Deposit Products & Services
Certificate of Deposit AccountsFor savers desiring longer term investments with higher interest rates, Merrimac Savings Bank offers various Certificates of Deposits. Terms range from 3 to 60 months, with the published interest rate guaranteed for the entire period chosen. A low minimum balance of $500 makes this a viable option for many consumers. Interest is compounded monthly for all terms less than 9 months. On terms from 9 months to 5 years, interest is compounded daily.
Tiered Rate Money Market AccountFor savers with larger balances that wish to keep their funds accessible, yet earn a higher interest rate, Merrimac Savings Bank offers a Tiered Rate Money Market Checking Account. This account has a minimum opening deposit of $2,500 and tiered interest rates to provide consumers an incentive to maintain larger balances. With unlimited over the counter transactions, this account offers many savers the flexibility they desire with the protection they need.
Checking AccountsNOW Checking Accounts:Our NOW account is an interest bearing checking account with a low minimum balance. The minimum opening deposit is $100. As long as the daily balance remains above $100 this account has no fees.
Basic Checking Account:Our Basic checking account is a non-interest bearing checking account with no minimum balance or maintenance fees. The minimum opening deposit is $25.
18/65 Accounts:Customers 18 and younger or 65 and older are entitled to open a NOW or Basic checking account with reduced fees. We offer complimentary basic checks for these accounts as well as waiving the monthly maintenance fee and per check charge. Business Demand Deposit Account:Merrimac Savings Bank’s business checking account is a good choice for all business owners. Fees are waived as long as a low minimum balance of $100 is maintained in the account. We offer many styles of checks including computer checks, ‘One-Write’ check systems or personal size checks available with specialized printing and designs.
Savings AccountsPassbook Savings Account:This account is a traditional savings account. All activity is recorded right in your book each time you visit our office.
Statement Savings Account:This is the perfect savings account for customers that like the simplicity of a savings account with the convenience of Online, ATM or telephone banking.
Club Savings Account:You decide how much to deposit into the account. We can set up an automatic transfer from one of your other accounts at Merrimac Savings Bank, or have a portion of your payroll directly deposited into the account. You are also able to transfer into your club account using online banking. A check is automatically sent to you in October, for the full amount in the account at the time. Your next deposit, made prior to December 31st of the same year, reactivates the account.
Telephone BankingVOICE-24With Voice-24 at Merrimac Savings, you have access to a host of banking information and features 24 hours a day, 7 days a week. Simply call 1-888-533-6689 to take advantage of the following features
Please contact one of our Customer Service Associates to learn more about Voice-24. Direct DepositDirect deposit saves you from waiting in lines, coming to the bank in inclement weather and your funds are readily available. The most common direct deposits are:
For further information on how to receive Direct Deposit see one of our Customer Service Associates or contact us at 978-346-8661 or 603-382-1311. Safe Deposit Boxes (Merrimac Office Only)Please Note: Safe Deposit Box contents are NOT covered under FDIC or DIF insurance. Owners may provide their own insurance for contents. It costs only pennies per day for priceless protection and peace of mind of your valuables. We offer a variety of box sizes to accommodate your needs.
Come in and open a Safe Deposit Box today and protect your valuables. Individual Retirement AccountsTo help supplement your retirement benefits, we offer Traditional and Roth Individual Retirement Accounts. IRA’s offer a predictable rate of return, with the safety of FDIC insurance. We recommend that you check with your accountant if you have questions regarding which of these accounts would best suit your financial needs. Traditional IRA’s:Merrimac Savings Bank offers Traditional Fixed Rate Individual Retirement Accounts for various terms. IRA’s offer a higher rate of return than the traditional savings account and the interest earned is tax deferred. You can make your annual contribution in one lump sum, or on your own schedule, unlike other CD accounts. Your contributions may be deductible, check with your accountant to see if you qualify.
Roth IRA’s:Merrimac Savings Bank also offers Roth Individual Retirement Accounts for eligible consumers. Contributions made into this type of account are nondeductible. You can continue to make contributions beyond age 70 ½ as long as you have earned income and there is no age that you must begin taking distributions. Please check with your tax advisor to determine if a Roth IRA is right for you.
Home | Deposit Products | Loan Products | About Us | Hours/Locations Merrimac Savings Bank is a community bank serving the communities of West Newbury and Merrimac MA, as well as Newton, NH. |
||||||||||||||||||||||||||||||
 |
 |
| Merrimac Savings Bank will NEVER ask you for private information by phone or unsolicited email. Click here to protect yourself against Identity Theft. Online Security for Consumers Click here to learn more about online security and protecting yourself from fraud. Fraudulent E-Mail Claims to Be From the FDIC Click here to view this new consumer alert. FREE Online Banking & Bill Pay! Please try our Demo on the left of this page. |
