Clearly, Beverly National’s offering of 2.51% annual percentage yield (APY) is something that will out-earn other offers particularly the certificates of deposit. This rate is given on the savings account with a $5,000 minimum balance. This rate is currently one of the best in the market for savings account. In fact, it is already nearly twice the national average rate for 12-month CDs and money market accounts. It is offered to depositors all over the nations, in al the 50 states.

The only two major problems with their savings account offer is that their interest rates may change anytime and they will deduct a fee of $15 which they call their “minimum balance fee” if the account you have with the falls below US$5,000.
At present, Beverly National has 9 branches in the areas of Beverly, Massachusetts. It is given by Bankrate’s Safe & Sound a rating of 3 of 5 stars. This is a much better performance than other banks with better offered rates.

Recent developments with Beverly National unfolded which seem to give promising possibilities to its customers and prospective depositors. Danvers Bancorp, Inc. and Beverly National Corporation have just entered into an agreement for a definitive merger. In other words, Danvers is acquiring Beverly National. With Danvers 16 branches in Massachusetts and US$1.7 billion assets combined with Beverly’s 9 branches and US$485 million in assets, the depositors are set to become a family of a much bigger and richer institution. This may give them better opportunities in the future and makes the safety of their money more secured. With this merger, Danvers, as merged with Beverly, will become the 6th biggest publicly traded bank in Massachusetts having a combined total of US$2.2 billion.

As an added information regarding Danvers Bancorp, Inc. below are some details:

2.51% APY Savings Account Offering of Beverly National

• It is the holding company of Danversbank

• It was founded in 1850 as a mutual savings bank.

• It conducts its business in an office located at 1 Conant Street, Danvers, Massachusetts

• Its 16 branch offices are located in Beverly, Andover, Cambridge, Boston, Danvers, Chelsea, Middleton, Malden, Reading, Peabody, Saugus, Wilmington, Revere, Woburn, Salem, and Massachusetts. More information about Danvers can be found in its website.

As for Beverly National Corporation, below are some of the details about it:

• It is the holding company for Beverly National Bank.

• It is headquartered in Beverly, Massachusetts.

• Its branches are on the north shore, it main in Beverly along Cabot Street, 2 other Beverly based branches, in Hamilton, Salem, Manchester-by-the-Sea, Topsfield and Danvers.

• More information can be found in its website.

Should you not be satisfied with the offer of Beverly National, you can easily browse our database for other offers given by hundreds of other banks. You will fins a lot of them giving interest that are much lower than the 2.51% offered by Beverly National but your may also find a few with higher APY. The choice is yours. Just make sure to consider all factors before making that deposit.

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