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Savings Institute Bank and Trust Company Review

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Savings Institute Bank and Trust Company Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Savings Institute Bank and Trust Company started in 1842 and its headquarters are located in Willimantic, Connecticut. Savings Institute Bank and Trust Company has $2 billion in assets as well as $1 billion in deposits, making it a large bank. Savings Institute Bank and Trust Company 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 score of 4.1 out of 5 stars, Savings Institute Bank and Trust Company should be solidly in contention for your choice of bank. Savings Institute Bank and Trust Company provides customers with a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, 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, Savings Institute Bank and Trust Company offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee, in addition to 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.

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

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Savings Institute Bank and Trust Company ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 0.25% and the five-year CD earns at a rate of 1.15%, while its highest-yielding money market account earns at an APY of 0.15%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Savings Institute Bank and Trust Company's Savings Rates Compare

Savings Institute Bank and Trust Company Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Savings Institute Bank and Trust Company charges its customers extremely low fees compared to other U.S. banks. Its checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Savings Institute Bank and Trust Company doesn't refund out-of-network ATM charges, which means you'll need to find a Savings Institute Bank and Trust Company ATM or pay the cost of withdrawal.

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

3.7
SmartAsset Average: 3.7

Savings Institute Bank and Trust Company is a brick-and-mortar bank, with 24 total bank locations in Connecticut. With mobile and web apps, Savings Institute Bank and Trust Company makes mobile banking straightforward, even on the go. It does not have all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 7:30 a.m. to 6:30 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET. Savings Institute Bank and Trust Company receives fair marks from customers for its mobile app. With 69 customer reviews across both Apple and Android platforms, the Savings Institute Bank and Trust Company mobile app rates a 3.6 out of 5 (compared to the national average of 3.8). You can use Savings Institute Bank and Trust Company's mobile app to manage your accounts by looking at account balances, transferring funds and accessing customer service. Savings Institute Bank and Trust Company gets an excellent consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Savings Institute Bank and Trust Company ranks as a large bank and has $2 billion in assets as well as deposits totaling $1 billion. Its Texas Ratio is 4.30%, signifying a low chance of failure. Additionally, Savings Institute 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

4.3%
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 Institute Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $5
Checking Account 0.05% APY $500
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.10% APY
  • 60 Month: 1.15% APY
$500 for all terms
Money Market Account 0.1% APY $5000

Savings Institute 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. Savings Institute Bank and Trust Company does not have the best savings rate, which means you should consider 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 Institute Bank and Trust Company's CD rates are fair as compared against the national average.

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Find a Savings Institute Bank and Trust Company Near Me

Savings Institute Bank and Trust Company has 24 locations across the U.S.

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