The Benefits Of Mutual Savings Banks

by David Jenyns on July 27, 2009

Mutual savings banks can be an attractive option for people looking to keep their funds in a safe place. There are more than 500 mutual savings banks in the United States, and these are limited to 17 states.


3. The Federal Retainer Insurance Corporation membership offers $10,000 maximum insurance (as it does for other types of banks) on each retainer account for some of these banks; in three states (Massachusetts, Connecticut, New Hampshire) the banks contribute to a central fund which provides similar protection.

The modern commercial bank is a little different. With its various departments, the commercial bank and services, may be considered as applying modern merchandising methods to the banking business. It is each man’s preference whether he wants his “department store” of banking options to appear all in one place, or if he prefers a more conservative style of banking and opts for a mutual savings bank.

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