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Thomaston Savings Bank Review

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

Overview

Thomaston Savings Bank started in 1874 with headquarters located in Thomaston, Connecticut. Thomaston Savings Bank has $988 million in assets along with $863 million in deposits, ranking it as a medium-size bank. Thomaston Savings Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. With a score of 4.3 stars out of 5, Thomaston Savings Bank should be solidly in contention for your choice of bank. Thomaston Savings Bank has a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Thomaston Savings Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Thomaston Savings Bank's ordinary checking account does not have a monthly fee. Finding a bank with free checking and a high savings APY is your best option for getting the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.6
SmartAsset Average: 3.5

With a savings rate of 0.10%, Thomaston Savings Bank ranks poorly compared to the average U.S. bank. Thomaston Savings Bank's one-year and five-year term lengths CDs earn at a rate of 1.35% and 2.75%, respectively, while its highest-yielding money market account earns at an APY of 0.15%. Given its below average savings rate, you should consider looking elsewhere to open savings accounts.

How Thomaston Savings Bank's Savings Rates Compare

Thomaston Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Thomaston Savings Bank has generally 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 simple account. For those who frequent the ATM, Thomaston Savings Bank is perfect because it has no out-of-network ATM fees. Thomaston Savings Bank does not reimburse out-of-network ATM fees, which means you will be required to find a Thomaston Savings Bank ATM or eat the withdrawal fee.

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

4.0
SmartAsset Average: 3.7

Thomaston Savings Bank is a brick-and-mortar bank, with 13 total bank locations in Connecticut. With mobile and web apps, Thomaston Savings Bank makes mobile banking straightforward, even on the go. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Wednesday, 8:00 a.m. to 5:00 p.m. ET; Thursday and Friday, 8:00 a.m. to 6:00 p.m. ET; Saturday, and 8:00 a.m. to 12:00 p.m. ET. Thomaston Savings Bank's online and mobile banking platforms receive relatively high scores from customers. With 57 customer reviews across iOS and Android platforms, the Thomaston Savings Bank mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). You can access Thomaston Savings Bank's app to manage your accounts by monitoring monthly statements, transferring money as well as reaching customer service. Thomaston Savings Bank receives an outstanding consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.1/5
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

Thomaston Savings Bank is currently a medium-size bank with assets totaling $988 million as well as deposits totaling $863 million. Its Texas Ratio is 7.66%, signifying that the bank is in fine financial shape and improbable to fail. Additionally, Thomaston 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

7.66%
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 Thomaston 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 $500
Certificates of Deposit
  • 12 Month: 1.35% APY
  • 24 Month: 2.60% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.75% APY
$1000 for all terms
Money Market Account 0.15% APY $10000

Thomaston Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Thomaston 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. Thomaston Savings Bank's CD rates are fair compared to the national average.

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Find a Thomaston Savings Bank Near Me

Thomaston Savings Bank has 13 branches across the U.S.

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