Loading
Tap on the profile icon to edit
your financial details.

Savings Institute Bank and Trust Company Review

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

Overview

Started in 1842, Savings Institute Bank and Trust Company has $2 billion in assets as well as $1 billion in deposits, ranking the institution as a large bank. Savings Institute Bank and Trust Company, whose headquarters are in Willimantic, Connecticut, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. SmartAsset has rated Savings Institute Bank and Trust Company 4.1 stars out of 5, which means it is a good bank that you should consider. Savings Institute Bank and Trust Company has the full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, 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, Savings Institute Bank and Trust Company offers an option without a maintenance or monthly fee. Institutions that offer no-fee checking and a high interest rate savings account are the best bet for getting the most income from your deposits alongside convenient 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

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Savings Institute Bank and Trust Company ranks poorly in comparison to the national average. Savings Institute Bank and Trust Company's 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 below average savings rate, you should think about looking at the competition to open savings accounts.

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
Back to Overview

Fees

5.0
SmartAsset Average: 4.4

On average, Savings Institute Bank and Trust Company charges customers extremely low fees compared to the national average. 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 does not refund out-of-network ATM fees, meaning you'll need to search for a Savings Institute Bank and Trust Company ATM or accept 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
Back to Overview

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. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not have all-day customer service with representatives. You can get help during its 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's online and mobile banking platforms receive moderate marks from customers. The Savings Institute Bank and Trust Company mobile app has been given a 3.6 out of 5 (with 69 ratings on iOS and Android) compared to the national average of 3.8. You can access Savings Institute Bank and Trust Company's mobile app to control your bank accounts by reviewing monthly statements, sending and receiving money as well as accessing customer service. Savings Institute Bank and Trust Company receives an outstanding consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
Back to Overview

Financial Health

4.8
SmartAsset Average: 4.8

Savings Institute Bank and Trust Company is currently a large bank and manages $2 billion in assets and $1 billion in deposits. Savings Institute Bank and Trust Company's Texas Ratio is 4.30%, denoting that the bank is in excellent financial health and far from 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.

Back to Overview

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 Accounts 0.1% APY 0.15% APY $10000 $15000

Savings Institute Bank and Trust Company offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Savings Institute Bank and Trust Company 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 Institute Bank and Trust Company's CD rates are fair compared to the average U.S. bank.

Back to Overview

Find a Savings Institute Bank and Trust Company Near Me

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

Back to Overview
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure