Last April I reported on Institution for Savings and its new 2.00% APY 4-year CD. Before that time a 5-year term was required to get the 2.00%. Now customers can get this 2.00% with even a shorter term. This week the bank started to offer a 2.00% APY for a 40-month CD. Minimum deposit is $500, and the early withdrawal penalty for this 40-month term is 9 months of interest, earned or not earned. The CD details and the link to the rates page are listed in the bank’s CD page as of 7/5/2013. Thanks to DA member scottj for noting this new rate in the DA forum.
When I last called this bank I was told a branch visit is required to open an account. They do accept out-of-state deposits if you can visit a branch. Note, it’s always a good idea to verify qualifications with a branch manager before making any long drive.
Institution for Savings branches are located in the Massachusetts cities of Newburyport, Salisbury, Ipswich, Rowley and Topsfield.
The bank still offers a reward checking account, but the rate has fallen considerably since I first reported on it in February 2008. At that time the rate was 6% APY on balances up to $50K. It fell to 1.01% APY in 2011, and last year it fell to 0.75% APY (see account review).
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 3.18% (excellent) based on March 2013 data. Please refer to our financial overview of Institution for Savings for more details. The bank was established in 1820, and it has been a FDIC member since 1985 (FDIC Certificate # 90250). Funds over the FDIC limit are insured by the Deposit Insurance Fund (DIF) which is a private insurance fund.
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