Achieve your long-term savings goals with a dependable return on your investment.
Start with as little as $10 and watch as your savings grow in this straightforward savings account.
Build up your balance fast with a flexible account that earns a leading rate of return.
Round out your financial health with an exceptional suite of services that go perfectly with your Personal Savings Account:
Savings accounts work by accruing interest on the balance that you store, safe and sound, with your bank. In other words, you get paid just for saving money! Your yearly return on your savings account is also known as your APY, which stands for Annual Percentage Yield.
Interest works as an incentive for you to keep and deposit funds in your bank account. The bank uses that money to fund loans and investments, so it’s like you’re investing in your community. But don’t worry — it’s still your money to use when you need it!
The best savings account to grow your money might depend on factors like how much you can deposit, how high of a balance you can maintain, whether you need liquid funds or can leave them to grow over time, and more. Talk to your experts at Needham Bank to figure out which of our flexible savings accounts is right for you!
A good rule of thumb is to aim for around 3-6 months of living expenses in your savings account. However, the amount that makes sense for you can depend on a lot of things. Get in touch with your Needham Bank experts so we can help you personalize your financial plan.
The number of savings accounts you should have depends on your goals. For example, you might want one savings account for your emergency fund and another for a planned vacation.
Sure thing! In fact, direct deposits into your savings account make it even easier to consistently grow your savings so you can keep making money on your money. It’s like paying yourself first!
All deposits at Needham Bank are insured in full through the combined coverage provided by the Federal Deposit Insurance Fund (FDIC) and the Depositors Insurance Fund (DIF). Deposits are covered by the FDIC up to $250,000 per depositor, while amounts over $250,000 are covered by the Depositors Insurance Fund.
DIF is an added benefit we provide to all customers at no cost on all of their deposit accounts. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.