Deposit
Deposit Rates
At Winchester Savings Bank, we are dedicated to providing our customers with savings and investment products that offer real value, along with the courteous one-on-one service you can only find at a true community bank.
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Rates Effective April 1, 2024
Personal Checking Accounts*
| Description | Minimum Balance to Open Account | Minimum Daily Balance to Earn APY | Interest Rate | Annual Percentage Yield (APY*) |
|---|
| Completely Free Checking |
$10 |
— |
— |
— |
| Easy Interest Checking |
$10 |
$10 |
0.01% |
0.01% |
| 50+ Advantage Checking |
$10 |
$10 |
0.01% |
0.01% |
| Premier Interest Checking |
$10 |
$10 |
0.01% |
0.01% |
| |
|
$1,500 |
0.05% |
0.05% |
Personal Savings Accounts*
| Description | Minimum Balance to Open Account | Minimum Daily Balance to Earn APY | Interest Rate | Annual Percentage Yield (APY*) |
|---|
| High Yield Savings |
$10 |
$10 |
0.50% |
0.50% |
| |
|
$25,000 |
3.53% |
3.59% |
| |
|
$1,000,000 |
3.53% |
3.59% |
| Statement Savings |
$10 |
$10 |
0.10% |
0.10% |
| |
|
$50,000 |
0.20% |
0.20% |
| |
|
$250,000 |
0.30% |
0.30% |
| |
|
$500,000 |
0.50% |
0.50% |
| Money Market Account |
$2,500 |
$10 |
0.20% |
0.20% |
| |
|
$50,000 |
1.25% |
1.25% |
| |
|
$250,000 |
1.50% |
1.50% |
| |
|
$500,000 |
1.50% |
1.50% |
| Club Account |
$10 |
$10 |
0.10% |
0.10% |
Passbook Savings
(existing accounts only) |
N/A |
$10 |
0.10% |
0.10% |
Business Checking Accounts*
| Description | Minimum Balance to Open Account | Minimum Daily Balance to Earn APY | Interest Rate | Annual Percentage Yield (APY*) |
|---|
| Completely Free Business Checking |
$10 |
— |
— |
— |
| Business Interest Checking |
$10 |
$10 |
0.01% |
0.01% |
| Commercial Checking |
$10 |
— |
— |
— |
| IOLTA Checking |
$10 |
$10 |
0.20% |
0.20% |
Business Savings Accounts*
| Description | Minimum Balance to Open Account | Minimum Daily Balance to Earn APY | Interest Rate | Annual Percentage Yield (APY*) |
|---|
| High Yield Savings |
$10 |
$10 |
0.50% |
0.50% |
| |
|
$25,000 |
3.53% |
3.59% |
| |
|
$1,000,000 |
3.53% |
3.59% |
| Business Statement Savings |
$10 |
$10 |
0.10% |
0.10% |
| |
|
$50,000 |
0.25% |
0.25% |
| |
|
$250,000 |
0.40% |
0.40% |
| |
|
$500,000 |
0.60% |
0.60% |
| Business Money Market |
$25,000 |
$10 |
4.41% |
4.50% |
CD and IRA Accounts*
| Description | Minimum Balance to Open Account | Minimum Daily Balance to Earn APY | Interest Rate | Annual Percentage Yield (APY*) |
|---|
| 91 Day Certificate |
$500 |
$10 |
0.30% |
0.30% |
| 182 Day Certificate |
$500 |
$10 |
0.60% |
0.60% |
| 7 Month Certificate |
$500 |
$10 |
4.90% |
5.01% |
| 11 Month Certificate |
$500 |
$10 |
4.90% |
5.01% |
| 1 Year Certificate |
$500 |
$10 |
0.45% |
0.45% |
| 18 Month Certificate |
$500 |
$10 |
4.17 |
4.25% |
| 2 Year Certificate |
$500 |
$10 |
0.60% |
0.60% |
| 3 Year Certificate |
$500 |
$10 |
0.70% |
0.70% |
| 4 Year Certificate |
$500 |
$10 |
0.75% |
0.75% |
| 5 Year Certificate |
$500 |
$10 |
0.80% |
0.80% |
| Variable Rate Retirement |
$10 |
$10 |
0.30% |
0.30% |
*Disclosures:
- All rates are subject to change without notice after the account is opened, with the exception of termed Certificates of Deposit. The current rates are not guaranteed to continue to be available. Fees/charges could reduce earnings on these accounts.
- The APY for Certificates of Deposit assumes principal and interest will remain on deposit until maturity. There may be a substantial penalty should the Bank consent to early withdrawals.
- The first $250,000 per depositor is insured by the Federal Deposit Insurance Corporation (FDIC), all deposits above this amount are insured by the Depositors Insurance Fund (DIF).
- For more information, please refer to our Schedule of Service Charges and Understanding Your Deposit Account or All About Your Business Account disclosures.
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Fixed Mortgage Loan
Fixed Mortgage Loan Rates
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Rates Effective April 12, 2024
Fixed-Rate Mortgages
| | Interest Rate | Points | APR | Monthly Payment per $1000 borrowed | Number of Months |
|---|
| 30-Year Conventional |
6.750% |
0 |
6.801% |
$6.49 |
360 |
| 20-Year Conventional |
6.750% |
0 |
6.817% |
$7.60 |
240 |
| 15-Year Conventional |
6.500% |
0 |
6.583% |
$8.71 |
180 |
| 10-Year Conventional |
6.250% |
0 |
6.366% |
$11.23 |
120 |
APR = Annual Percentage Rate and is subject to change at any time.
Rates shown are based on a down payment of 30% or more on owner-occupied.1-4 family residences and a maximum loan amount of $766,550.
For all the above programs, these payments do not include amounts for taxes and insurance. The actual payment will be greater if taxes and insurance are included.
Subject to credit approval and property appraisal. Rates, points and programs are subject to change at any time. This is not a commitment to lend.
Rates, APR (Annual Percentage Rate) may be higher based on factors such as loan amount, borrowers credit score, Loan-to-Value ratio and occupancy or property type.
Jumbo Fixed-Rate Mortgages
| Loan Type | Interest Rate | Points | APR | Monthly Payment per $1000 borrowed | Number of Months |
|---|
| 30-Year Jumbo |
6.750% |
0 |
6.764% |
$6.49 |
360 |
| 20-Year Jumbo |
6.750% |
0 |
6.768% |
$7.60 |
240 |
| 15-Year Jumbo |
6.250% |
0 |
6.272% |
$8.57 |
180 |
APR = Annual Percentage Rate and is subject to change at any time.
Rates shown are based on a down payment of 30% or more on owner-occupied.
1-4 family residences and loan amounts between $766,551 and $1,500,000.
For all the above programs, these payments do not include amounts for taxes and insurance. The actual payment will be greater if taxes and insurance are included.
Subject to credit approval and property appraisal. Rates, points and programs are subject to change at any time. This is not a commitment to lend.
Rates, APR (Annual Percentage Rate) may be higher based on factors such as loan amount, borrowers credit score, Loan-to-Value ratio and occupancy or property type.
Questions?
Contact our Residential & Personal Loan Department
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Adjustable Mortgage Loan
Adjustable Mortgage Loan Rates
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Rates Effective April 12, 2024
Adjustable-Rate Mortgages (ARM)
| Product | Introductory Rate* | Points | APR | Introductory Period | Adjustment Period | Monthly Payment per $1000 borrowed** |
|---|
| 3-1 ARM |
6.500% |
0 |
7.468% |
3 Years |
1 Year |
$6.32 for 36 months, then
$7.13 for 324 months
|
| 5-1 ARM |
6.625% |
0 |
7.341% |
5 Years |
1 Year |
$6.40 for 60 months, then
$7.11 for 300 months
|
| 7-1 ARM |
6.750% |
0 |
7.272% |
7 Years |
1 Year |
$6.49 for 84 months, then
$7.07 for 276 months
|
| 10-1 ARM |
6.875% |
0 |
7.212% |
10 Years |
1 Year |
$6.57 for 120 months, then
$7.04 for 240 months
|
APR = Annual Percentage Rate and is subject to change at any time.
Current Index: 5.040%
Margin: 2.750%
Caps: 2% at each adjustment; 6% Lifetime
The maximum repayment term is 30 years.
*A .25% discount from the standard rate is available through our Preferred Rate Discount Program. Eligibility for this program requires automatic monthly payments from a Winchester Savings Bank
checking account with recurring deposit.
*Rate may be increased after consummation
**Payments during the introductory period are based on the introductory rate; subsequent payments are based on the fully-indexed rate, which is based on the current index and margin.
Rates shown are based on a down payment of 30% or more on owner-occupied 1- to 4-family residences and a maximum loan amount of $1,500,000.
For all the above programs, these payments do not include amounts for taxes and insurance. The actual payment will be greater if taxes and insurance are included. Loans are available for properties located within a 30-mile radius of Winchester Savings Bank.
Rates, APR (Annual Percentage Rate) may be higher based on factors such as loan amount, borrowers credit score, Loan-to-Value ratio and occupancy or property type.
Subject to credit approval and property appraisal. Rates, points and programs are subject to change at any time. This is not a commitment to lend.
Ask about our Investment Property or Construction-To-Permanent Loan Financing. Investment Property and Construction-to-Permanent Loans are not eligible for Preferred Rate Discount Program.
First-Time Home Buyer Mortgages
| Product | Introductory Rate* | Points | APR | Introductory Period | Adjustment Period | Monthly Payment per $1000 borrowed** |
|---|
| 3-1 ARM |
6.375% |
0 |
7.468% |
3 Years |
1 Year |
$6.24 for 36 months, then
$7.13 for 324 months
|
| 5-1 ARM |
6.500% |
0 |
7.341% |
5 Years |
1 Year |
$6.32 for 60 months, then
$7.11 for 300 months
|
| 7-1 ARM |
6.625% |
0 |
7.272% |
7 Years |
1 Year |
$6.40 for 84 months, then
$7.07 for 276 months
|
| 10-1 ARM |
6.750% |
0 |
7.212% |
10 Years |
1 Year |
$6.49 for 120 months, then
$7.04 for 240 months
|
Concessions made by Winchester Savings Bank to benefit the First Time Home Buyer:
- No points
- No Appraisal Fee***
- No Credit Report Fee***
APR = Annual Percentage Rate and is subject to change at any time.
Current Index: 5.040%
Margin: 2.750%
Caps: 2% at each adjustment; 6% LIfetime
The maximum repayment term is 30 years.
Closing costs apply.
*A .25% discount from the standard rate is available through our Preferred Rate Discount Program. Eligibility for this program requires automatic monthly payments from a Winchester Savings Bank checking account with recurring deposit.
*Rate may be increased after consummation
**Payments during the introductory period are based on the introductory rate; subsequent payments are based on the fully-indexed rate, which is based on the current index and margin.
Rates shown are based on a down payment of 30% or more, a term of 30 years on owner-occupied1-4 family residences and a maximum loan amount of $1,500,000
Neither borrower nor co-borrower can have owned real estate used as a primary residence or as a second home in the past three (3) years.
Must be owner-occupied purchase.
***Borrower must pay an Appraisal Fee and a Credit Report Fee which will be refunded if the loan goes to closing. If there is no loan closing, the funds will be applied as payment for that fee.
For all the above programs, these payments do not include amounts for taxes and insurance. The actual payment will be greater if taxes and insurance are included.
Subject to credit approval and property appraisal. Rates, points and programs are subject to change at any time. This is not a commitment to lend.
Rates, APR (Annual Percentage Rate) may be higher based on factors such as loan amount, borrowers credit score, Loan-to-Value ratio and occupancy or property type.
Questions?
Contact our Residential & Personal Loan Department
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Home Equity or Bridge
Home Equity Line of Credit
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Available for 1- to 4-family owner-occupied residences
Rates Effective: April 1, 2024
Terms: Monthly Variable; Interest-only repayment; Lines from $25,000 - $1,000,000; Draw Period: 15 Years; Discharge of equity line mortgage within the first 24 months may result in payment of a fee.
Variable Periodic Rate
The ANNUAL PERCENTAGE RATE ("APR") will be the Prime Rate minus 0.26% of one percentage point. The billing APR may vary monthly based on the Prime Rate as published in the Wall Street Journal on the last business day of each month. In the event that more than one rate is published as the "Prime Rate," we will use the highest rate so published. After the 15th year, credit advances stop, and repayment of principal and interest for 5 years starts.
For All New HELOC Applications:
Prime Rate as of March 31, 2024 is: 8.50%. Current APR: 8.24%. Minimum APR: 3.99%. Maximum APR: 15.50%
Home Equity Fixed Rate Loan
Available for 1- to 4-family owner-occupied residences
Rates Effective: April 1, 2024
Terms: Fixed loan amounts from $25,000 - $1,000,000
Home Equity Loan Rates
| Loan Term | Interest Rate | Monthly Payment per $1,000 borrowed* |
|---|
| 5 Years |
8.625% APR
|
$20.58 |
| 10 Years |
8.750% APR |
$12.53 |
| 15 Years |
8.875% APR |
$10.07 |
| 20 Years |
9.000% APR |
$9.00 |
APPLICABLE TO ALL HOME EQUITY LINES/LOANS
- A Home Equity Line of Credit or a Fixed Rate Loan are currently offered with low closing costs*.
- Property insurance is required sufficient to cover the Equity Line/Loan and any first mortgage lien.
- Maximum Loan-to-Value: 80%
- Subject to credit approval.
- Offer rate and terms subject to change without notice.
*Low closing costs: Costs limited to applicable trust document reviews, recording costs, and certain appraisal or discharge costs. Refer to Home Equity Important Terms disclosure for additional information. Flood insurance and other fees may be required.
Bridge Loan Home Equity Line of Credit
PURPOSE: Short term loan allowing a borrower to access equity in a presently owned primary residence for funds needed to purchase a new primary residence, the purchase of which is being financed by WSB with the understanding that the borrower intends to sell the presently owned residence within twelve months of the loan closing (the “Closing”). After Maturity (12 months after Closing), credit advances stop. Full repayment of principal and interest (balloon payment) is due at Maturity or the earlier sale of the presently owned residence.
Terms: Variable based on Prime Rate; Interest only repayment prior to Maturity; Lines available from $25,000 - $1,000,000; Draw Period: 12 months; Balloon Payment at Maturity or earlier sale of the presently owned residence; one (1) point (1% of loan amount) payable at closing.
Variable Periodic Rate
The ANNUAL PERCENTAGE RATE ("APR") will be the Prime Rate as published in the Wall Street Journal on the last business day of each month, subject to a minimum APR of 7.00% and a maximum of 15.50%. The margin is 0%. The billing APR may vary monthly based on the Prime Rate. In the event more than one rate is published as the "Prime Rate", we will use the highest rate published.
For All New BRIDGE/HELOC Applications
Prime Rate as of January 11, 2024: 8.50% Current APR: 8.50% Minimum APR 7.00% Maximum APR 15.50%
APPLICABLE TO ALL BRIDGE/HOME EQUITY LINE OF CREDIT
• Borrower must pay one point at Closing. One point=1% of loan amount.
• All Closing costs paid by the borrower. If appraisal needed, Borrower must pay cost prior to ordering appraisal.
• Loan must close no later than four (4) days prior to closing on the Winchester Savings Bank purchase money mortgage financing on borrower’s purchased property. The initial advance, which will be disbursed at closing on purchase of new residence, must include some or all of the fund's borrower needs to close on the purchase as determined by the attorney assigned by WSB to close the purchase money mortgage loan.
• Property Insurance on current residence is required in amount sufficient to cover the Bridge/Home Equity Line amount and any existing first mortgage lien.
• Maximum Loan to Value: 80% (including existing first mortgage on current residence, if any, and Bridge/Home Equity Line amount).
• No prepayment penalty.
• Subject to credit approval.
• Rate, APR and terms subject to change without notice.
*Closing Costs: Closing costs include but are not limited to credit report, tax service, VOE, recording costs, discharges and trust review/recording and/or appraisal fees, if applicable. Refer to Home Equity Important Terms disclosure for additional information. Flood insurance and other fees may be required.
Questions?
Contact our Residential & Personal Loan Department
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Personal Loan
Personal Loan Rates
Auto loans, Unsecured Personal Loans, Overdraft Protection, and Winchester Savings Bank CD- or statement savings-secured loans; these are the Personal loan products that are available to our customers. We offer very competitive rates, quick response to your credit request, and exceptional customer service. Your community bank is looking forward to assisting you with your credit needs.
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Rates Effective: April 1, 2024
Unsecured Personal Loan Rate
| Loan Type | Annual Percentage Rate (APR) | Maximum Term | Minimum Payment | Monthly Payment Per $1,000 Borrowed |
|---|
Unsecured Personal Loan*
($1,000 - $10,000) |
16.50% |
36 months
|
$75 |
12 months - $90.97
24 months - $49.20
36 months - $35.40 |
Overdraft Protection
| Overdraft Protection |
APR: 15.75%; Lines from $1,000 - $5,000 |
Minimum payment $25.00 |
Collateral Loan Rate
| Loan Type | Annual Percentage Rate (APR) | Features |
|---|
| Collateral Loan |
12.00% |
- Principal payback determined by the customer
- Interest billed quarterly
- Minimum loan amount $1,000.00
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Vehicle Loan Rates - New
| Model Year Vehicle | Maximum Term in Months | Annual Percentage Rate (APR) | Monthly Payment per $1,000 Borrowed |
|---|
| 2024 - 2023 |
36 |
10.00% |
$32.27 |
| |
48 |
10.25% |
$25.48 |
| |
60 |
10.50% |
$21.49 |
| |
72 |
10.75% |
$18.91 |
| |
84 |
11.00% |
$17.12 |
Vehicle Loan Rates - Used
| Model Year Vehicle | Maximum Term in Months | Annual Percentage Rate (APR) | Monthly Payment per $1,000 Borrowed |
|---|
| 2022- 2017 |
36 |
10.50% |
$32.50 |
| |
48 |
10.75% |
$25.72 |
| |
60 |
11.00% |
$21.74 |
DOWN PAYMENT REQUIREMENT
- New Vehicle, Model Year 2024 and 2023: 5.00%
- Used Vehicle, Model Years 2022 - 2020: 10.00%
- Used Vehicle, Model Years 2019 - 2017: 30.00%
Vehicle values are determined by the J.D. Power Guide
Monthly payment based on 30 days to first payment
No Lease Buyouts or Salvage/Auction Titles.
Fire, Theft and Collision Insurance with a maximum deductible of $500 is required
Private Sale Transactions require Buyer & Seller to be present at Main Branch closing
Refinances: Mass DOT Amend a Title Fee is $25.
MINIMUM LOAN AMOUNT: $5,000
Maximum Loan Amount, NEW Vehicle: $100,000
Maximum Loan Amount, USED Vehicle: $75,000
MINIMUM LOAN PAYMENT: $100/month
Questions?
Contact our Consumer Loan Department
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