Personal Savings Accounts
A savings account is a basic way to start saving for the future. Most of our savings accounts offer online and mobile banking and the ability to add an ATM Card. You can also easily transfer money between your checking and savings accounts.
All balances are insured in full. Each depositor is insured by Federal Deposit Insurance Corporation (FDIC) to at least $250,000. All deposits above the FDIC insurance amount are insured by Depositors Insurance Fund (DIF).
Statement Savings Accounts Features:
- Convenient access to your money
- One easy-to-read monthly statement
- Open a personal savings account with as little as $10
- Monthly service charge is waived if you maintain a balance of $200 or more
- Add a South Shore Bank ATM card to give you 24-hour access to your account
Rewards Savings Account** Features:
- Earn 1.25% APY** on balances up to $50,000 when you meet the requirements on your Rewards Checking Account
- Earn our Statement Savings Account rate if Rewards Checking Account qualifications are not met***
- Balances above $50,000 will be swept to your Rewards Checking Account.
Premium Savings Accounts Features:
- Ideal for people who maintain higher deposit levels in their savings accounts
- Minimum balance of $25,000
- Higher rate than traditional personal savings accounts
- View our current Premium Savings Account Rate
Passbook Savings Accounts Features:
- Permanent record of your savings account transactions
- Open personal savings accounts with as little as $10
- Monthly service charge is waived if you maintain a savings account balance of $200 or more
**Must already have or open a Rewards Checking Account. 1.25% Annual Percentage Yield (APY) as of 3/1/18 is paid on balances up to and including $50,000 provided all account requirements of your corresponding Rewards Checking Account are met for the prior month. Requirements on the Rewards Checking Account are sign up to receive monthly e-Statements, receive at least one direct deposit per statement cycle, make at least 15 debit card purchases per statement cycle (excluding ATM transactions) and sign up and use Home Banking and Bill Pay at least once per statement cycle. A statement cycle ends the last business day of the calendar month.
***If requirements are not met, you will earn our Statement Savings Rate, which is 0.05% APY as of 3/1/18, on balances above and including $10. Amounts above $50,000 will be automaticallly swept to your Rewards Checking Account, which, as of 3/1/18, has a rate of 2.00% APY on balances up to and including $24,999.99 when requirements are met. For balances $25,000.00 and above, the Preferred Checking Interest Rate of 0.05% APY as of 3/1/18 will be paid on the portion of your daily balance that is $25,000.00 or greater. If requirements are not met, the Preferred Checking Interest Rate of 0.05% will be paid on balances above and including $10. The APY will range downward from 2.00% depending on the balance in the account. For example, the APY, for a balance of $50,000.00 would be 1.02%. This sweep is part of the maximum of 6 transfers allowed from a savings account per month. Rates may change at any time without prior notice. One per tax reporting owner. $10 minimum deposit to open.