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Institution for Savings

Popular Accounts at this Bank

1.50%3-year CD36 Month CD
2.00%5-year CD60 Month CD
0.75%Reward CheckingBonus Checking

Overview / Commentary
93 State Street
Newburyport, MA 01950

Institution for Savings is headquartered in Newburyport and is the 13th largest bank in the state of Massachusetts. It is also the 324th largest bank in the nation. It was established in 1820 and as of September of 2016, it had grown to 196 employees at 15 locations. Institution for Savings' money market rates are 2X the national average, and it boasts an A+ health rating.

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Reviews (2)

Terrible Bank

I would give this bank a zero if I could.

Since Rockport National Bank merged with Institution For Savings, my bank has not been the same. They are impersonal and stuffy. Never the same customer service person when I walk in - they rotate them around, preventing any kind of personal connection or continuity of service. I have to tell them what I talked to them about a few days before.

Today, I had to leave town quickly due to an unexpected death in my family. I was unable to use my new debit card because I had not yet received my new pin number. A debit card that cost me $15 to replace. I called the bank to see if they could help me. You all know the tone they use, very patronizing "We are sorry Ms. Williams, we thought we could repin your new card over the phone, but we have decided otherwise."

I know they could have helped me access my money I keep in their bank to make my travel easier. No, they decided otherwise. And I have decided otherwise as well. Rockport National Bank was a personal bank; they went out of their way to help. So, goodbye Institution for Savings. I can do better. You are stuffy, your online access is from another generation, and you are interested in the almighty dollar before your customers.

Do not open an account at this bank.

Locals Only

this bank - like others on these "best rate" lists -- only opens accts for customers in their local area.


Health Grade Components

FDIC Certificate #90250
Year Established1820
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.95%
Return on Equity - YTD9.53%
Annual Interest Income$64.8MM
Assets and Liabilities
AssetsQ3 2016vs Q3 2015$2.75B$2.37B
LoansQ3 2016vs Q3 2015$2.04B$1.76B
DepositsQ3 2016vs Q3 2015$2.22B$1.99B
Equity CapitalQ3 2016vs Q3 2015$275.8MM$240.6MM
Loan Loss AllowanceQ3 2016vs Q3 2015$9.2MM$8.4MM
Unbacked Noncurrent LoansQ3 2016vs Q3 2015$2.9MM$6.9MM
Real Estate OwnedQ3 2016vs Q3 2015$150.00K$350.00K
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Institution for Savings Savings Account Rates

0.50%*$25k*-Gold Savings
OTHER TIERS: 0.25% Up to $25k
0.50%*$25k*-Business Gold Savings
OTHER TIERS: 0.25% Up to $25k
0.40%*$50k*-Preferred Savings Account
OTHER TIERS: 0.25% Up to $50k
0.40%*$50k*-Business Preferred Savings Account
OTHER TIERS: 0.25% Up to $50k
0.25%--Statement Savings
0.25%--Passbook Savings
0.25%--Business Statement Savings

Institution for Savings Money Market Rates

1.00%*$250k*-Platinum MMDA
OTHER TIERS: 0.25% Up to $250k
1.00%*$250k*-Business Platinum MMDA
OTHER TIERS: 0.25% Up to $250k
0.80%*$100k*-Gold MMDA
OTHER TIERS: 0.25% Up to $100k
0.80%*$100k*-Business Gold MMDA
OTHER TIERS: 0.25% Up to $100k
0.50%*$75k*-Premium Money Market
OTHER TIERS: 0.25% Up to $75k
0.50%*$100k*-Money Market
OTHER TIERS: 0.25% Up to $50k | 0.35% $50k - $100k
0.50%*$75k*-Business Premium Money Market
OTHER TIERS: 0.25% Up to $75k
0.50%*$100k*-Business Money Market
OTHER TIERS: 0.25% Up to $50k | 0.35% $50k - $100k

Institution for Savings Checking Account Rates

0.75%*-$50kBonus Checking
OTHER TIERS: 0.25% $50k+
0.50%*$500k*-Business Sweep Account
OTHER TIERS: 0.25% Up to $250k | 0.35% $250k - $500k
0.25%--Personal Checking
0.25%--Simple Business NOW Checking

Institution for Savings CD Rates

2.50%$250k-48 Month Platinum Money Market CD
2.50%$250k-48 Month Business Platinum Money Market CD
2.50%$250k-36 Month Platinum Money Market CD
2.50%$250k-36 Month Business Platinum Money Market CD
2.00%--48 Month CD
2.00%--60 Month CD
1.50%--36 Month CD
1.50%--40 Month CD
1.00%--18 Month CD
1.00%-$2m20 Month CD
1.00%-$2m24 Month CD
1.00%--30 Month CD
0.75%--12 Month CD
0.75%--15 Month CD
0.60%--6 Month Premium Money Market CD
0.50%--3 Month CD
0.50%--6 Month CD
0.50%--7 Month CD
0.50%--9 Month CD

Institution for Savings IRA Rates

2.00%--48 Month IRA
2.00%--60 Month IRA
1.50%--36 Month IRA
1.50%--40 Month IRA
1.00%--18 Month IRA
1.00%--20 Month IRA
1.00%-$2m24 Month IRA
1.00%--30 Month IRA
0.75%--12 Month IRA
0.75%--15 Month IRA
0.50%--3 Month IRA
0.50%--6 Month IRA
0.50%--7 Month IRA
0.50%--9 Month IRA

Institution for Savings has 13 locations. Click to view all Institution for Savings locations.