Established in 1858, United Bank has assets totaling $7 billion and $5 billion in deposits, ranking the institution as a large bank. United Bank, whose headquarters are in Vernon Rockville, Connecticut, lacks premium access to support representatives, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. At a SmartAsset rating of 4.1 stars out of 5, United Bank should be solidly in contention for your choice of bank. United Bank has the complete package of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. United Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, United Bank offers an option without a monthly fee. Locating a bank with free checking and a high savings APY is the best option for accruing the highest income on your deposits while maintaining convenient access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
United Bank features a savings rate of 0.06%, which is poor in comparison to other U.S. banks. Its one-year CD has a rate of 0.55% and the five-year CD has a rate of 1.31%, while its highest-yielding money market account has a rate of 0.15%. Given its below average savings rate, you should consider taking a look at other banks for savings accounts.
How United Bank's Savings Rates Compare
United Bank has typically extremely low fees in comparison to the national average. With no monthly fee, United Bank's checking account is perfect for those who need a hassle-free banking experience. For those who frequently visit the ATM, United Bank is perfect because it charges no out-of-network ATM fees. United Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will need to find a United Bank ATM or eat the fee.
United Bank is a brick-and-mortar bank, with 55 total bank locations in Connecticut and Massachusetts. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 7:00 p.m. ET; Saturday, and 8:00 a.m. to 4:00 p.m. ET. United Bank's online and mobile banking platforms receive poor feedback from customers. Out of 380 ratings across both iOS and Android platforms, the United Bank mobile app has an overall rating of 3.3 out of 5 (compared to the national average of 3.8). United Bank's mobile app lets you manage your funds by monitoring current statements, sending and receiving money as well as reaching customer service. United Bank receives an excellent consumer satisfaction rating due to relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.
United Bank ranks as a large bank with assets totaling $7 billion as well as deposits totaling $5 billion. Its Texas Ratio is 4.72%, signifying that the bank is in excellent financial well-being and far from failure. Additionally, United 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.Back to Overview
Compare United Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.06% APY||$1000|
|Checking Account||0.05% APY||$500|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Accounts||0.1% APY 0.15% APY||$10000 $15000|
United Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. United Bank does not have the best savings rate, which means you should think about looking 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. United Bank's CD rates are fair compared to the national average.Back to Overview
Find a United Bank Near Me
United Bank has 55 physical locations in the U.S.Back to Overview