Your Community Rewards Savings

The Your Community Rewards Savings Account earns you a competitive interest rate while Beverly Bank helps the nonprofit organization of your choice.*

How do we help? Each year Beverly Bank will make a donation equal to a percentage** of your annual average balance to the bank-registered community nonprofit organization of your choice. The more you save, the more we give back to the community - at no cost to you.

Account benefits include:

  • Competitive interest - currently 1.00% APY#
  • $100 to open the account and obtain the advertised APY
  • No monthly fee if daily balance is $100 or more
  • Online and mobile banking

Registered Nonprofit Organizations

The list of bank-registered Your Community Rewards nonprofit organizations is growing every day. If your preferred community nonprofit is not on the list, ask an authorized representative of that organization to stop by a Beverly Bank branch today or call 978.922.0857 for more information.

*Nonprofit must be registered with Beverly Bank

**For 2018, the donation percentage is 0.25%. Donation percentage is accurate as 0f 1-31-18 through 12-31-18 and may change thereafter

# Annual Percentage Yield (APY) is accurate as of 1/31/18 and subject to change. Rate and APY may change after the account is opened. Must be funded with deposits not currently held at Beverly Bank. Fees may reduce earnings on account. Other terms and conditions and withdrawal limitations apply. Product offering may be withdrawn at any time. Bank donation to designated nonprofit made annually, based on a percentage of December 31st annual average balance. Account must be open on December 31st.

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.

Money Market Accounts

With higher interest rates for higher balances, this account provides a simple way to maximize interest earnings while maintaining immediate access to funds. If you tend to keep more funds on hand, this account will give you flexibility and a higher return. Regular monthly statements will detail account activity and interest earned.

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.

SCORE 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 12-to 18-year-olds establish sound financial habits. SCORE Checking is also available. Co-signers1 are required for all SCORE Accounts and related SCORE products.

  • $1.00 minimum balance to open
  • No monthly maintenance fee
  • ATM Card available for account holders ages 12-18
  • $100 daily withdrawal/usage limit
  • No charges for transactions at SUM® network ATMs
  • 3 free2 non-SUM® ATM transactions per month
  • Online Banking
  • eStatements

1 Co-signer is defined as a person age 21 or older.

2 At ATMs outside SUM® network, through age 18; standard fees apply upon turning age 19.

Upon 19th birthday, standard fees are applicable. Refer to your Truth in Savings disclosure for additional fees and charges information.

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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