Gogebic Range Bank Rates & Review

Gogebic Range Bank Review

In contrast to other banks which were founded in the 19th century, Gogebic Range Bank was newly minted in May 2002 with $3,250,000 in bank capital, and by 2010 had $60 million in bank assets and employed 21 people in Ironwood and Bessemer, Michigan.

Gogebic Range Bank offers an extensive range of consumer and business banking products, including credit cards and mortgages as well as checking and savings accounts.

Bank savings accounts

There are three bank savings accounts: the Club Account, the Range Savings Account, and the Lil Rangers Savings Account (for those under 19 years old). These accounts are free of monthly fees as long as minimum balances are maintained.

In addition to these traditional savings accounts, the bank also offers a consumer CD, an IRA CD, and an IRA money market account.

Bank checking accounts

Gogebic Range Bank also has three types of checking account as well as a money market account with checking privileges. These three are:

• Personal Checking Account -- no monthly fees, but no interest paid
• Personal NOW Checking Account -- interest bearing but minimum daily balance required
• Gogebic Rangers Checking Account -- for over-60s only: no minimum balance, no monthly fees, interest paid

Loan services

The bank offers credit cards and a full range of consumer loans, personal loans, new and used vehicle loans and RV loans. Mortgages, home improvement loans and debt consolidation loans are available.

Brokerage services

Investment products and services are offered by the bank's affiliate, PrimeVest Financial Services, Inc.

Deposit insurance

Gogebic Range Bank is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.

Compare savings account rates from Gogebic Range Bank and more than 400 other banks at SavingsAccounts.com.