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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

Established in 1874, Thomaston Savings Bank has $988 million in assets along with $863 million in deposits, classifying it as a medium-size bank. Thomaston Savings Bank, whose headquarters are in Thomaston, Connecticut, 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 commendable 4.3 stars out of 5, Thomaston Savings Bank proves it is a solid pick to be your bank. Thomaston Savings Bank provides customers with a full choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Thomaston Savings Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking does not have a monthly fee. Banks that offer no-fee checking as well as a high savings APY are the best bet for gaining the highest income from your deposits alongside convenient access to your money.

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 other U.S. banks. Its one-year CD earns at a rate of 1.35% and the five-year CD has a rate of 2.75%, while its highest-yielding money market account has a rate of 0.15%. Given its noncompetitive savings rate, you should think about taking a look at other banks for 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 typically has extremely low fees in comparison to other U.S. banks. Thomaston Savings Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who will need cash in a pinch, Thomaston Savings Bank is perfect because it charges no out-of-network ATM fees. Thomaston Savings Bank unfortunately doesn't reimburse out-of-network ATM charges, which means you'll have to locate a Thomaston Savings Bank ATM or accept the 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 account access 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 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 receives fairly positive reviews from customers for its mobile banking services. With 57 ratings on both Apple and Android platforms, the Thomaston Savings Bank mobile app is scored at 4.1 out of 5 (compared to the national average of 3.8). You can access Thomaston Savings Bank's app to manage your finances by reviewing monthly statements, sending and receiving funds as well as accessing support representatives. Thomaston Savings Bank gets an outstanding consumer satisfaction rating due to comparatively few complaints filed 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 a medium-size bank owning assets totaling $988 million and deposits totaling $863 million. Thomaston Savings Bank has a strong Texas Ratio of 7.66%, denoting a small likelihood of failure. 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: 2.25% APY
  • 48 Month: 2.50% APY
  • 60 Month: 2.75% APY
$1000 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

Thomaston 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. Thomaston Savings Bank 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. Thomaston Savings Bank's CD rates are fair in comparison to other U.S. banks.

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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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