In 1820, 34 prominent citizens of the City of Newburyport sent a request to the Massachusetts General Court seeking 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. Today, the Institution for Savings is widely recognized as one of the oldest and most stable mutual banks in the country, with assets totaling approximately $5.3 billion. It is the second largest mutual bank on the North Shore of Massachusetts.
I recently opened a new savings account here & had a very pleasant experience. The location is quaint; there was ample parking, and Mary was friendly & helpful.
May 2023
I'm very happy with this bank. Great staff, nice facility, and good rates on savings accounts.
February 2014
Great local bank with great rates and service. When my regular bank could not offer a 10 year fixed rate on a commercial loan I discovered this great bank. David was quick with responses and follow up and the loan closed with no drama on time. I plan on using them often in the future.
