Savings Bank of Danbury CD Rates
No one can neglect the significance of stable investment and security. To meet this basic finance requirement – Savings Bank of Danbury is offering versatile flexible CD options, and secure FDIC insurance rates.
If you are interested in availing any of the CD rate options the following section will help you a lot.
Savings Bank of Danbury CD Rates Offers
The bump-up offers by the Savings Bank of Danbury are;
6-Month Smart Choice Liquid CD
- Interest Rate: 2.92%
- APY: 3.00%
- Term: Until Maturity
- Minimum Balance to Open: $50,000
- Minimum Balance to Earn APY: $50,000
Considerations: Higher interest rate but requires a substantial minimum deposit.
Pros & Cons
| Pros | Cons |
| Higher Interest Rate | High Minimum Balance |
| Short-Term Commitment | Limited Access to Funds |
15 Month Bump Up CD
- Interest Rate: 0.35%
- APY: 0.35%
- Term: Until Maturity
- Minimum Balance to Open: $1,000
- Minimum Balance to Earn APY: $1,000
Considerations: Provides the option to bump up the interest rate once during the term.
Pros & Cons
| Pros | Cons |
| Option to Increase Rate | Low Interest Rate |
| Low Minimum Balance | Limited Term |
Are Savings Bank of Danbury CD Rates Competitive?
The Danbury CD rates, specifically the 6-Month Smart Choice Liquid CD and the 15-Month Bump-Up CD, exhibit distinct characteristics in their competitiveness.
- The 6-Month Smart Choice Liquid CD stands out with a higher interest rate, making it a more lucrative option for those seeking short-term investment opportunities. However, its competitiveness is tempered by the high minimum balance requirement, which might deter some investors.
- On the other hand, the 15-Month Bump-Up CD offers the flexibility of a potential interest rate increase during the term, adding an attractive feature for those anticipating rising rates in the market. Despite a relatively lower interest rate, its competitive edge lies in the option to bump up, providing a strategic advantage over fixed-rate CDs.
Moreover, promotional CDs, like the 15-Month Bump-Up CD, often introduce unique features or benefits to attract customers. These promotional offerings can be a significant factor in the overall competitiveness of a CD, as they cater to specific financial preferences and market conditions
Overview Savings Bank of Danbury
The Savings Bank of Danbury was founded in 1849 and currently is a mutual savings bank with assets valued at over $900 million. Anyone can open up a CD account through a Savings Bank, however, current checking customers are eligible for premium rates and higher interest rates.
Availability
Anyone can open up a CD account through a Savings Bank, however, current checking customers are eligible for premium rates and higher interest rates.
Locations Savings Bank of Danbury
There are 15 branches located all over Connecticut with the main headquarters at 220 Main Street in Danbury.
Frequently Asked Questions
Interest on CDs can be paid in different ways, such as monthly, quarterly, annually, or at maturity. The frequency depends on the terms of the specific CD.
Yes, CDs offered by banks that are members of the Federal Deposit Insurance Corporation are insured up to $250,000 per depositor, per bank. This insurance protects in case the bank fails.
In most cases, once a CD is opened, you cannot add more funds to it. If you want to invest additional money, you would typically need to open a new CD or choose a different investment option.
CD rates are generally not negotiable. The interest rates are set by the financial institution and are based on market conditions, the terms of the CD, and other factors.
Yes, many banks allow joint ownership of CDs. This means that two or more individuals can be named as co-owners of the CD. Each co-owner has equal rights to the funds and any interest earned.