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Deposit Insurance

Each depositor is insured by the Federal Deposit Insurance Corporation (FDIC) to at least $250,000. All deposits above this amount are covered by the Depositors Insurance Fund (DIF).

There are no maximum account limitations or amount limitations.

No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.

Deposit Insurance

How Your Deposits Are 100% Protected

The Savings Bank guarantees the funds you deposit in your bank accounts. We have a goal to ensure that your funds are safe from economic disasters that are out of your control. We do this by obtaining and extending deposit insurance to our customers through the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). DIF is Massachusetts-based deposit insurance and is strictly for Massachusetts Savings Banks.

The value of offering DIF coverage is that we cover 100% of your deposits, even beyond the FDIC limits of $250,000. Together, these two safeguards offer you a level of protection you wouldn’t find elsewhere. It’s a distinction we are proud of because banks are not required to be FDIC and DIF insured, but we feel it’s an important way to ensure that our customers’ money is safe.

How the DIF protects your finances

100% Deposit Insurance: The DIF insures all deposits above the FDIC limit of $250,000 at Massachusetts Savings Banks.

No Residency Requirements: Whether you’re away at school, traveling, or living over state lines, the DIF still has your back. Even though the DIF is a Massachusetts-based company, you do not need to be a Massachusetts resident to take advantage of DIF insurance. You simply must bank with a DIF member bank.

Instant Coverage: There are no forms or applications required. You automatically receive DIF coverage the minute you make any deposit.

All Deposit Types Are Covered: All types of bank deposit accounts are covered by DIF insurance, including:

  • Checking and savings accounts
  • Money market deposits
  • Certificates of deposit (CDs)
  • Joint accounts
  • Living trust accounts
  • Individual Retirement Accounts (IRAs)
  • Accounts for-profit and not-for-profit organizations
  • Government institutions such as school districts, municipalities, counties, and state

It’s important to note that the FDIC and DIF insure bank deposits only. Not covered are investments you might have in stocks, bonds, and mutual funds, even if those products are also offered through First Financial Trust.

Now you can rest easy, knowing you’ll always be protected!

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From our customers
“Banking with The Savings Bank was with me for several years & it will always be my bank forever!!”

From our customers
“I basically never have to go to the bank to deposit a check. it can be done from my phone saving me time, trips and gas which means I can focus on other important tasks.”

From our customers
“Bank personnel are always so willing to help. They always greet us with a smile. In this world today, it makes us feel good!”

From our customers
“I mostly use the Methuen branch. All of the tellers have been wonderful and the branch manager is fabulous.”

From our customers
“Always helpful whether in the branch or online!”

From our customers
“The employees are knowledgeable, reliable, industrious as well as kind and personable.”

From our customers
“Such a great support center when you need help, and the technology has kept up. I use Zelle which solved a banking problem I had had for years. The team in Greenwood is absolutely excellent! Thank you all.”

From our customers
“Competent, knowledgeable, customer-focused, and very warm and friendly employees.”

From our customers
“Love the tellers at the Lynnfield Center location. Very professional and caring.”

From our customers
“I am older and appreciate the ease of banking online. I always get good service at the branches I visit.”

From our customers
“Love Lakeside. Mario and staff always greet me by my first name.”

From our customers
“The whole banking center experience is excellent. The website is superior to most for my wants/needs to obtain and store on MY own computer our home banking records.”

From our customers
“Their community involvement has made a huge difference in Wakefield over the years.”

From our customers
“I found your online banking system very user-friendly. I also would like to mention that the staff in the Wakefield branch are professional and very helpful.”

From our customers
“I spoke to Theresa today and she was incredibly helpful! That is why I bank with you! The personal touch is what makes the difference!”

From our customers
“Great people. Great service. Convenient.”

From our customers
“I love it here!! Best service all around.”

Talk to The Savings Bank

To find out how The Savings Bank can help you achieve all your financial goals, visit one of our offices, use our contact form, or call us at 800-246-2009.

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