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Institution for Savings


TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 2/17/2025
4.50%
Our Rating
3.5  / 5
Jenius Bank
Jenius Savings Account
See Offer
Sponsored Note: FDIC Insured. No fees or minimums. 24/7 U.S-based support.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 2/17/2025
3.80%
Our Rating
4.2  / 5
American Express®
High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
APY APY = Annual Percentage Yield Rates as of 2/17/2025
4.46%
Our Rating
4.0  / 5
Vio Bank
Cornerstone Money Market
See Offer
Sponsored Note: Interest is compounded daily, growing your money fast
Member FDIC
APY APY = Annual Percentage Yield Rates as of 2/17/2025
4.55%
Our Rating
4.2  / 5
BrioDirect
High-Yield Savings
See Offer
Sponsored Note: You must deposit at least $5,000 to open your account. Member FDIC
Overview / Commentary
www.institutionforsavings.com
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

View all posts from:

12/19/16 - Institution for Savings (MA) Hikes Rates On Mid-Term CDs
12/16/16 - Rate Hike, 24 Months 2%, 36 Months 2.25% 48 Month 2.50%
10/1/15 - Institution for Savings (MA) Ups Rates On 15- And 30-Month CDs
7/13/15 - Institution for Savings (MA) Has Top Rate 36- and 60-Month CDs
6/30/15 - 18 Month 1.50% 36 Month 2.10%
5/1/15 - Celebrate Institution For Savings New Branch Opening With 2 CD Specials
4/29/15 - 15 Month 1.50% 30 Month 2%
2/13/15 - Institution for Savings Bank (MA) Again Has Top Rate 15- and 30-month CDs
2/10/15 - Institution For Savings 15 Month 1.50% 30 Month 2.00%
12/31/14 - Institution for Savings Bank (MA) Top Rate 36-month CD - Limited Offer
12/4/14 - Institution For Savings 36-Month or 48-month CD 2.50%APY
11/23/14 - Institution for Savings Bank (MA) Has Top Rate 20-month CD - Local Only
11/22/14 - 20 Month 2% CD Institution for Savings MA
5/15/14 - Top Rate on a 2-Year CD at Institution For Savings - MA Only
5/14/14 - 24 Month 2% CD
9/11/13 - Top Rate on a 30-Month CD at Institution For Savings in MA
7/5/13 - Top Rate on a 40-Month CD at Institution For Savings in MA
7/4/13 - Now Offering 2% On 40 Month CD in MA
4/15/13 - Top 4-year and 5-year CD Rates at Institution For Savings in MA
11/3/11 - Top 3-Year CD Rate at Institution for Savings in MA - Local Only
9/12/11 - Special 40-Month CD Rate at Institution for Savings in MA - Local Only
6/17/11 - Top Massachusetts CD Rates at Institution for Savings - Local Only
6/17/11 - Top CD Rates At Institution For Savings, Newburyport MA
9/7/10 - Competitive Long-Term CD Rates Continue at Institution for Savings in MA - Local Only
8/10/10 - Top 3-Year and 5-Year CD Rates at Institution for Savings in MA - Local Only
7/23/10 - Unusual Rate Structure
11/11/09 - 2.00% 9-Month CD & 2.50% 20-Month CD at Institution for Savings in MA - Local Only
6/27/09 - Reward Checking Account at a Massachusetts Bank (Institution for Savings)
6/25/07 - 5.50% 7-Month CD at a Massachusetts Bank (Institution for Savings)
6/5/07 - 5.50% 7-Month CD at a Massachusetts Bank (Ipswich Co-operative)

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Health
B+

Data as of Q3 2024

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #90250
Year Established1820
Employees185
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.93%
Return on Equity - YTD8.09%
Annual Interest Income$141.8MM
Assets and Liabilities
AssetsQ3 2024vs Q3 2023$5.21B$4.99B
LoansQ3 2024vs Q3 2023$4.06B$3.86B
DepositsQ3 2024vs Q3 2023$3.13B$3.25B
Equity CapitalQ3 2024vs Q3 2023$606.9MM$547.4MM
Loan Loss AllowanceQ3 2024vs Q3 2023$14.2MM$14.1MM
Unbacked Noncurrent LoansQ3 2024vs Q3 2023$1.3MM$596K
Real Estate OwnedQ3 2024vs Q3 2023$0$0
TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 2/17/2025
4.50%
Our Rating
3.5  / 5
Jenius Bank
Jenius Savings Account
See Offer
Sponsored Note: FDIC Insured. No fees or minimums. 24/7 U.S-based support.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 2/17/2025
3.80%
Our Rating
4.2  / 5
American Express®
High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
APY APY = Annual Percentage Yield Rates as of 2/17/2025
4.46%
Our Rating
4.0  / 5
Vio Bank
Cornerstone Money Market
See Offer
Sponsored Note: Interest is compounded daily, growing your money fast
Member FDIC
APY APY = Annual Percentage Yield Rates as of 2/17/2025
4.55%
Our Rating
4.2  / 5
BrioDirect
High-Yield Savings
See Offer
Sponsored Note: You must deposit at least $5,000 to open your account. Member FDIC
Rates
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Always verify rates and promotions with the bank or credit union. We are not Institution for Savings; we are a rate comparison website and cannot provide official rates or promotions.

* 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
4.00%*$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

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.75%*$2m*$4mSapphire Money Market
OTHER TIERS: 2.00% → $1 - $2m
3.75%*$2m*$4mBusiness Sapphire Money Market
OTHER TIERS: 2.00% → $1 - $2m
3.50%*$250k*$1mBusiness Gold Money Market Account.
OTHER TIERS: 2.00% → $1 - $250k
3.50%*$250k*$1mGold Money Market Account
OTHER TIERS: 2.00% → $1 - $250k
2.50%*$1m*-Diamond Money Market
OTHER TIERS: 1.75% → $1 - $500k | 2.10% → $500k - $1m
2.50%*$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

APYMINMAXACCOUNT NAMEVIEW DETAILS
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

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.30%$1-12 Month CD
3.75%$1-7 Month CD
3.75%$1-9 Month CD
3.75%$1-15 Month CD
3.75%$1-23 Month CD
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%$1-18 Month CD
0.25%$1-3 Month CD
0.25%$1-6 Month CD

Institution for Savings IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.30%$1-12 Month IRA
3.75%$1-7 Month IRA
3.75%$1-9 Month IRA
3.75%$1-15 Month IRA
3.75%$1-23 Month IRA
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%$1-18 Month IRA
0.25%$1-3 Month IRA
0.25%$1-6 Month IRA
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