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Savings Bank of Danbury Review

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Savings Bank of Danbury Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Savings Bank of Danbury was founded in 1849 with its headquarters in Danbury, Connecticut. Savings Bank of Danbury owns assets of $985 million and deposits totaling $795 million, making it a medium-size bank. Savings Bank of Danbury 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 apps. At a SmartAsset rating of 4.1 out of 5 stars, Savings Bank of Danbury should be solidly in contention for your choice of bank. Savings Bank of Danbury has a complete array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. 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 fee. Finding a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is your best bet for gaining the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

3.0
SmartAsset Average: 3.5

Savings Bank of Danbury features a savings rate of 0.03%, which is poor compared to the national average. Its one-year CD has a rate of 0.45% and the five-year CD has a rate of 1.70%, while its highest-yielding money market account has an APY of 0.05%. Given Savings Bank of Danbury's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Savings Bank of Danbury's Savings Rates Compare

Savings Bank of Danbury Savings 0.03 National Average 0.26 Compare Offers
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Fees

4.5
SmartAsset Average: 4.4

On average, Savings Bank of Danbury charges its customers low fees compared to the average U.S. bank. With no monthly fee, Savings Bank of Danbury's checking account is perfect for people who want a hassle-free banking experience. For those who will need cash in a pinch, it is solid because it charges an out-of-network ATM fee of $1.00, which is solid as compared against the national average. Additionally, at $35.00, it has a lower overdraft fee compared to the national average overdraft fee. Savings Bank of Danbury doesn't refund out-of-network ATM charges, which means you will have to locate a Savings Bank of Danbury ATM or eat the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $1.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

4.3
SmartAsset Average: 3.7

Savings Bank of Danbury is a brick-and-mortar bank, with 18 total bank locations in Connecticut. It also offers access to mobile and web apps for straightforward access and banking on the go. Savings Bank of Danbury gets positive ratings from customers for its mobile platform. The Savings Bank of Danbury mobile app has been given a 4.7 out of 5 (out of 170 customer reviews on Apple and Android) compared to the national average of 3.8. You can access Savings Bank of Danbury's app to manage your bank accounts by monitoring account balances, transferring funds as well as reaching support representatives. Savings Bank of Danbury gets a superb consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.7/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Savings Bank of Danbury ranks as a medium-size bank and has assets totaling $985 million as well as deposits totaling $795 million. It has a strong Texas Ratio of 7.90%, denoting a small opportunity of failure. Additionally, Savings Bank of Danbury is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

7.9%
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 Savings Bank of Danbury to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $5
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.45% APY
  • 24 Month: 2.50% APY
  • 36 Month: 1.30% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.70% APY
$500 for all terms
Money Market Accounts 0.05% APY 0.05% APY $10000 $15000

Savings Bank of Danbury has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Savings Bank of Danbury does not have the best savings rate, which means you should think about 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. Savings Bank of Danbury's CD rates are fair in comparison to the average U.S. bank.

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Find a Savings Bank of Danbury Near Me

Savings Bank of Danbury has 18 physical locations across the U.S.

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