Massachusetts General Laws Part III. Courts, Judicial Officers and Proceedings in Civil Cases (Ch. 211-262) Ch. 215, § 41

A probate court may, upon application of a person interested in an estate in process of settlement in such court, direct the temporary investment of any money belonging to such estate in securities approved by the judge, or on paid-up shares and accounts of and in co-operative banks, or in share accounts or savings deposits of federal savings and loan associations or a savings and loan association located in the commonwealth; or it may authorize the money to be deposited in any bank or savings institution in the commonwealth empowered to receive such deposits and said sums may be placed in accounts which require prior notice of intention to withdraw, provided that the interest payable on such accounts is at a rate higher than accounts where no notice to withdraw is required.