupport@gorhamsavings.bank to discuss your situation and how we might be able to help.