Financial Safety

At Bay State Savings Bank, every single penny you deposit is fully insured.

Bay State Savings Bank is insured by both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The FDIC insures all deposits up to $250,000 per account owner. All deposits above the FDIC limits are fully-insured by the DIF. Deposit insurance requires no applications or special forms. Depositors automatically receive full-coverage at no cost whenever they make a deposit at Bay State Savings Bank.


Q&A: How Do Recent Changes in the Financial System Affect Me?

The safest place for your money is in the bank. Here, your money earns interest, it’s fully insured with our FDIC and DIF insurance and it’s accessible.

Investment banks operate differently from commercial banks and thrift institutions. Their primary purpose is to facilitate the sale of stocks and bonds. These Wall Street firms operate as advisers and agents for companies that want to raise capital, often by issuing more stock or other securities.

Commercial banks and thrift institutions take deposits for checking and savings accounts from consumers and businesses. These banks then lend a portion of this money to consumers and companies for autos, homes, business equipment, etc.

Your bank deposits are protected. Not one penny of insured savings has ever been lost by a customer of a federally insured bank. Deposits are insured by the FDIC for up to $250,000 per account owner. All deposits above the FDIC limits are fully-insured by the DIF.

People with a good credit history will continue to have access to mortgages and other types of loans. Appropriately, most banks are taking steps to limit risk in the current economic environment, so they have tightened lending standards. That’s why it’s more important than ever to monitor your credit report and keep your credit score in the “good” to “excellent” range.