Merrimac Savings Bank Rates & Review

Merrimac Savings Bank Review

Merrimac Savings Bank, a Massachusetts-based community bank in business since 1871, provides both business and personal banking services to local residents.

Headquartered in Merrimac, Massachusetts, the Merrimac Savings Bank also has a branch in Newton, New Hampshire. Both branches have Saturday hours. The Better Business Bureau rates this bank with an A, and Bauer Financial gives the bank 3.5 stars, a "good" rating.

Financial products

Merrimac Savings Bank offers a full range of deposit accounts such as a checking account, a money market account, an IRA, and a certificate of deposit (CD). The tiered money market account pays higher interest rates on accounts with larger balances. The bank offers a statement savings account, a passbook savings account and a club savings account so that consumers can save money for holiday spending.

Financial services

Merrimac Savings Bank offers free online banking and free online bill paying, allowing customers to transfer funds from one account to another, check balances, set up email alerts and pay bills quickly.

In addition to online banking and bill paying, Merrimac Savings Bank offers a full range of personal and business loans, including auto loans, home loans and consumer loans.

Deposit insurance

Merrimac Savings Bank is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.

Compare savings account rates from Merrimac Savings Bank and more than 400 other banks and credit unions at SavingsAccounts.com.