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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 started in 1868 and is headquartered in Torrington, Connecticut. The Torrington Savings Bank owns assets of $835 million and deposits totaling $670 million, classifying it as a medium-size bank. The Torrington Savings Bank 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. On the whole, The Torrington Savings Bank is a great choice and should warrant serious consideration, with a rating of 4.4 out of 5 stars from our experts. The Torrington Savings Bank provides customers with a complete suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. The Torrington Savings Bank has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, The Torrington Savings Bank's ordinary checking account does not have a monthly fee. Finding 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 gaining the most income on your deposits while having convenient access to your money.

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 fair in comparison to the average U.S. bank. The Torrington Savings Bank's one-year CD has a rate of 2.00% and the five-year CD has a rate of 2.30%, while its highest-yielding money market account earns at a rate of 0.20%. Given its noncompetitive savings rate, you should think about looking at the competition to open 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

On average, The Torrington Savings Bank charges its customers extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Additionally, The Torrington Savings Bank has an overdraft fee of $30.00, which is significantly lower than the national average overdraft fee. The Torrington Savings Bank unfortunately doesn't refund out-of-network ATM fees, meaning you'll have to locate a The Torrington Savings Bank ATM or eat the cost of withdrawal.

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. It also offers access to mobile and web apps for easy access and banking on the go. The Torrington Savings Bank gets average feedback from users for its mobile banking services. The The Torrington Savings Bank mobile app rates a 3.5 out of 5 (out of 4 reviews on Apple and Android) compared to the national average of 3.8. The Torrington Savings Bank's mobile app lets you manage your accounts by checking monthly statements, transferring money and accessing customer service. The Torrington Savings Bank gets a superb consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 is currently a medium-size bank with $835 million in assets and deposits totaling $670 million. The Torrington Savings Bank's Texas Ratio is 1.80%, suggesting a minute likelihood of 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: 2.00% APY
  • 24 Month: 2.20% APY
  • 36 Month: 2.25% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.30% APY
$1000 for all terms
Money Market Account 0.2% APY $1000

The Torrington Savings Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Torrington Savings Bank does not have the best savings rate, which means you should think about 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 the average U.S. bank.

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Find a The Torrington Savings Bank Near Me

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

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