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Savings Accounts

Planning for retirement? Saving for college? Starting your nest egg? Turn to Pilgrim Bank for the great rates and flexible terms you need to get started.

Statement Savings
We make savings easy with a Statement Savings Account. Use your Pilgrim Bank ATM or debit card to access your account from ATMs around the country. Open a checking account and track all your checking and savings activity in one consolidated statement.

Passbook Savings
If you prefer a permanent record of your transactions, you should choose our traditional Passbook Savings Account.

Christmas Club
Do the Holidays strain your budget? A Christmas Club is the perfect savings account to save up for the holiday season.

Money Market Accounts
With a Pilgrim Bank Money Market Account you will enjoy a high return with easy access to your money. We've designed the account with several balance tiers to meet your needs.

Certificates of Deposit
Looking for a higher rate of return? A Certificate of Deposit offers a guaranteed rate for a set period of time – choose from a few months to a few years.

Individual Retirement Accounts
It’s never too early to start thinking about retirement. Our Individual Retirement Accounts offer a guaranteed return without the market risk. We also can tailor an IRA to fit your specific investment needs.

FDIC Deposit Insurance Coverage

Basic Insurance – The standard maximum deposit insurance amount is $250,000 per depositor per insured deposit institution for each ownership category. This coverage was made permanent by the Dodd-Frank Wall Street Reform and Consumer Protection Act of July 2010.
Deposits in different institutions are insured separately. However, if an institution has one or more branches, the main office and all the branch offices are considered to be one institution.

Deposits maintained in different categories of legal ownership at the same bank can be separately insured, making it possible to have deposits of more than $250,000 at one insured bank and still be fully insured. This can increase your coverage to as much as $3,000,000.

Retirement Accounts- Retirement account deposits are insured separately up to $250,000. These include IRA’s, Keogh plan accounts, 457 plan accounts, and self-directed accounts.

The Share Insurance Fund ( SIF )
Every deposit you make in a Massachusetts co-operative bank is insured in full, dollar-for-dollar, without restriction. This includes deposits and accumulated interest in savings accounts, checking and interest-bearing transaction accounts, money market accounts, and term deposits such as certificates of deposit. This protection is provided by a combination of coverage provided by the FDIC and the Share Insurance Fund of The Co-operative Central Bank.

Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts

All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010 through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.

The term "noninterest-bearing transaction account" includes traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

Discover the Difference!
For more information about our products and services, please use our information request form, visit one of our offices, or give us a call at (781) 383-0541, and Discover the Pilgrim Difference.