Passbook & Statement Savings

Our straightforward savings options provide convenience you can count on. Both accounts earn interest but offer different account management formats. Choose the account that matches your preference and begin moving toward your money milestones.

Passbook Savings Account
Our passbook format allows depositors to track deposits and watch their money grow over time.

Statement Savings Account
Receive monthly paper or electronic statements detailing account activity and interest earned. Account holders can also choose to link their account with a checking account for added convenience.

Statement Savings (Online Account Opening Only)

Open a Savings Statement Account online and earn 1.20% APY. Click the Check Rates button for more details.

Certificates of Deposit (CD) Specials

Special, limited time CD rates. Set aside funds for a specified period of time to enhance your savings strategy. A CD is a reliable way to utilize money you know you won't need for a while to build your savings. Maturities range from three months to five years, and competitive interest rates are fixed for the entire term. Typically, the longer the time frame you commit to save, the greater your return will be. A penalty will occur if funds are withdrawn before maturity, so choose the term that will best accommodate your financial plans.

Certificates of Deposit

Set aside funds for a specified period of time to enhance your savings strategy. A CD is a reliable way to utilize money you know you won't need for a while to build your savings. Maturities range from three months to five years, and competitive interest rates are fixed for the entire term. Typically, the longer the time frame you commit to save, the greater your return will be. A penalty will occur if funds are withdrawn before maturity, so choose the term that will best accommodate your financial plans.

Individual Retirement Accounts

Plan for retirement now and build financial confidence for what's ahead. Individual Retirement Accounts (IRAs) are savings options dedicated to preparing your finances for post-career life. Depending on the type of IRA you choose, you may be able to take advantage of certain tax advantages.* In addition, IRAs can be a great option if you decide to roll over retirement funds for continued growth, for example from 401(k) plans.

Traditional IRA
Contribute pre-tax income to an IRA account and defer taxes on your earnings until you begin withdrawing funds from your IRA during retirement. Contributions are often tax-deductible in the year they are made.* Enjoy the the security of a CD and benefits of an IRA. Retirement Certificates are available with maturities ranging from 3 months to 5 years.

Roth IRA
Contribute after-tax money to an IRA account and enjoy tax-free withdrawals for most distributions after a five year holding period. If you expect to be in a higher income bracket when you retire, this may be a great option. Enjoy the the security of a CD and benefits of an IRA. Retirement Certificates are available with maturities ranging from 3 months to 5 years.

*Consult a tax advisor. Early withdrawal penalties may apply.

Student Savings Account

Saving is a skill that is essential to practice early on. Whether it’s a few pennies or the earnings from a summer job, this account helps accountholders up to age 24 establish sound financial habits. Student Checking is also available. Parent or legal guardian signature required for accountholders under the age of 18.

  • $1.00 minimum balance to open
  • No monthly maintenance fee
  • No charges for transactions at SUM® network ATMs
  • 4 free1 non-SUM® ATM transactions per month
  • Online Banking
  • eStatements

1 At ATMs outside SUM® network, through age 23; standard fees apply upon turning age 24.

 

At Beverly Bank, every deposit is insured in full. Federal Deposit Insurance Corporation (FDIC) insures each depositor to at least $250,000. All deposits over and above this amount are covered by the Share Insurance Fund (SIF).

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