Union Savings Bank Review

Union Savings Bank Access Savings

0.03% APY

Founded in Danbury, Connecticut in 1886, Union Savings Bank has served the Western Connecticut area for more than 150 years. Today, the bank offers customers a wide variety of services, from certificates of deposit (CDs) tochecking accounts to three different savings accounts.

Although online and mobile banking are available for most accounts, you’ll probably want to live in Western Connecticut to become a Union Savings Bank customer, as that’s where all of their branches are located.

Products Offered

Union Savings Bank Interest Rate Comparison

Access Savings Account

The primary feature of the Access Savings Account at Union Savings Bank is that your increase rate increases as your balance does. There is a $5 monthly service fee, but as long as your daily balance is above $500, that fee goes away.

Essential Savings Account

The Essential Savings Account is pretty straightforward. You’ll earn interest at a constant rate of 0.03% APY regardless of how much money you have in the account, and you only need a minimum deposit of $25 to open it.

You’re allowed up to six transfers per statement cycle, and if you exceed that, you’ll be charged $15 for each transaction over the limit. The monthly service fee of $3 is waived if you’re 18 or younger, 60 or older, have a minimum daily balance of at least $300 or are the primary account holder of a Essential Checking Account.

Young Savers Account

The Young Savers Account is intended for customers under the age of 21. If you’re under 21, it’s actually a much better account to have than the statement account, with no monthly fee and a significantly higher interest rate. Once you turn 21, the account will automatically be converted into a Statement Savings Account.

Certificates of Deposit (CDs)

Union Savings Bank offers certificates of deposit (CDs) with term lengths ranging from 91 days all the way up to five years. Although the rates offered aren’t quite on par with the best CD rates we’ve seen, you could certainly do worse, especially if you elect for one of the longer term lengths.

If you need to withdraw your money before the end of your term, you’ll be forced to pay a penalty of between 180 and 545 days worth of interest on the amount you’re withdrawing.

Essential Checking Account

The Essential Checking Account is your standard checking account option at Union Savings Bank. There’s no monthly fee to worry about, although if you opt for a paper statement over an electronic one, then you’ll need to pay a fee for that.

Access Checking Account

The Access Checking Account differs from the Classic option in that it allows you to earn interest on your money. The $5 monthly service fee is the highest monthly fee of any of the accounts offered, but you can waive that charge provided you keep your balance above $5,000. You’re also allowed eight free uses of a non-Union Savings Bank ATM each statement cycle.

Branch Locations

Union Savings Bank operates branches throughout Western Connecticut. All but a few of those locations have 24-hour ATMs available for your use as well.