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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

Established in 1849, Savings Bank of Danbury has assets totaling $985 million as well as $795 million in deposits, which makes it a medium-size bank. Savings Bank of Danbury, whose headquarters are in Danbury, Connecticut, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a commendable 4.1 stars out of 5, Savings Bank of Danbury is a good bank that should be given a look. Savings Bank of Danbury provides customers with the full slate of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's most basic checking does not carry a monthly fee. Banks that offer free checking and a high savings APY are your best bet for accruing the highest 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

With a savings rate of 0.03%, Savings Bank of Danbury ranks poorly as compared against the national average. Savings Bank of Danbury's one-year CD earns at a rate of 0.45% and the five-year CD earns at a rate of 1.70%, while its highest-yielding money market account earns at a rate of 0.05%. Given Savings Bank of Danbury's below average savings rate, you should think about looking at the competition to open savings accounts.

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

Savings Bank of Danbury has generally low fees compared to the average U.S. bank. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. For those who withdraw cash routinely, it is solid because it charges an out-of-network ATM fee of $1.00, which is good compared to the average U.S. bank. Additionally, it has an overdraft fee of $35.00, which is on par with the average overdraft fee charged by U.S. banks. Savings Bank of Danbury does not reimburse out-of-network ATM charges, which means you will need to search for a Savings Bank of Danbury ATM or accept the ATM charge.

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 branches in Connecticut. It also offers access to mobile and web apps for a simple mobile-banking experience. Savings Bank of Danbury's online and mobile banking services receive great ratings from customers. The Savings Bank of Danbury mobile app is rated at 4.7 out of 5 (with 170 reviews on iOS and Android) compared to the national average of 3.8. Savings Bank of Danbury's mobile app lets you manage your bank accounts by looking at current statements, sending and receiving money and reaching support representatives. Savings Bank of Danbury gets a superb consumer satisfaction score due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 is a medium-size bank with assets totaling $985 million and $795 million in deposits. Savings Bank of Danbury's Texas Ratio is 7.90%, indicating a small possibility 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: 2.15% APY
  • 36 Month: 1.30% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.70% APY
$500 for all terms
Money Market Account 0.05% APY $10000

Savings Bank of Danbury offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you 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 other U.S. banks.

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Find a Savings Bank of Danbury Near Me

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

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