Best Banks and Credit Unions in Connecticut
Finding a new bank doesn’t have to be a challenge. We’re here to help narrow down the search with our list of the best banks in Connecticut.
Find the best CD rates in Connecticut.
1) Chase
Savings APY: 0.01% to 0.05%
CD APY: 1-year – 0.01%, 3-year – 0.01%, and 5-year – 0.01% with a minimum deposit of $1,000.
Monthly Fees: 1. $12 for a checking account, which can be waived with a direct deposit of $1500. 2. $5 for a savings account which can be waived by keeping a balance of $300 daily or transferring $25 from a linked Chase checking account.
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? The Chase Bank has 4700+ branches all over the country, about 16000 ATMs, and 603 branches in Florida state.
Pros:
- Waivable monthly fees
- Branches and ATMs all over the country
Cons
- Low savings and CD APY.
- $3 fee at non-Chase ATMs in the U.S for basic checking accounts.
First on our list of the best banks in Connecticut is Chase, which is the largest bank in Florida with US $4 trillion in assets. The bank offers a variety of banking products and services and is present in around 100 countries all over the world.
Chase was founded in 1799. It is one of the oldest banks in the United States and it has been serving customers for over 223 years now. It was originally called the Manhattan Company and it was created by Aaron Burr, who served as its first president, and Samuel Tilden, who served as its first treasurer.
The company got its current name from an earlier merger with J.P Morgan & Co., which took place in 2000. It merged with Chemical Bank to form JPMorgan Chase & Co., which is still its legal name today.
It is also the largest U.S. credit card issuer by purchase volume and offers services like Amazon Prime Rewards Visa Signature Card (credit card), Chase Freedom Unlimited (credit card), etc. Chase is the best bank for the people, who can keep their account balance high, aren’t looking for high-interest rates, and are in need of a bank with more branches all over the world and the US
2) United Bank
Savings APY: 0.05% with a minimum deposit of $50
CD APY: 1-year – 0.10%, 3-year – 0.25%, and 5-year – 0.40% with a minimum deposit of $500.
Monthly Fees: NO Monthly Fee
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? more than 220 full-service United Bank ATMs, online, and mobile banking.
Pros:
- The bank has a premium mobile app
- It has low fees for different products
- There is a full range of banking products available
Cons
- The high minimum deposit on Money Market accounts
- Limited ATM network
United Bank was established in 1858 and it is one of the largest banks in America. With headquarters in Vernon Rockville, Connecticut, this bank serves the requirements of consumers and businesses across the nation.
The bank offers a full range of banking solutions including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products, and credit cards. It has a low fee profile as compared to other banks, making it one of the best banks in Connecticut. United Bank owns assets worth $7 billion and deposits totaling $5 billion.
3) Newtown Savings Bank
Savings APY: 0.10% with a minimum deposit of $25
CD APY: 1-year – 0.25%, 3-year – 0.50%, and 5-year – 0.70% with a minimum deposit of $500.
Monthly Fees: NO Monthly Fee
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Newtown Savings Bank has 15 Convenient Bank Locations.
Pros:
- The low minimum deposit requirement for savings
- Limited checking options
- No monthly fee to maintain the account
Cons
- Limited physical branches
- Low APY on CDs
Another great contender for one of the best banks in Connecticut is Newtown Savings Bank, which was founded in 1855 and its headquarters are in Newtown, Connecticut. The bank is a medium-sized bank and has an extensive product range to offer.
The banking and financial products and services of the bank include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products, and credit cards.
The bank owns $1 billion in assets and has deposits totaling $929 million which makes it one of the largest banks in Connecticut.
4) Chelsea Groton Bank
Savings APY: 0.01% with a minimum deposit of $25
CD APY: 1-year – 0.10%, 3-year – 0.30%, and 5-year – 0.50% with a minimum deposit of $500.
Monthly Fees: NO Monthly Fee
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Chelsea Groton Bank has 14 branches across the U.S.
Pros:
- Affordable fee structure
- Reliable customer service
- No monthly charges
Cons
- Limited branches in the state
- Low APY on savings and CDs.
Chelsea Groton Bank was founded in 1854 and is a medium-sized bank headquartered in Norwich, Connecticut. It owns assets worth $1 billion and has $870 million in deposits. It is a medium-sized bank with a full range of banking and financial product range including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products, and credit cards. The bank is trusted by a wide range of consumers and businesses.
5) Wells Fargo
Savings APY: 0.15% with a minimum deposit of $25
CD APY: 1-year – 1.50% with a minimum deposit of $2,500.
Monthly Fees: $5
Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? It has more than 12,000 ATM locations, approximately 4,700 banking locations throughout the country, and 64 branches in Connecticut.
Pros:
- Best customer service
- Interest-bearing premium account
- Waivable monthly fees on savings and checking accounts
Cons
- Requires to add minimum deposit for opening an account
- Low savings interest rate (APY).
Next on our list of the best banks in Connecticut is Wells Fargo, one of the largest banks in the United States. It is headquartered in San Francisco, California. It was founded in 1852 and is the oldest and third-largest bank in America with 70 million customers globally.
The company provides a range of banking and financial services including retail banking, mortgage lending, credit cards, and auto loans. Wells Fargo also operates one of the largest retail banks in North America as well as a wholesale banking business.
It has assets of US$1.955 trillion as of 2021. It provides its customer with 24/7 customer service and mobile banking app that offers person-to-person payments, check deposits, and bill payments
6) Bank of America
Savings APY: 0.01% to 0.04%
CD APY: 1-year – 0.03%, 3-year – 0.03%, and 5-year – 0.03% with a minimum deposit of $1,000.
Monthly Fees: $12
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? The Bank of America has 4,100 retail banking branches and 16000 free ATMs across the United States.
Pros:
- Waivable monthly fees
- Multiple branches and free ATMs.
- Convenient customer service channels
Cons
- Low interest on savings and CDs
Bank of America is the second-largest bank in the United States by assets. It is also the second-largest bank in terms of market capitalization. It is also a multinational bank and financial services company that operates as a bank holding company.
Bank of America offers a range of financial services for both large and small businesses, as well as individual customers. It provides banking, investing, and other financial services to more than 20 million customers.
It is one of the “Big Four” banks, along with JPMorgan Chase, Citigroup, and Wells Fargo. Bank of America offers banking, investing, credit cards, mortgages, loans, and other financial services to individuals and businesses.
7) Franklin Trust Federal Credit Union
Savings APY: 0.10% with a minimum deposit of $25
CD APY: 1-year – 1.663%, 3-year – 1.917%, and 5-year – 2.222% with a minimum deposit of $1,000.
Monthly Fees: NO Monthly Fee
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? The Credit Union has only one branch in the state of Connecticut.
Pros:
- Local Credit Union
- Great customer service
Cons
- Low-yield saving solutions
Franklin Trust Federal Credit Union is a financial cooperative. It offers a wide range of banking and financial products including loans, investments, savings accounts, credit and debit cards, online banking, and other related services. It is located in-state and serves the community, easily making it one of the best banks in Connecticut.
8) Webster Bank
Savings APY: 0.02% with a minimum deposit of $5
CD APY: 6-month CD – 0.05%, 36-month CD – 0.20%, and 60-month – 0.30% with a minimum deposit of $1,000.
Monthly Fees: NO Monthly Fee
Federally Insured by: FDIC (Federal Deposit Insurance Corporation)
How many branches are in the State? Webster has more than 150 banking offices and over 300 ATMs located throughout Southern New England and Westchester County, It has 111 branches in Connecticut.
Pros:
- Great branch network
- Person-to-person and mobile payments provision
- Fee waivers available for consumers of certain age groups
Cons
- A monthly fee waiver is a hassle
- High overdraft fee
- Poor interest on savings account
Founded in 1870, Webster Bank was initially named Bristol Savings Bank in Bristol, Connecticut. N. The bank was later shifted to Waterbury, Connecticut, and has a national presence.
Webster Bank offers a wide range of personal banking products including checking and savings accounts, certificates of deposit, and credit cards.
The bank owns assets worth $67.47B and is one of the largest banks in the United States of America.
9) Sikorsky Financial Credit Union
Savings APY: 0.20% with a minimum deposit of $5
CD APY: 1-year – 3.00%, 3-year – 2.00%, and 5-year – 2.00% with a minimum deposit of $500.
Monthly Fees:
Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Sikorsky Financial Credit Union has 10 branches in the state of Connecticut.
Pros:
- High-yield CD options
- Reliable customer service
- No monthly fee or maintenance charges
Cons
- A limited number of branches
- Mobile app glitches
Sikorsky Credit Union was founded in 1948 and has its headquarters in Stratford. It is the 4th largest credit union in the state of Connecticut and the 383rd largest credit union in America. With a wide range of banking and financial products to offer the bank serves as a one-stop shop for consumers and businesses. Its banking products include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products, and credit cards.
The credit union owns $1.14B in assets and is one of the trusted credit unions in the state with a large network of branches and members.
10) Navy Federal Credit Union
Savings APY: 0.25% with a minimum deposit of $5
CD APY: 1-year – 3.00%, 3-year – 3.30%, and 5-year – 3.35% with a minimum deposit of $1,000.
Monthly Fees: $0
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? Among Navy Federal Credit Union’s 350 branches, many are located near military bases in places like Virginia, Maryland, and California. It also has 30,000+ free ATMs.
Pros:
- No monthly fee
- Free ATMs
- Competitive interest rates
Cons
- Very few branches
Navy Federal Credit Union was founded on March 13, 1933, as Navy Department Employees’ Credit Union. It has a total of $158.85 Billion in assets and around 11 million customers. The CO-OP Network offers free access to more than 30,000 ATMs.
Its headquarter is in Vienna, Virginia, United States. The Navy Federal Credit Union has competitive interest rates that benefit many potential customers. Even though it has a small number of branches around the USA, it helps its customers via mobile applications and provides the best customer support, earning it a spot on our list of the best banks in Connecticut.
11) Connex Credit Union
Savings APY: 0.25% with a minimum of $100 for a savings account and 1.75% for the Extraordinary checking account with no minimum balance requirement.
CD APY: 1-year – 3.91%, 3-year – 3.71%, and 5-year – 3.71% with a minimum deposit of $5,000
Monthly Fees: $0 monthly fee
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? It has 38 Connecticut shared branching locations and more than 5,000 locations across the U.S.A
Pros:
- The highest interest rate on checking account
- No monthly fees
- Exceptional rates on CDs
Cons
- Minimum balance requirement for a savings account.
The Connexus Credit Union was founded in 1935 and is headquartered in Marathon County, Wisconsin, United States. It has a total of $5.1 billion in assets and around 433,000+ customers. It has over 5000 branches nationwide through a shared network with credit unions.
Connexus Credit Union offers a number of financial services from credit and personal loans to mortgage loans. It also has its own free money management mobile application for kids that helps parents create a game and chore lists, making it one of the best banks in Connecticut for families.
12) Achieve Financial Credit Union
Savings APY: 0.05% with a minimum of $5
CD APY: 1-year – 0.10%, 3-year – 0.30%, and 5-year – 0.40% with a minimum deposit of $1,000
Monthly Fees: No Monthly Fee
Federally Insured by: NCUA (National Credit Union Administration)
How many branches are in the State? It has 30,000 ATMs nationwide.
Pros:
- Savings account open with minimum balance
- Free overdraft protection
Cons
- Low interest rates
- Limited presence in Puerto Rico
- Interest on CD is compounded monthly not daily
Last up on our list of the best banks in Connecticut is Achieve Financial Credit Union, which was founded in 1954 and is headquartered in Berlin. It is the 14th largest credit union in the state of Connecticut and the 1,345th largest credit union in the nation.
The bank has a limited presence but caters to a wide family of members. It offers a full range of banking products including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products, and credit cards.
Achieve Financial Credit Union owns assets worth $177.6MM and is a trusted credit union in Connecticut.