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Correspondent Services – Deposit Services

Our deposit services offer exceptional benefits that are difficult to find elsewhere, including:

  • The security of dealing with a highly rated depository.
  • Highly competitive rates.
  • Freedom from record keeping that Regulation F requires when you use other depositories.

IDEAL Way Accounts

Your IDEAL Way account is the central clearing account for all transactions executed with FHLB Boston. Collected balances accrue interest daily at competitive deposit rates. Interest is credited to your account(s) on the first day of the month. Auto sweep processing from your rollover account(s) is available to avoid overdraft. Balances are not reduced by reserve requirements. No minimum balances are required.


IDEAL Way Line of Credit

With a pre-approved IDEAL Way line of credit, you may intentionally or unintentionally overdraw your account up to the line at any time without incurring additional fees. The line of credit provides an advance to cover the overdraft, helping you meet unexpected cash needs conveniently and economically.

All IDEAL Way advances have a term of one business day and will be automatically charged back to your account on the business day following issuance. To access your line, simply wire funds out in excess of your collected balance. No minimum balances are required. Collateral requirements do apply.

More about the IDEAL Way Line of Credit.


Deposit Investment Products

Our deposit investment products provide convenient, high-quality investment alternatives at competitive rates.

Daily Overnight Deposits
Our Daily Overnight Deposit program works like a traditional federal-funds trade.

The rate is set when you make your transaction.

You can invest as little as $25,000 to start, with increments of $5,000 thereafter. There is no maximum. At maturity, your principal and interest are wired out or credited to your IDEAL Way account, as you prefer.

Rollover Overnight Deposits
Our Rollover Overnight Deposit program provides your most convenient way to manage short-term liquidity at competitive rates.

You may deposit funds between 8:30 a.m. and 4:30 p.m. The rate is set daily at 3 p.m. Your funds roll over automatically until you request withdrawal, or until funds are used to cover an IDEAL Way overdraft.

Interest accrues daily on an actual/360-day basis and is paid monthly on the first business day of the following month.

Short-Term Deposits Under $500,000
You may deposit funds between 10 a.m. and 2 p.m. The rate is set at the time of transaction.

Interest accrues daily on an actual/360-day basis and is paid at maturity. There is no early withdrawal.

Short-Term Deposits Over $500,000
You may deposit funds between 10 a.m. and 2 p.m. The rate is set at the time of transaction.

Interest accrues daily on an actual/360-day basis and is paid at maturity. There is no early withdrawal.

Long-Term Deposits

You may deposit funds between 10 a.m. and 2 p.m. The rate is set at the time of transaction.

Interest accrues daily on an actual/360 day basis. Interest is paid every six months, with the final interest credited at maturity. There is no early withdrawal.

 
 
Correspondent Services Forms and Applications
Correspondent Services Control Standards for Members Adobe PDF icon