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The Torrington Savings Bank Review

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The Torrington Savings Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Torrington Savings Bank first started operating in 1868 with its headquarters in Torrington, Connecticut. The Torrington Savings Bank handles $835 million in assets along with deposits totaling $670 million, ranking it as a medium-size bank. The Torrington Savings Bank lacks premium access to support representatives, 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 apps. Coming in at a commendable 4.4 out of 5 stars, The Torrington Savings Bank proves it is a solid contender in your bank search. The Torrington Savings Bank provides customers with a complete suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. The Torrington Savings Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, The Torrington Savings Bank offers an option without a monthly fee. Locating a checking account with no monthly fee as well as a savings account with a high APY at the same bank is your best bet for accruing the most income from your deposits while maintaining easy access to your funds.

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

4.0
SmartAsset Average: 3.5

The Torrington Savings Bank has a savings rate of 0.10%, which is poor in comparison to the average U.S. bank. The Torrington Savings Bank's one-year CD has a rate of 2.20% and the five-year CD has a rate of 2.50%, while its highest-yielding money market account earns at an APY of 0.20%. Given The Torrington Savings Bank's below average savings rate, you should consider taking a look at other banks for savings accounts.

How The Torrington Savings Bank's Savings Rates Compare

The Torrington Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Torrington Savings Bank typically has extremely low fees compared to the national average. Its checking account has no monthly fee, making it excellent for anyone looking for a simple account. Additionally, it has an overdraft fee of $30.00, which is markedly less than that of other U.S. banks. The Torrington Savings Bank doesn't reimburse out-of-network ATM charges, which means you will need to find a The Torrington Savings Bank ATM or pay the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $30.00 National Average: $35.00
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Service Quality

3.7
SmartAsset Average: 3.7

The Torrington Savings Bank is a brick-and-mortar bank, with nine total branches in Connecticut. With mobile and web apps, The Torrington Savings Bank makes mobile banking convenient, even on the go. The Torrington Savings Bank gets average reviews from users for its online presence. Out of 4 ratings across Apple and Android platforms, the The Torrington Savings Bank mobile app has an overall rating of 3.5 out of 5 (compared to the national average of 3.8). You can utilize The Torrington Savings Bank's app to manage your bank accounts by checking monthly statements, sending and receiving funds and reaching support representatives. The Torrington Savings Bank gets an excellent consumer satisfaction rating based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

The Torrington Savings Bank ranks as a medium-size bank owning $835 million in assets as well as $670 million in deposits. The Torrington Savings Bank has an excellent Texas Ratio of 1.80%, indicating that the bank is in outstanding financial condition and far from failure. Additionally, The Torrington Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 The Torrington Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $5
Checking Account 0.05% APY $250
Certificates of Deposit
  • 12 Month: 2.20% APY
  • 24 Month: 2.20% APY
  • 36 Month: 2.25% APY
  • 48 Month: 2.30% APY
  • 60 Month: 2.50% APY
$1000 for all terms
Money Market Account 0.2% APY $1000

The Torrington Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Torrington Savings Bank 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. The Torrington Savings Bank's CD rates are fair in comparison to other U.S. banks.

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Find a The Torrington Savings Bank Near Me

The Torrington Savings Bank has nine branches across the U.S.

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