The Best Savings Accounts in Connecticut for 2023
Connecticut is home to 25 state-chartered banks and there are 25 national and out-of-state banks that have branches here. Additionally, three foreign banks have locations in the Constitution State.
Residents have plenty of options to choose from when deciding where to open a savings account, though not all banks are the same. Keep reading to learn which banks offer the best savings accounts in Connecticut.
The Best Savings Accounts in Connecticut
- Marcus by Goldman Sachs
- CIT Bank
- Quontic Bank
- Liberty Savings Bank
- Synchrony Bank
- DR Bank
- Sikorsky Credit Union
Online Savings Accounts Available in Connecticut
When you’re looking for the best savings interest rates, online banks can be an obvious choice. There are several online banks that offer savings accounts in Connecticut featuring competitive rates and low fees. Online banks can also offer the same FDIC insurance coverage as traditional banks.
Marcus by Goldman Sachs
Marcus is the online banking division of Goldman Sachs. Here, you’ll find both high-yield savings accounts and high-yield CD accounts to help you reach your financial goals.
What makes Marcus by Goldman Sachs a top choice for Connecticut savers:
- Marcus offers a highly competitive rate for its savings and CD accounts
- No monthly fees and no minimum deposit requirements
- FDIC insured accounts
- 24/7 customer support if you need help
- Same-day transfers of up to $100,000 are allowed to and from other banks
Marcus by Goldman Sachs Savings Pros & Cons
Read more about Marcus by Goldman Sachs Savings
CIT Bank is the online banking division of First Citizens Bank, CIT offers accounts to savers in all 50 states, including residents of Connecticut.
What makes CIT Bank a top choice for Connecticut savers:
- CIT offers highly competitive rates for its various savings account options, including Savings Connect
- Savers can access their accounts online or through the CIT mobile app
- There are no monthly service fees
- CIT Bank deposits are FDIC-insured
Along with high-yield savings accounts, CIT Bank also offers money market accounts and certificate of deposit (CD) accounts.
CIT Bank Savings Pros & Cons
Read more about CIT Bank Savings
Quontic describes itself as an “adaptive digital bank” that operates entirely online. Founded in 2009, Quontic is notable for taking an innovative approach to banking.
What makes Quontic Bank a top choice for Connecticut savers:
- Quontic Bank offers a range of account options, including high-yield savings accounts, money market accounts, and certificate of deposit accounts
- If you need a checking account, you might try Quontic’s Bitcoin rewards checking account
- No monthly maintenance fees.
- Only $100 to open a high-yield savings account
- Access your money fee-free at more than 90,000 ATMs
Quontic Bank Savings Pros & Cons
Read more about Quontic Bank Savings
Liberty Savings Bank
Liberty Savings Bank is actually a brick-and-mortar bank headquartered in Florida, but it offers high-yield savings accounts online through SaveBetter.com.
What makes Liberty Savings Bank a top choice for Connecticut savers:
- Savings accounts opened through SaveBetter.com earn some of the best rates of any online savings option
- The minimum to open an account is just $1
- No monthly fees or hidden fees apply
- Deposits are FDIC insured so your money is protected
- Opening an account online is quick and simple
Liberty Savings Bank Pros & Cons
Read more about Liberty Savings
Synchrony Bank offers a variety of banking products, including credit cards and high-yield savings accounts. This FDIC-insured bank could be a great choice for Connecticut savers who don’t mind forgoing branch banking access.
What makes Synchrony Bank a top choice for Connecticut savers:
- Open a high-yield savings account, money market account, or certificate of deposit account online in minutes
- Earn some of the highest rates for savings accounts online
- No monthly fees for savers
- No minimum deposit requirements or minimum balance requirements
- Deposits are protected up to FDIC limits
Synchrony Bank Savings Pros & Cons
Read more about Synchrony Bank Savings
A Look at Local Connecticut Banks
In addition to online banks, Connecticut residents may also be interested in what options they have for in-person banking. Here are two of the top local banking options in Connecticut.
DR Bank is headquartered in Darien, Connecticut and is the 25th largest bank in the state. The bank was established in 2006, so it’s relatively new, but it’s one of the best branch banking options for savers.
What makes DR Bank a top choice for Connecticut savers:
- Above-average rates, compared to other brick-and-mortar banks
- Open a variety of account options, including savings, money market, and checking accounts
- Tiered rates reward savers who maintain larger balances
- No monthly maintenance fees
- Bank at a branch, online, or via the DR Bank mobile app
DR Bank Savings Pros & Cons
Sikorsky Credit Union
Sikorsky Credit Union is headquartered in Stratford, Connecticut and it’s the 4th largest credit union in the state. The credit union offers banking, investing, and borrowing products and services to residents.
What makes Sikorsky Credit Union a top choice for Connecticut savers:
- Low minimum deposit required to open a savings account
- Variety of savings account products to choose from
- Competitive rates on par with what other credit unions offer
- Do all of your banking in one place, either online or at a branch
- NCUA protected deposits
Sikorsky Credit Union Savings Pros & Cons
How We Picked: Methodology
We found the best savings accounts in Connecticut by analyzing savings accounts offered by online banks, local and regional banks and credit unions, and national banks. We looked at current APYs offered on savings accounts at over 25 banks along with fees, requirements to open an account, availability of ATMs, access to customer service, and convenience of online and in-app banking.
Our top choices for savings accounts in Connecticut reflect bank offers and market conditions at the time of our analysis. Banks change their rates and other features regularly, so it’s always a good idea to check the latest rates directly with any banks you’re considering.
How to Choose a Savings Account in Connecticut
When evaluating savings accounts, it’s helpful to know what you should be looking for. Here are some of the most important things to keep in mind when comparing savings accounts in Connecticut.
Getting a great rate on savings deposits may be your first priority but rates can vary widely from bank to bank. Again, you’re more likely to find higher rates offered at online banks versus traditional banks or even credit unions since they have lower overhead costs.
Fees can be a stumbling block to reaching your savings goals if you’re paying the bank back a big chunk of the interest you earn each month. If you’re looking for savings accounts with the lowest fees (or no fees at all), you may be better off sticking with online banks.
Minimum deposit requirements determine how much money you’ll need to have on hand to open a savings account. Lower minimum deposit requirements might be preferred if you’re just getting started with saving.
Being able to access your money when you need to matters. When comparing savings accounts, be sure to consider how you’ll be able to make withdrawals and deposits. Online banks can offer ATM access, though they don’t always. So deposits or withdrawals may be limited to ACH transfers from linked bank accounts
Customer support is there to help when you have questions or issues with your savings account. Consider whether a bank offers support in person, by phone, via email, or through live chat when comparing savings options.
Where Can You Open a Savings Account in Connecticut?
If you live in Connecticut, you have three basic options for where to open a savings account in Connecticut. Here’s a closer look at how they work.
You might consider online banks for saving in Connecticut if you’re mainly interested in getting a high rate on your deposits and you don’t necessarily need to visit a branch. Online banks are generally more fee-friendly and some can offer other banking products, such as checking accounts, CDs or even credit cards.
Traditional banks, i.e., ones that have physical branches, are another option for saving accounts in Connecticut. The upside of traditional banking is that you can visit a branch if you need to. But the downsides can include higher fees and lower interest rates for savings accounts.
Credit unions usually have some type of membership requirement to join. But the advantages of credit unions include in-person banking, competitive rates, and low fees.
Connecticut Savings Accounts vs. CDs
Savings accounts and CDs can both be useful for funding your savings goals. Whether you need one, the other or both can depend on what you hope to get from your savings efforts.
The key differences between savings accounts and CDs involve the following:
Minimum balance requirements
One advantage of savings accounts is that they may have low minimum balance requirements to earn interest. For example, you may need to have just $1 in your account to earn interest. CD accounts, on the other hand, tend to have higher minimum balance requirements.
Up until 2020, federal rules limited withdrawals from savings accounts to six per month. Banks can, however, still impose excess withdrawal fees if you make more than six withdrawals per month. CDs usually don’t allow for early withdrawals without a penalty prior to maturity.
Interest rates for savings accounts are variable so they can adjust up or down over time. CD rates are fixed in at the time you open the account. Whether you earn a higher rate with a savings account or CD can depend on where you open an account.
Savings accounts can be used to hold emergency savings or money you’re setting aside for near-term goals. The maturity requirement associated with CDs means they’re better suited to saving money that you know you won’t need to spend right away.
Minimum deposit requirements
Savings accounts can be opened with as little as $1. At some banks, there may be no minimum deposit requirements for savings accounts at all. With a CD, on the other hand, you may be required to deposit anywhere from $100 to $1,000 or more to open your account.
Frequently Asked Questions (FAQs)
Savings accounts, whether at online or traditional banks, are a safe place to keep your money when the bank is insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC insures savings accounts up to $250,000 per depositor, per account ownership type, and per financial institution. The National Credit Union Administration (NCUA) provides a similar level of coverage for savings accounts held at member credit unions.
There is no single best savings account offered in Connecticut. Instead, the best savings account in Connecticut for you will be the one that offers the best combination of high rates, low fees, and convenient access to your money.
Credit unions and banks both offer savings accounts, though whether it makes sense to pick one over the other depends on your needs. If you’re eligible to join a credit union, then you may be able to lock in higher rates for savings accounts than you could find at brick-and-mortar banks. On the other hand, online banks can easily beat the rates offered by credit unions and charge fewer fees in the bargain.