Founded in 1862, Putnam Bank has $526 million in assets as well as $367 million in deposits, classifying it as a medium-size bank. Putnam Bank, whose headquarters are in Putnam, Connecticut, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Putnam Bank is a good bank that gets the job done, with a rating of 4.1 stars out of 5 from the SmartAsset experts. Putnam Bank has a variety of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's standard checking does not carry a monthly charge. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is the best option for accruing the most income on your deposits while maintaining easy access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
Putnam Bank features a savings rate of 0.05%, which is poor in comparison to the average U.S. bank. Its one-year CD has a rate of 0.25% and the five-year CD earns at a rate of 2.00%, while its highest-yielding money market account earns at an APY of 0.15%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.
How Putnam Bank's Savings Rates Compare
Putnam Bank has generally extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Putnam Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will need to find a Putnam Bank ATM or accept the ATM charge.
Putnam Bank is a brick-and-mortar bank, with eight total branches in Connecticut. With mobile and web apps, Putnam Bank makes account access easy, even on the go. Putnam Bank's online and mobile banking services receive relatively positive scores from users. The Putnam Bank mobile app rates a 4.0 out of 5 (out of 19 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Putnam Bank's app to manage your accounts by looking at account balances, sending and receiving funds as well as reaching customer service. Putnam Bank receives a superb consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
Putnam Bank is currently a medium-size bank and has assets totaling $526 million as well as deposits totaling $367 million. Putnam Bank has a strong Texas Ratio of 8.25%, denoting that the bank is in good financial condition and far from failure. Additionally, Putnam Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
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.Back to Overview
Compare Putnam Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$50|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Accounts||0.05% APY 0.15% APY||$10000 $15000|
Putnam 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. Putnam Bank does not have the best savings rate, which means you should think about other options 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. Putnam Bank's CD rates are fair in comparison to the average U.S. bank.Back to Overview
Find a Putnam Bank Near Me
Putnam Bank has eight locations across the U.S.Back to Overview