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Connecticut Community Bank Review

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Connecticut Community Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Connecticut Community Bank started in 1998 with headquarters in Westport, Connecticut. It has $459 million in assets along with $414 million in deposits, classifying it as a medium-size bank. Connecticut Community Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 3.6 out of 5 stars, Connecticut Community Bank should be near the middle of the pack in your search for a bank. Connecticut Community Bank offers a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Connecticut Community Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Connecticut Community Bank's ordinary checking account does not have a monthly fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same bank is your best bet for getting the most income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.8
SmartAsset Average: 3.5

Connecticut Community Bank has a savings rate of 0.05%, which is poor as compared against the national average. Its one-year CD earns at a rate of 2.00% and the five-year CD earns at a rate of 0.85%, while its highest-yielding money market account earns at an APY of 0.10%. Given Connecticut Community Bank's below average savings rate, you should think about opting for higher earning savings accounts with other banks.

How Connecticut Community Bank's Savings Rates Compare

Connecticut Community Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Connecticut Community Bank charges its customers extremely low fees compared to the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Connecticut Community Bank unfortunately does not reimburse out-of-network ATM charges, which means you'll be required to search for a Connecticut Community Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

Connecticut Community Bank is a brick-and-mortar bank, with nine total bank locations in Connecticut. With mobile and web apps, Connecticut Community Bank makes account access easy, even on the go. You can use Connecticut Community Bank's mobile app to manage your funds by looking at current statements, sending and receiving funds as well as accessing support representatives. Connecticut Community Bank receives a superb consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.2
SmartAsset Average: 4.8

Connecticut Community Bank is a medium-size bank and has $459 million in assets as well as $414 million in deposits. Connecticut Community Bank's Texas Ratio is 16.74%, signifying that the bank is in fine financial health and unlikely to fail. Additionally, Connecticut Community Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

16.74%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Connecticut Community Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $200
Checking Account 0.05% APY $1500
Certificates of Deposit
  • 12 Month: 2.00% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.60% APY
  • 60 Month: 0.85% APY
$2500 for all terms
Money Market Accounts 0.05% APY 0.1% APY $10000 $15000

Connecticut Community Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Connecticut Community Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Connecticut Community Bank's CD rates are fair compared to the national average.

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Find a Connecticut Community Bank Near Me

Connecticut Community Bank has nine branches in the U.S.

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