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Newtown Savings Bank (CT) 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
Newtown Savings Bank Savings
0.05% APY

Overview

Our Rating: 4.0/5 How we calculated this rating

Founded in 1855, Newtown Savings Bank has assets totaling $1 billion and deposits totaling $929 million, ranking the institution as a medium-size bank. Newtown Savings Bank, whose headquarters are in Newtown, Connecticut, has above-average customer service access with a live chat feature, great for getting help during the work week. 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. We gave the bank a 4 out of 5 stars, which means Newtown Savings Bank is a good bank that deserves your consideration. 

Newtown Savings Bank has a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Newtown Savings Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Newtown Savings Bank offers an option without a maintenance or monthly fee. Why use checking and savings accounts with one bank? Quick transferring between both accounts means you can still get better interest rates in your savings account but still use your funds from your checking.

Service Quality

Newtown Savings Bank is a brick-and-mortar bank, with 18 total branches in Connecticut. It also offers access to mobile and web apps for simple access and banking on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Wednesday, 8:00 a.m. to 5:00 p.m. ET; Thursday and Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, 8:00 a.m. to 1:00 p.m. ET. Newtown Savings Bank also offers a live chat feature, which may provide helpful service without getting on the phone.

Newtown Savings Bank receives positive scores from users for its mobile banking services: the Newtown Savings Bank mobile app has been given a 4.8 out of 5 (out of 16 ratings on iOS and Android) compared to the national average of 3.8. Newtown Savings Bank's mobile app lets you control your funds by looking at account balances, sending and receiving funds and reaching support representatives. Newtown Savings Bank receives a superb consumer satisfaction rating based on comparatively few complaints registered with 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: 0.25% APY
  • 24 Month: 0.50% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.50% APY
$500 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.05% APY $20 Compare Offers
Checking Accounts 0.05% APY $1 Compare Offers

Newtown Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. Newtown Savings Bank 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. Newtown Savings Bank's CD rates are fair as compared against the national average.

Rates

Newtown Savings Bank features a savings rate of 0.05%, which is poor as compared against the national average. Its one-year CD earns at a rate of 0.25% and the five-year CD has a rate of 1.50%, while its highest-yielding money market account earns at an APY of 0.05%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.

Compare Newtown Savings Bank to Other Competitive Offers

Fees

On average, Newtown Savings Bank charges its customers above-average fees in comparison to the national average. With no monthly fee, Newtown Savings Bank's checking account is perfect for people who need an easy banking experience. For those who will need cash in a pinch, it is good because it has an ATM fee of $1.50, which is solid compared to other U.S. banks. Also, Newtown Savings Bank has an overdraft fee of $37, which is meaningfully greater than the average overdraft fee charged by U.S. banks. Newtown Savings Bank unfortunately doesn't reimbursee ATM charges meaning you'll need to search for a Newtown Savings Bank ATM or accept the ATM charge.

Financial Health

Newtown Savings Bank is a medium-size bank with assets totaling $1 billion as well as deposits totaling $929 million. Newtown Savings Bank's Texas Ratio is 5.24%, suggesting a tiny opportunity of failure. Additionally, Newtown Savings Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Newtown Savings Bank Near Me

Newtown Savings Bank has 18 physical locations across the U.S.

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