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Salisbury Bank and Trust Company 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
Salisbury Bank and Trust Company Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Salisbury Bank and Trust Company started in 1874 with headquarters in Lakeville, Connecticut. Salisbury Bank and Trust Company handles assets of $987 million and deposits totaling $818 million, ranking it as a medium-size bank. Salisbury Bank and Trust Company 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 with in-person service, in addition to its online and mobile apps. Overall, Salisbury Bank and Trust Company is a great bank that you should seriously consider, with a rating of 4.4 out of 5 stars from our team. Salisbury Bank and Trust Company provides customers with a mixture of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking does not carry a monthly fee. Institutions that offer free checking as well as a high savings APY are your best option for returning the highest income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

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

Rates

3.2
SmartAsset Average: 3.5

With a savings rate of 0.10%, Salisbury Bank and Trust Company ranks poorly compared to the national average. Its CDs feature a rate of 0.80% and 2.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.20%. Given Salisbury Bank and Trust Company's below average savings rate, you should think about looking elsewhere to open savings accounts.

How Salisbury Bank and Trust Company's Savings Rates Compare

Salisbury Bank and Trust Company Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Salisbury Bank and Trust Company charges customers extremely low fees compared to the average U.S. bank. With no monthly fee, Salisbury Bank and Trust Company is ideal for those who want a simple banking experience. Salisbury Bank and Trust Company does not refund out-of-network ATM charges, which means you'll have to find a Salisbury Bank and Trust Company ATM or eat the ATM charge.

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

4.8
SmartAsset Average: 3.7

Salisbury Bank and Trust Company is a brick-and-mortar bank, with 14 total bank locations in Connecticut, Massachusetts and New York. It also offers access to mobile and web apps for simple access and banking on the go. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. ET; Saturday, and 9:00 a.m. to 12:00 p.m. ET. Salisbury Bank and Trust Company also offers a live chat feature, which may provide helpful service without getting on the phone. Salisbury Bank and Trust Company's online and mobile banking services get positive ratings from users. With 3 ratings on iOS and Android platforms, the Salisbury Bank and Trust Company mobile app is scored at 5.0 out of 5 (compared to the national average of 3.8). You can utilize Salisbury Bank and Trust Company's app to manage your finances by checking monthly statements, transferring funds and reaching support representatives. Salisbury Bank and Trust Company receives an outstanding consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

4.7
SmartAsset Average: 4.8

Salisbury Bank and Trust Company is a medium-size bank owning assets totaling $987 million and $818 million in deposits. It has a strong Texas Ratio of 6.61%, indicating that Salisbury Bank and Trust Company is in fine financial condition and improbable to fail. Additionally, Salisbury Bank and Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.61%
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 Salisbury Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 0.90% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.50% APY
  • 60 Month: 2.00% APY
$1000 for all terms
Money Market Accounts 0.15% APY 0.2% APY $10000 $15000

Salisbury Bank and Trust Company has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Salisbury Bank and Trust Company does not have the best savings rate, which means you should consider 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. Salisbury Bank and Trust Company's CD rates are fair in comparison to the national average.

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Find a Salisbury Bank and Trust Company Near Me

Salisbury Bank and Trust Company has 14 physical locations in the U.S.

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