Institution for Savings

Overview / Commentary
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.

Reviews (3)

Strong bank for both customers and employees

I have been a lifelong customer of the Institution for Savings, and I also formerly worked there as a teller. This bank not only consistently offers the most competitive rates of any banks in my geographical area on its deposit accounts and loans alike; it also delivers consistently top-notch customer service and secure, accessible online banking products. Because it is chartered in Massachusetts, all funds deposited by customers are fully covered not only under the FDIC but also under the DIF (Depositors' Insurance Fund) which is specific to Massachusetts-chartered banks and covers all funds not insured under FDIC limits. As a former employee I can also vouch for the fact that the Institution for Savings uses the most modern and secure technology available in the banking industry to serve its customers. In addition, the Institution for Savings is a wonderful atmosphere for both customers and employees because it is adamant on not being a sales culture the way other banks are; employees are never required to follow sales quotas or push products on customers, and the customers notice and appreciate this fact greatly. The bank is heavily involved in hundreds of philanthropic efforts across its area of influence and has done massive amounts of good through both monetary donations and volunteering manpower in the communities it serves. For employees, the cherry on top of the pie is the unmatched benefits this bank offers, from a full pension and 10% dollar-for-dollar 401(k) match, to well-staffed branches, free excellent health, dental, and vision insurance, quarterly bonuses, and other great perks. For customers, the bank's fraud protection services are instant and very thorough, and all employees are well-informed about products and services to best meet customers' needs. The Institution for Savings is a truly wonderful community bank which continues to grow and be a solid member of its surrounding communities.

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 Grade Components

FDIC Certificate #90250
Year Established1820
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.54%
Return on Equity - YTD13.44%
Annual Interest Income$45.8MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$5.09B$4.92B
LoansQ1 2024vs Q1 2023$4B$3.71B
DepositsQ1 2024vs Q1 2023$3.13B$3.61B
Equity CapitalQ1 2024vs Q1 2023$588.2MM$547.8MM
Loan Loss AllowanceQ1 2024vs Q1 2023$14.2MM$13.4MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$537K$650K
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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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

4.50%*$100k*$500kGold Savings - New Money
OTHER TIERS: 1.00% $1 - $100k
2.05%*$25k*-Diamond Savings
OTHER TIERS: 0.50% $1 - $25k
2.05%*$25k*-Business Diamond Savings
OTHER TIERS: 0.50% $1 - $25k
0.50%*$10k*-Titanium Savings
OTHER TIERS: 0.25% $1 - $10k
0.50%*$10k*-Business Titanium Savings
OTHER TIERS: 0.25% $1 - $10k
0.40%*$50k*-Preferred Savings Account
OTHER TIERS: 0.25% $1 - $50k
0.40%*$50k*-Business Preferred Savings Account
OTHER TIERS: 0.25% $1 - $50k
0.25%$1-Statement Savings
0.25%$1-Business Statement Savings

Institution for Savings Money Market Rates

4.50%*$2m*$4mSapphire Money Market
OTHER TIERS: 2.00% $1 - $2m
4.50%*$2m*$4mBusiness Sapphire Money Market
OTHER TIERS: 2.00% $1 - $2m
4.08%*$250k*$1mBusiness Gold Money Market Account.
OTHER TIERS: 2.00% $1 - $250k
4.08%*$250k*$1mGold Money Market Account
OTHER TIERS: 2.00% $1 - $250k
3.05%*$1m*-Diamond Money Market
OTHER TIERS: 1.75% $1 - $500k | 2.10% $500k - $1m
3.05%*$1m*-Business Diamond Money Market
OTHER TIERS: 1.75% $1 - $500k | 2.10% $500k - $1m
0.50%*$1m*$10mTitanium Money Market
OTHER TIERS: 0.15% $1 - $250k | 0.30% $250k - $500k | 0.40% $500k - $1m
0.50%*$1m*$10mBusiness Titanium Money Market
OTHER TIERS: 0.15% $1 - $250k | 0.30% $250k - $500k | 0.40% $500k - $1m
0.15%*$100k*-Traditional Money Market
OTHER TIERS: 0.10% $1 - $100k
0.15%*$100k*-Business Traditional Money Market
OTHER TIERS: 0.10% $1 - $100k

Institution for Savings Checking Account Rates

0.25%$1-Personal Checking
0.25%*$500*$50kBonus Checking
OTHER TIERS: 0.10% $50k+
0.25%$1-Simple Business NOW Checking
0.25%$1-Collegiate Checking

Institution for Savings CD Rates

5.25%$1-12 Month CD Special
4.25%$10k$500k11 Month CD Special
3.75%$500$250k23 Months CD Special
2.50%$1-36 Month CD
2.25%$1-24 Month CD
1.00%$1-60 Month CD
0.75%$1-20 Month CD
0.75%$1-30 Month CD
0.75%$1-48 Month CD
0.75%$1-40 Month CD
0.50%$1-9 Month CD
0.50%$1-15 Month CD
0.50%$1-18 Month CD
0.25%$1-3 Month CD
0.25%$1-6 Month CD
0.25%$1-7 Month CD
0.25%$50k-9 Month Penalty Free CD

Institution for Savings IRA Rates

5.25%$1-12 Month IRA Special
4.25%$10k$500k11 Month IRA Special
3.75%$500$250k23 Months IRA Special
2.50%$1-36 Month IRA
2.25%$1-24 Month IRA
1.00%$1-60 Month IRA
0.75%$1-20 Month IRA
0.75%$1-30 Month IRA
0.75%$1-48 Month IRA
0.75%$1-40 Month IRA
0.50%$1-9 Month IRA
0.50%$1-15 Month IRA
0.50%$1-18 Month IRA
0.25%$1-3 Month IRA
0.25%$1-6 Month IRA
0.25%$1-7 Month IRA


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