For several years, Institution for Savings’ Platinum MMDA (1.00% APY, $250k min) and Platinum 36-month CD (2.50% APY, $250k min) combo has been a good option for large balances. Institution for Savings recently added another alternative for large balances: the Super Money Market, which currently earns 2.00% APY ($250k+) and 1.55% APY ($150k+). Balances below $150k earn a meager 0.25% APY.
The minimum opening deposit for the Super Money Market is $150k and the account balance is capped at $10m. There is a $10 monthly service charge if the balance should fall below $150k. Any transaction beyond the allowed six per month will incur a $5 fee. Both paper and electronic monthly statements are offered free of charge.
Thanks to DA reader, Brian Chamberlain, for his Forum post about the new Super Money Market.
Institution for Savings’ market area is Massachusetts’ North Shore region, which is loosely defined as the coastal area between Boston and New Hampshire.
Accounts can be opened by U.S. residents, 18 years or older, who live in the market area. The Bank’s online application uses Zip Codes to determine market area eligibility. (The bank’s online application is time sensitive, so I have not provided a direct link.)
While the Traditional Money Market account can be opened online, the Super Money Market must be opened in person at any of 13 Massachusetts branches located in Beverly, Boxford, Gloucester, Ipswich (2), Middleton, Newburyport (2), Rockport (2), Rowley, Salisbury, and Topsfield.
Institution for Savings also has five Educational School Banks located in Beverly, Boxford, Byfield, Ipswich, and Newburyport. These Educational School Banks are open when school is in session, with limited hours of operation.
Institution for Savings has an overall health rating of "A" at EpBooks.us, with a Texas Ratio of 1.24% (excellent) based on March 31, 2017 data. In the past year, Institution for Savings has increased its total non-brokered deposits by $236.62 million, an excellent annual growth rate of 11.4%. Please refer to our financial overview of Institution for Savings (FDIC Certificate # 90250) for more details.
With assets in excess of $2.9 billion, Institution for Savings is Massachusetts’ 13th largest bank, and one of the oldest mutual banks in the country. The 2014 merger with Rockport National Bank resulted in “one of the region’s strongest and largest community banks.”
The following is still one of my favorite descriptions of a financial institution’s history.
In 1820, 34 prominent citizens of the City of Newburyport sent a request to the Massachusetts General Court requesting to incorporate an institution "for the purpose of receiving money on deposit and investing the same to the best advantage of the owners thereof."
On January 31, 1820, that charter was granted, creating the third savings bank in the Commonwealth. The Institution for Savings was born. Opening deposits totaling $465.10 were collected on the first day.
How the Money Market Compares
When compared to the Money Market accounts tracked by EpBooks.us available within the Bank’s market area, Institution for Savings’ Super Money Market APYs currently rank first and second, regardless of minimum balance.
The above rates are accurate as of 7/12/2017.
To search for MMA rates, both nationwide and state specific, please refer to the Money Market rates section of EpBooks.us.