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Union Savings Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Union Savings Bank 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 variable rate certificates of deposit (CDs) to student checking accounts to money market accounts (MMA).

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 26 branches are located.

Products Offered

Product Key Features
Savings Accounts
  • Minimum opening balance depends of type of account opened
  • Access to higher interest rate with premier account
Money Market Accounts
  • Higher rates than savings accounts
  • Access to limited check writing
Certificates of Deposit
  • Terms between 91 days and five years
  • Fixed and variable rate options available
Checking Accounts
  • Two primary choices and one student account
  • Option to earn interest or skip monthly fee

Union Savings Bank Interest Rate Comparison

Premier Savings Account

Key Features Details
Minimum Deposit $300
Access to Your Savings Account Online, mobile, ATMs and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $5 monthly fee, but can be waived by a $500 minimum daily balance
Current Terms and Rates
  • Account balances below $10,000: 0.03% APY
  • Account balances of $10,000 - $49,999.99: 0.05% APY
  • Account balances of $50,000 - $99,999.99: 0.07% APY
  • Account balances of $100,000 and above: 0.10%

The primary feature of the Premier 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.

Statement Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile, ATMs and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $3 monthly fee, but can be waived by a $300 minimum daily balance
Current Terms and Rates 0.03% APY

The Statement 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 $100 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 young, 60 or older or have a minimum daily balance of at least $300.

Compare Union Savings Bank to Other Competitive Offers

Young Savers Account

Key Features Details
Minimum Deposit $5
Accessto Your Savings Account Online, mobile and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Account balances below $5,000: 0.10% APY
  • Accounts balances of $5,000 and above: 0.15% APY

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.

Money Market Account

Key Features Details
Minimum Deposit $500
Access to Your Money Market Account Online, mobile, ATM and branch access
Security FDIC insured up to the maxium amount allowed by law
Fees
  • $10 monthly service fee, which can be waived by a minimum daily balance of $1,000
  • $15 fee for every transfer/withdrawal you make after monthly limit
Current Terms and Rates
  • Account balances below $25,000: 0.03% APY
  • Account balances of $25,000 - $49,999.99: 0.05% APY
  • Account balances of $50,000 - $99,999.99: 0.10% APY
  • Account balances of $100,000 and above: 0.15% APY

The Money Market Account offers slightly more competitive rates than the savings account options at Union Savings Bank, but it’s worth noting that you’ll have to invest over $25,000 before you even begin to see those increases.

Like the savings accounts, you’re allowed six transactions per statement cycle. However, you also have the ability to make these transactions by check or debit card with the Money Market Account. You’ll have to pay a $15 fee for every transaction beyond your limit in a given statement cycle.

Certificates of Deposit (CDs)

Key Features Details
Minimum Deposit $1,000
Access to Your CD Account Online, mobile and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly fee, but early withdrawal penalties may apply
Current Terms and Rates
  • 91 Day: 0.10%
  • 6 Month: 0.15%
  • 9 Month: 0.20%
  • 12 Month: 0.25%
  • 18 Month: 0.40%
  • 24 Month: 0.50%
  • 36 Month: 0.80%
  • 48 Month: 0.90%
  • 60 Month: 1.31%

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.

Classic Checking Account

Key Features Details
Minimum Deposit $25
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees
  • No monthly service fee
    • $2 per transaction at non-Union Savings Bank ATMs

The Classic 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. If you use a non-Union Savings Bank ATM, you’ll have to cough up a $2 fee as well.

Relationship Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $15 monthly service fee which can be waived by
  • Having a minimum daily balance of $5,000
  • Having $25,000 in total deposits at the bank
  • Having $50,000 between deposit and loan accounts
Current Terms and Rates
  • Account balances below $25,000: 0.05% APY
  • Account balances of $25,000 - $99,999.99: 0.10% APY
  • Account balances of $100,000 and above: 0.15% APY

The Relationship Checking Account differs from the Classic option in that it allows you to earn interest on your money. The $15 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.

Classic Student Checking Account

Key Features Details
Minimum Deposit $25
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees
  • No monthly service fee
  • ATM fee if you use a non-Union Savings Bank ATM more than eight times per statement cycle

Since it’s intended for students to use, the Classic Student Checking Account will automatically convert to a Classic Checking Account after five years. You’ll need $25 to open an account, but you won’t have to worry about any other fees. Like the Relationship Checking Account, you’re allowed to use a non-Union ATM up to eight times per statement cycle without paying a fee.

Branch Locations

Union Savings Bank operates 26 branches throughout Western Connecticut. All but two of those locations have 24-hour ATMs available for your use as well.

Financial Statistics and Bank Health Rating

Union Savings Bank has $2.18 billion in assets and $1.67 billion in loans. Its customers currently hold $1.68 billion in deposits.

An important factor when deciding whether you should trust a bank with your deposits is its Texas ratio. The Texas ratio indicates how risky the bank’s current credit situation is. It’s calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. Ratios nearing 100% indicate a precarious credit situation for the bank. Union Savings Bank’s ratio is 10.04%, which is considered very good.

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