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United Bank CD Rates

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
United Bank 7-Month Flex Up CD
2.40% APY

If you live in Connecticut or Massachusetts, you should consider a certificate of deposit (CD) account with United Bank. The bank requires a minimum deposit of just $500 and some CD types provide flexibility with how much you can deposit.

Most interest rates compare well with the best CD rates, with the exception of the longest term options. It is possible to open an account online but only a few terms are available online.

Whatever your goals are, continue reading for more on how United Bank CDs work and how much they could earn you.

CD Term Minimum Deposit APY
7 Month Flex Up* $500 2.30%
12 Month CD Special* $500 1.20%
19 Month Flex Up* $500 2.50%
20 Month Flex Up* $500 1.55%
30 Month** $500 2.45%

*Flex Up CDs allow you to make additional deposits during your term.

**Requires you to have a checking account with United Bank

7-Month Flex Up CD Interest Rate Comparison

Overview of United Bank CDs

United Bank is a community bank with its headquarters in Hartford, Connecticut. It has more than 50 branches across Connecticut as well as Western and Central Massachusetts. You don’t need to live in those two states to open a CD account, though. United Bank allows residents of most states to open an account online. However, CD term options are limited online. You will get the most options (and best rates) by visiting a local branch.

CDs with United Bank require a $500 minimum deposit. Some term options also require you to have a checking account with United Bank. Interest compounds daily and credits monthly with all accounts. It is possible to withdraw the interest you earn and/or transfer to another account you have with United Bank. Just keep in mind that your CD won’t earn as much over its term if you withdraw interest early.

One type of CD that is unique to United Bank is the Flex Up CD. This allows you to make five deposits to your CD over the term (in addition to the initial deposit). These deposits are penalty-free and there is no minimum for how much you can deposit. It also isn’t necessary to make these additional deposits.

A local branch may offer other terms or different rates than the ones listed above. CD terms could range anywhere from three months to five years. Most term options are also available for individual retirement accounts (IRAs). When you visit a branch, be sure to ask about special CDs too. For example, United Bank has offered something called an Option CD. Option CDs allow you to change your interest rate once during your term if the current available rates change.

Once your CD reaches maturity, United Bank will give you a seven-day grace period. You can make any changes to your account, additional deposits or withdrawals during that time. If you don’t withdraw your funds, your accounts will renew for another CD of the same term length (at the current available rate).

If you remove any of the principal from your account before the maturity date, you will pay an early withdrawal penalty. The amount of the penalty depends on the length of your CD term. A term that is one year long or less will have a penalty equal to 90 days’ interest on the amount you withdraw. If the term is more than one year, the penalty is 180 days’ interest on the amount you withdraw.

How Much You Earn With United Bank CDs Over Time

You will generally earn good interest with United Bank because of the high rates. However, the exact interest you earn will depend on your CD term. The table below shows what your approximate total balance will be based on different initial deposits and term lengths.

The minimum deposit for a CD is only $500 but as with all CDs, you can earn more by contributing more. You can also maximize your earnings by leaving interest earnings in your account. Removing interest early will decrease overall your overall interest because of how compound interest works.

Initial Deposit 7-Month CD 12-Month CD 20-Month CD 59-Month CD
$500 $505 $506 $518 $560
$1,000 $1,010 $1,012 $1,036 $1,120
$2,500 $2,526 $2,530 $2,591 $2,799
$5,000 $5,051 $5,060 $5,182 $5,599

How United Bank CD Rates Compare to Other Banks’

United Bank has competitive interest rates. You can get the highest rates by visiting a local branch. At the same time, the rates for standard term lengths could be lower than special rates. You’ll also find that longer terms don’t necessarily have the highest rates. Whatever your savings goals are, you should definitely compare CD rates from at least a few banks.

People looking for a short-term CD should also consider online banks such as Ally and Synchrony. Ally, in particular, has no minimum deposit and has competitive short-term CD rates.

You should especially consider other banks if you’re looking at long-term CDs. Capital One, which doesn’t have the best short-term rates, does have high rates for three- and five-year terms. Capital One allows you to open all of these CDs online (unlike United Bank). It also does not require a minimum deposit.

United Bank offers IRA CDs but you can find higher rates elsewhere if you’re mostly looking to save for retirement. Brokers, like Edward Jones and Vanguard, have particularly high rates on long-term CDs. (Terms lengths range up to 10 years.) Edward Jones has a $1,000 minimum, but you will have a tough time beating its interest rates. Vanguard has a higher minimum of $10,000, so it’s probably best for savers who are further along.

CD Account United Bank Ally Bank Capital One
6 Month 1.75%* 1.00% 0.60%
1 Year 1.20% 2.75% 2.70%
3 Year 2.50%** 2.50% 2.85%
5 Year 2.30%*** 3.00% 3.10%

* This is the rate for the seven-month in-branch CD.

** This is the rate for the 30-month in-branch CD.

*** This is the rate for the 59-month in-branch CD.

Compare United Bank to Other Competitive Offers

Should You Get a United Bank CD Account?

Whether or not you should get a United Bank CD will depend on multiple factors. Do you live near a local branch? It is possible to open an account online but there are only a couple of term options and the rates aren’t the highest. You can get the best rates by visiting a local branch.

People who live near a branch should definitely look into United Bank CDs. The rates are competitive and Flex Up CDs provide great flexibility since you can open an account with the minimum deposit and then add money when you have it.

If you’re only looking for long-term CDs, other banks could prove better for you. As an example, you may want to put a broker high on your list if your goals include saving for retirement.

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