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Ion Bank Review

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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
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
Ion Bank Savings
0.05% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

Established in 1870, Ion Bank has $1 billion in assets and deposits totaling $1 billion, which makes it a medium-size bank. Ion Bank, whose headquarters are in Naugatuck, Connecticut, has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. At a SmartAsset rating of 4.3 out of 5 stars, Ion Bank should be solidly in contention for your choice of bank. 

Ion Bank offers a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It offers a standard savings account interest rate, suitable if you need a place to stash your money. A great, everyday account, the bank's most basic checking does not have a monthly maintenance charge. Why keep checking and savings accounts with the same bank? Seamless transferring between both accounts means you can still get higher interest rates in your savings account but still access your money from your checking.

Service Quality

Ion Bank is a brick-and-mortar bank, with 21 total bank locations in Connecticut. It also offers access to mobile and web apps for easy access and banking on the go. It does not provide access to all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 8:00 p.m. ET; Saturday, 7:00 a.m. to 3:00 p.m. ET. Ion Bank also offers a live chat feature, key for getting quick access to customer service.

Ion Bank's online and mobile banking platforms receive moderately positive feedback from customers: the Ion Bank mobile app rates a 3.4 out of 5 (with 43 ratings on Apple and Android) compared to the national average of 3.8. You can use Ion Bank's app to control your funds by reviewing current statements, sending and receiving money and reaching support representatives. Ion Bank gets a superb consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $25 Compare Offers
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 0.55% APY
  • 36 Month: 0.90% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.25% APY
$500 for all tiers Compare Offers
Money Market Accounts
  • 10K tier: 0.15% APY
  • 25K tier: 0.20% APY
  • $10,000
  • $25,000
Compare Offers
Checking Accounts 0.05% APY $1 Compare Offers

Ion Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have 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. Ion Bank's CD rates are competitive in comparison to the national average. 

Rates

With a savings rate of 0.05%, Ion Bank ranks below the mean compared to the national average. Ion Bank's CDs feature a rate of 0.45% and 1.25% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.20%. Ion Bank has a fair savings rate compared to the average savings account. Consider higher earning savings accounts with other banks.

Compare Ion Bank to Other Competitive Offers

Fees

Ion Bank charges its customers extremely low fees in comparison to the national average. With no monthly fee, Ion Bank's checking account is ideal for people who want a hassle-free banking experience. 

Financial Health

Ion Bank is currently a medium-size bank and handles assets totaling $1 billion and deposits totaling $1 billion. It has a very good Texas Ratio of 6.70%, suggesting that Ion Bank is in good financial well-being and far from failure. Additionally, Ion Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find an Ion Bank Near Me

Ion Bank has 21 physical locations across the U.S.

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