Chelsea Groton Bank Review

Chelsea Groton Bank Savings

0.01% APY

Founded in 1854, Chelsea Groton Bank has assets totaling $1.63 billion and $1.22 billion in deposits, classifying it as a medium-size bank. Chelsea Groton Bank, whose headquarters are in Norwich, Connecticut, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.2 stars out of 5, Chelsea Groton Bank should be solidly in contention for your choice of bank. 

Chelsea Groton Bank offers a complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Chelsea Groton Bank's most basic checking does not have a monthly maintenance charge. Using one bank for checking and savings can be ideal for getting the largest interest rates on your income while retaining easy access to your money. Chelsea Groton Bank has two tiers of rates, standard offering and relationship offering. The rates below are relationship rates.

Service Quality

Chelsea Groton Bank is a brick-and-mortar bank, with 14 total branches in Connecticut. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 7:00 p.m. ET; Saturday, 8:00 a.m. to 3:00 p.m. ET. 

Chelsea Groton Bank gets great ratings from customers for its online presence: with 47 ratings on both iOS and Android platforms, the Chelsea Groton Bank mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). You can access Chelsea Groton Bank's app to manage your funds by checking current statements, sending and receiving money as well as accessing support representatives. Chelsea Groton Bank gets an excellent consumer satisfaction score due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Chelsea Groton Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. It does not have the best savings rate, which means you should think about looking elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Chelsea Groton Bank's CD rates are fair compared to the national average.

Rates

With a savings rate of 0.01%, Chelsea Groton Bank ranks below the mean as compared against the national average. Chelsea Groton Bank's one-year and five-year term lengths CD's earn at a rate of 0.10% and 0.50%, respectively, while its highest-yielding money market account earns at a rate of 0.05%. The rates listed here are relationship offering rates. Standard offering rates are slightly lower. Given its noncompetitive savings rate, you should consider looking at the competition to open savings accounts.

Fees

Chelsea Groton Bank has typically extremely low fees compared to the average U.S. bank. With no monthly fee, Chelsea Groton Bank's checking account is perfect for those who want a hassle-free checking account. For those who will need cash in a pinch, Chelsea Groton Bank is perfect because it charges no ATM fees. Additionally, at $32, it has a considerably lower overdraft fee compared to that of other U.S. banks. 

Financial Health

Chelsea Groton Bank ranks as a medium-sized bank owning $1.63 billion in assets as well as $1.22 billion in deposits. It has an excellent Texas Ratio of 2.05%, suggesting that Chelsea Groton Bank is in outstanding financial health and very far from failure. Additionally, Chelsea Groton Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Chelsea Groton Bank Near Me

Chelsea Groton Bank has 14 branches across the U.S.