Customer Service Advisors can help you select a savings account or investment to suit your specific financial need whether it be saving for that special vacation, or maximizing your savings income.

• Your Deposits are Insured in Full
• Passbook and Statement Savings
• Money Market Deposit Accounts
• Time Deposit Certificates
• Individual Retirement Accounts
• Convenience Services
• Use our deposit calculator to estimate your monthly earnings.

Your Deposits are Insured in Full.
At Beverly Cooperative Bank the FDIC insures “self-directed” retirement accounts to $250,000 per owner, and each other ownership category to at least $100,000 per owner. All deposits above this amount are insured by the Share Insurance Fund (SIF).

The Regular Passbook Savings Account is a basic savings program for those people who are saving for a special purpose, or simply setting aside funds for that rainy day. It is offered in a convenient passbook format which enables depositors to watch their money grow.

The Regular Statement Savings Account is also a basic savings program which earns the same rate of interest as the Passbook Account. It is unique, however, in that it can be combined with a checking account. Statements are rendered monthly detailing the activity and interest earned during the previous month. Deposits and withdrawals can be made at any time without penalty.

Money Market Deposit Accounts combine the earnings of a savings account with the convenience of a checking account. When the balance in the Money Market Account is between $10 and $2,499.99, it earns the same rate as our NOW account; balances of $2,500 to $24,999.99 earn a higher rate; balances of $25,000 to $99,999.99 earn an even higher rate; and balances of $100,000 or more earn the highest Money Market rate. With a Money Market Account you can make as many as six transfers per month, three by means of check, and three by means of preauthorized transfer. Each month you receive a statement of activity detailing all transactions and interest earned. The Money Market Deposit Account is an ideal way to earn a higher rate of interest and at the same time maintain immediate access to your funds.

Time Deposit Certificates are for those people who wish to set aside monies for specified periods of time. Term Certificates are offered with maturities ranging from three month (91 days) to five years. In most cases the longer you are willing to commit your funds, the greater your return will be. The rate of interest is set at the time you open the account and is fixed for the entire term, so you never have to worry about the ups and downs of the market. Interest can be paid in check form, by transfer to another account, or allowed to accumulate in the account. Should you need to withdraw all or part of the deposit, a penalty will be imposed on the amount withdrawn.

If the goal of your savings and investment program is to provide for your retirement, you might consider investing in a Beverly Cooperative Bank Individual Retirement Account or Keogh. Funds for your retirement may be set aside in a savings account or an investment certificate. Retirement certificates may be opened with maturities ranging from 1 year to 5 years.

Community Banking at its Best.
For more information about our products & services or current rates, please complete our information request form, or give us a call at (978) 922-0857.