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Overview / Commentary
978-462-3106
93 State Street
Newburyport, MA 01950

With just $465.10 in deposits collected on its first day of existence, the Institution for Savings was established in 1820 in Newburyport, MA. At that time, it was just the third savings bank in the Commonwealth of Massachusetts.

Today, the Institution for Savings provides its personal and commercial banking customers a wide range of depository banking products. These include, for the bank’s personal customers, checking accounts, savings accounts, money market accounts, Certificates of Deposit (CDs), and Individual Retirement Accounts (IRAs). The Institution for Savings offers both interest and non-interest bearing checking accounts, including accounts specifically for minors, college students, and senior citizens. The bank’s savings and money market account options offer higher interest rates for larger account balances, and, as a relationship banking perk, its relationship money market accounts yield even better dividends when combined with a CD or savings account with a large account balance.

Speaking of CDs, terms range from 3 to 60 months and certificate funds can be used as collateral for passbook loans. As for IRAs, the Institution for Savings offers Traditional, Roth, Coverdell Education, and Simplified Employee Pension (SEP) IRA products.

For its business banking customers, the Institution for Savings provides deposit accounts including business checking accounts, business savings accounts, and business money market accounts. Business checking accounts can be combined with a “sweep” account, in which excess account funds are transferred daily to a repurchase account with higher interest rates. Just like the personal accounts, business savings and money market accounts offer higher rates for larger account balances, and business money market accounts offer the relationship banking benefit of better dividends when combined with a CD or savings account with a large balance.

In addition to these deposit products, the Institution for Savings also provides both residential and commercial loans. Customers also have access to online banking, mobile banking, bill pay, and electronic statements.

Related Posts

Short Term CDs - 7/19/2017

Institution for Savings has an 18-month CD, 1.75% APY and a 24-month CD 2.00% APY. Min deposit is $500.

Institution for Savings (MA) Adds Super Money Market - 7/12/2017

Institution for Savings (MA) has added a Super Money Market that earns 2.00% APY ($250k+), 1.55% APY ($150k+), and 0.25% APY (<$150k). Min opening deposit is $150k.

2.00% Super Money Market Account - 7/9/2017

Institution for savings Massachusetts 250k above Val. 2.00% compounded daily. Great deal

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Reviews (2)

Local bank that combines the latest offerings with tradition and personalized service

The Institution for Savings is a longstanding Bank whose tradition and commitment to excellence are evident in all aspects of its customer service and products. I am a lifelong customer of the Bank and currently enjoy a Statement Savings account as well as a No Fee Checking and Collegiate Checking accounts. The college checking account is a great interest-bearing option for college students under 24; it also includes ATM fee reimbursements and a free first order of basic checks. The Institution for Savings has some of the lowest fees of any local or commercial banks in my area, and in almost every type of account the Bank offers the highest annual percentage yields out of any Bank in the vicinity. The customer service is personable and hits the mark every single time. I would highly recommend this Bank for all of your banking needs.

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.



Health

Health Grade Components

Overall
FDIC Certificate #90250
Year Established1820
Employees204
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.2%
Return on Equity - YTD11.97%
Annual Interest Income$46.8MM
Assets and Liabilities
AssetsQ2 2017vs Q2 2016$3.09B$2.70B
LoansQ2 2017vs Q2 2016$2.32B$2.01B
DepositsQ2 2017vs Q2 2016$2.47B$2.19B
Equity CapitalQ2 2017vs Q2 2016$304.0MM$269.2MM
Loan Loss AllowanceQ2 2017vs Q2 2016$10.4MM$8.9MM
Unbacked Noncurrent LoansQ2 2017vs Q2 2016$4.0MM$3.4MM
Real Estate OwnedQ2 2017vs Q2 2016$0$150.00K
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%*$250k*-Super Money Market
OTHER TIERS: 0.25% Up to $150k | 1.25% $150k - $250k
1.50%*$250k*-Business Super Money Market
OTHER TIERS: 0.25% Up to $150k | 1.25% $150k - $250k
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
0.50%*$75k*-Business Premium MMDA
OTHER TIERS: 0.25% Up to $75k
0.50%*$75k*-Premium Money Market (Combo)
OTHER TIERS: 0.25% Up to $75k

Institution for Savings Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%*$500*$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

APYMINMAXACCOUNT NAMEVIEW DETAILS
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%--60 Month CD
1.75%--48 Month CD
1.75%--40 Month CD
1.50%--24 Month CD
1.50%--30 Month CD
1.50%--36 Month CD
1.00%--20 Month CD
0.75%--12 Month CD
0.75%--15 Month CD
0.75%--18 Month CD
0.60%$25k-6 Month Premium Money Market CD
0.60%$25k-6 Month Business 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

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%--60 Month IRA
1.75%--48 Month IRA
1.75%--40 Month IRA
1.50%-$2m24 Month IRA
1.50%--30 Month IRA
1.50%--36 Month IRA
1.00%--20 Month IRA
0.75%--12 Month IRA
0.75%--15 Month IRA
0.75%--18 Month IRA
0.50%--3 Month IRA
0.50%--6 Month IRA
0.50%--7 Month IRA
0.50%--9 Month IRA
Locations

Availability

Boston Area

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