Traditional Savings Account
This account is the cornerstone of your Liberty Bay membership, every membership starts with a dividend-earning Traditional Savings Account. Your choices grow from there.
Gets you started enjoying Liberty Bay member benefits
Is accessible online or through our mobile app anywhere in the world
Requires only a $5 minimum balance to maintain your membership
Can link to checking for overdraft protection transfer service
Club Savings Accounts
Club Savings Accounts are single-purpose savings accounts designed to help you save for specific expenses such as holiday shopping or vacations. The account works best when regular contributions are made throughout the year via payroll deduction. Then, on a scheduled date, the funds will transfer in one lump sum into your Liberty Bay savings account.
Vacation Club
Dreaming of a vacation? Make next summer brighter with a 12-month Vacation Club Account. Open your account at any time, make deposits as often as you’d like, and in just one year, you can withdraw your balance and interest earned.
Rainy Day Club
If you have your eyes on a different prize then look no further than Liberty Bay’s Rainy Day Club account. With available terms ranging from 3 months to 60 months, you can choose when you want the club account to mature. The rate of your club account will be equal to the interest rate on the corresponding certificate of deposit. For example, if you select a maturity date of three months, you will receive the same rate our three-month CD is earning.
Make regular deposits into your account via direct deposit or automatic transfer
Make additional deposits anytime
One-time automatic transfer to your Traditional Savings Account
Money Market Accounts
Watch your money grow with a Liberty Bay Money Market account. You earn a higher interest rate on your savings, while enjoying flexibility and convenient access to your money.
Traditional Money Market Account
With a Traditional Money Market Account from Liberty Bay, you earn money market rates every day that your balance is $2,500 or more. If your balance drops below $2,500, you will earn the dividend rate on our Traditional Savings Account.
Premier Money Market Account
Once you’ve opened a Premier Checking Account you are eligible to take advantage of our new Premier Money Market Account, and earn dividends through our tiered-rate structure.*
Have an established Premier Checking Account? Call our Member Services Department at (617) 439-6500 to learn how you can open a Premier Money Market Account.
Low minimum deposit of $2,500 to start earning interest
Dividends that are compounded daily and paid monthly
Up to six non-signature withdrawals a month
Access to funds through Online Banking or in person at a Liberty Bay branch
No monthly maintenance fees
Unlimited deposits
Compare Accounts
| Traditional Savings Account2 | Club Savings Account2,3 | Money Market Account2,4 | |
|---|---|---|---|
| Best if you're looking to | Take advantage of the basic savings account that comes with your membership. | Take advantage of the basic savings account that comes with your membership. | Earn higher dividends with easy access to your funds. |
| Minimum to Open | $5 | $1 | $2,500 |
| Dividends | Paid monthly | Based on account term; paid at maturity | Based on account balance; paid monthly |
| Automatic Transfers | Yes | Yes | Yes; Limited to 6 per month |
| 100% Federally Insured | Yes | Yes | Yes |
Related topics you may be interested in:
Money Manager
With our Money Manager tool, you can assess spending by category, graphed out over time, to take a deeper dive into your habits and discover opportunities for saving money.
Savings Goal Calculator
Are you saving for a big purchase? Use this calculator to compute the monthly deposit amount needed to reach your savings goal.
CD's & IRA's
If you have savings that you know you won’t need for a little while, or you want to supercharge your retirement savings, a CD or IRA may be just what you need.
Direct Deposit
The easiest way to save is by setting up regular direct deposits. Securely switch direct deposits to your new Liberty Bay savings account in as little as 10 minutes.
Whatever your savings goals, we can help you get there
| Account | Dividend Rate | APY1 | Minimum to Earn APY |
|---|---|---|---|
| Traditional Savings Account2 | 0.10% | 0.10% | $5.00 |
| Club Accounts2,3 | 0.10% | 0.10% | $5.00 |
| Traditional Money Market2 | 0.05% | 0.05% | $5.00 |
| 0.10% | 0.10% | $2,500.00 | |
| Premier Money Market2,4 | 0.10% | 0.10% | $2,500.01 |
| 0.20% | 0.20% | $25,000.01 | |
| 0.40% | 0.40% | $100,000.01 |
*Rates effective as of May 1, 2022. Dividend rates subject to change at any time
1 APY = Annual Percentage Yield; Rates are subject to change at any time. Early withdrawals on term accounts may result in a three or six-month interest penalty.
2 Savings accounts, Club accounts, and Money Market accounts are variable rate accounts. Interest is compounded daily and paid monthly on Savings accounts, and Money Market accounts. Club accounts earn a simple interest, paid at maturity.
3 Credit union membership is required. Holiday Club accounts may be opened between November 1 and December 31 of each calendar year. Minimum balance to earn APY is $5.00. Maximum deposit amount is $10,000. Dividends earned on Holiday Club accounts are compounded daily and paid at maturity. Deposits may be made at any time in person; by mail; or by transfer. Deposits by automatic payroll deduction can be made monthly, biweekly or weekly. Funds must remain on deposit for entire year. Early withdrawal before Club account matures results in closing of Club account and forfeiture of all dividends earned. Club funds will be automatically transferred to member’s Traditional Savings (Share) Account at maturity.
4 In order to qualify for eligibility, you must have a Premier Checking Account which is enrolled in e-statements, receives one monthly direct deposit of payroll, pension or other government income and from which a minimum of five debit card transactions are withdrawn each month. Liberty Bay reserves the right to convert your Premier Money Market Account to a regular money market account at then-current rates in the event that the Premier Checking account is not enrolled in the listed services. Application required as existing account types cannot be converted to this product. Stated rate is for accounts greater than $100,000. Regulations limit the number of transfers that can be made on money market accounts during the calendar month or statement cycle. Product allows for 6 withdrawals per calendar month. Refer to additional information in our account documents.