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CD rates in Connecticut can be established in terms of between 3 months to 5 years. The desired time of commitment will determine your APY, minimum deposit, and percentage yield. Let’s go through the best banks in Connecticut and what they offer.

Savings Banks of Danbury

Savings Bank has CD options from 1-5 years. Their rates and compounded interest are above the national average offering a fantastic opportunity for earning high interest on some of the money you have tucked away.

Top CD Rates at Savings Bank

The five-year term offers 1.00% APY. It requires a $500 minimum deposit and has a 0.99% interest rate.

Savings Bank’s four-year option has a 0.75% APY and a 0.74% interest rate with a $500 minimum deposit.

For a three-year option, you will need a $500 minimum deposit and earn a 0.61% APY and 0.60% interest rate.

The two-year is a great alternative option if you want to be able to access your money in fewer years versus the above options. It has a 1.10% APY and also has a $500 minimum deposit.

All accounts take investments higher than the minimum deposit, but $500 is needed to open the account and to start earning interest.  The interest is rate is in effect until the CD reaches maturity. There are high penalties for withdrawing the money early.

Availability

Anyone can open up a CD account through Savings Bank, however, current checking customers are eligible for premium rates and higher interest rates.

Bank Overview

The Savings Bank of Danbury was founded in 1849 and currently is a mutual savings bank with assets valued at over $1 billion. There are 15 branches located all over Connecticut with the main headquarters at 220 Main Street in Danbury.

National Iron Bank

This bank offers several different term options ranging from 11 months to 5 years. They have balance tiers, so depending on how much you deposit will determine the APY and the interest rates.

Top CD rates at National Iron Bank

The five-year term requires a $1,000 minimum deposit to start earning monthly compounded interest. The APY is 0.50% until you reach $10,000 where the APY will increase to 0.75%.

The four option also requires a $1,000 minimum deposit to start earning interest and has an APY of 0.25% until the balance reaches $10,000 where it will increase to 0.50%.

Similar to the other CD options, the three-year term has a minimum deposit of $10,000 to start gaining interest with a set 0.50% APY.

A two-year term requires a $10,000 deposit for interest to start being earned and has a 0.20% APY until the balance is $10,000 where the APY will increase to 0.25%.

Availability

Current checking customers will receive a 0.250% premium on all new and renewing CDs as well as no monthly service fees.

Bank Overview

National Iron Bank has an extensive network of branches and ATMs throughout Connecticut. It was established in 1847 making it New England’s oldest private bank. The bank is constantly evolving to meet current customer’s needs, shown through its comprehensive history of success.