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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.

Related Posts

Institution for Savings (MA) Promotes Two Long-Term CDs - 5/10/2017

Institution for Savings (MA) recently raised the rates on its 40-month CD (2.25% APY) and 60-month CD (2.50% APY). Minimum deposit is $500. Also offered as IRAs.

Institution for Savings (MA) Hikes Rates On Mid-Term CDs - 12/19/2016

Institution for Savings (MA) increased the rates on its 24-month CD (2.00% APY), 36-month CD (2.25% APY), 48-month CD (2.50% APY). Minimum deposit is $500.

Rate Hike, 24 Months 2%, 36 Months 2.25% 48 Month 2.50% - 12/16/2016

Well that didnt take long

View all posts from:

Reviews (3)

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.

Website Needs Work

Posted by: CBR | Jan 27, 2017

Although the site allows you to open an account online, you have to enter a zip code. Apparently they have a "market area" they serve, but they fail to mention what/where it actually is and I can't find it defined anywhere on the site.
Who's got time for this. Move on.

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 - YTD1.42%
Return on Equity - YTD14.03%
Annual Interest Income$22.7MM
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$2.95B$2.63B
LoansQ1 2017vs Q1 2016$2.22B$1.96B
DepositsQ1 2017vs Q1 2016$2.37B$2.14B
Equity CapitalQ1 2017vs Q1 2016$296.5MM$261.0MM
Loan Loss AllowanceQ1 2017vs Q1 2016$10.2MM$8.6MM
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$3.8MM$4.2MM
Real Estate OwnedQ1 2017vs Q1 2016$0$150.00K
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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

0.40%*$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

2.00%*$250k*-Super Money Market
OTHER TIERS: 0.25% Up to $150k | 1.55% $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
0.50%*$100k*-Money Market
OTHER TIERS: 0.25% Up to $50k | 0.35% $50k - $100k
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%*$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

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%--30 Month CD
1.50%--36 Month CD
1.25%--24 Month CD
1.00%--18 Month CD
1.00%--20 Month CD
0.75%--12 Month CD
0.75%--15 Month 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%--60 Month IRA
1.75%--48 Month IRA
1.75%--40 Month IRA
1.50%--30 Month IRA
1.50%--36 Month IRA
1.25%-$2m24 Month IRA
1.00%--18 Month IRA
1.00%--20 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.