Finding the best bank is not easy considering all the different features accounts can offer, and customers don’t value certain features equally. For example, you might be willing to pay a maintenance fee if that means you can get in-person service, whereas others might prefer to do all their banking online if they get higher interest rates on savings accounts. GOBankingRates determined the 10 best banks in Connecticut so you can choose the best bank for your needs.
Top 10 Banks in Connecticut
GOBankingRates identified the best banks in Connecticut based on asset size, monthly fees for checking accounts, savings account interest rates, bank accessibility and the range of banking products offered. See what makes each of the following banks special so you can find the best bank for you. The 10 best banks in Connecticut are:
- Liberty Bank
- Webster Bank, National Association
- United Bank
- Farmington Bank
- Savings Institute Bank and Trust Company
- Union Savings Bank
- People’s United Bank, National Association
- Bankwell Bank
- First County Bank
- Fairfield County Bank
Liberty Bank offers free checking with cash back for using your debit card. The Liberty Bank Quarter Back Checking account has no minimum, a $100 signup bonus and 24-hour phone banking. You can also get credit cards, traditional mortgages and reverse mortgages at Liberty Bank.
Liberty Bank is open to individuals who reside in these locations:
- Hampden, Hampshire and Worcester counties in Massachusetts
- Washington County, Rhode Island
Apply online with your government ID, Social Security number, American citizenship or resident alien status, and account information to fund your new account.
Webster Bank, National Association
Webster Bank offers checking accounts with low requirements to avoid monthly fees and credit cards with no annual fees. The bank’s eChecking account offers free checking services with no account minimums, free online bill pay, access to 300 Webster ATMs and up to five paper checks written per month. Write fewer than five checks, have at least $500 directly deposited, and enroll in electronic statements to avoid a $5 monthly fee. You can also obtain a Webster Bank Visa card, which offers the following benefits:
- No annual fee
- One point for every dollar spent
- 25 percent points bonus added each month
- No caps on how much you earn
You can apply for a Webster Bank account online with your Social Security number, driver’s license and employment information.
Open a United Bank checking account with as little as $1 and have no minimum fee going forward. Plus, you won’t get dinged with ATM surcharges at United Bank and Allpoint ATMs throughout Connecticut and Massachusetts. You can also earn competitive rates on a certificate of deposit, such as:
- 1.20% APY on a 12-month CD
- 1.55% APY on a 20-month CD
- 1.70% APY on a 35-month CD
- 2.05% APY on a 59-month CD
Apply online for a United Bank account with your address, employment status and identification.
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Get approved for a checking account even if you’ve been turned down in the past, and get help with financial planning at Farmington Bank. The Simple Checking account offers no-frills checking with the following terms and perks:
- $25 to open the account
- No monthly fee
- Free debit card
If you’ve had trouble getting approved for a checking account in the past, apply for Fresh Start Checking, which has a $10 monthly maintenance fee. The bank also has personalized in-house wealth management services.
Apply online for a Farmington Bank account with your driver’s license, Social Security number and funding method.
Savings Institute Bank and Trust Company
Enjoy free CashBack Checking when you need to borrow money, plus no-fee checking at Savings Institute and Trust Company. You can also take advantage of a range of loan and annuity options. In addition to traditional mortgages, which come with a 90-day mortgage preapproval, you can get these loan types:
- Construction loan
- Land loan
- Reverse mortgage
The bank’s annuities have no front-end loads, annual fees or hidden fees. Visit a Savings Institute Bank and Trust Company in person to open an account.
Union Savings Bank
Union Savings Bank’s free Classic Checking account and variety of loan options make it one of Connecticut’s top 10 banks. Union Savings Bank offers a choice of checking accounts with unlimited check writing and withdrawals, a debit card with Visa Zero Liability, free use of Union Savings Bank ATMs, and no service fees if you opt for e-statements. Additional terms and benefits vary according to the account you choose:
- Classic Checking: $25 to open, $2 transactions at non-Union Savings Bank ATMs
- Classic Student Checking: $25 to open, get eight non-Union Bank ATM fees waived each month
- Relationship Checking: $50 to open, $15 service fee can be waived
- USB Opportunity Checking: $50 to open
If you need money in a pinch, you can borrow as little as $500 with a personal loan.
Visit a local Union Savings Bank branch to open an account. Bring two different forms of ID when you visit.
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People’s United Bank, National Association
People’s United Bank has over 400 branches, making it the largest bank in Connecticut’s top 10 in that regard, and it’s the only one on this list that offers the every type of service surveyed: car loans, mortgages, credit cards, investment services and insurance.
This bank doesn’t have a free checking account, but you can avoid a monthly fee on Plus Checking if you meet one of the following criteria:
- Keep a minimum daily balance of $1,000.
- Receive direct deposits.
- Be 65 or older.
People’s United Bank also offers wealth management, including options for traditional and Roth IRAs to help you save for retirement.
Open an account online with your identifying information, government ID, employment and income information and a way to fund your account.
Bankwell Bank offers its Smart Checking account with ATM rebates nationwide, interest on your balance, and no maintenance fee. With an average balance over $10,000, you get free checks and free stop payments. And with FinanceWorks, you can monitor your entire financial world. Bankwell Bank also offers CDs, with rates such as:
- 1.15% APY for a 12-month CD
- 1.75% APY for a 24-month CD
- 1.90% APY for a 30-month CD
Apply in person at a Bankwell Bank to open an account. Bankwell Bank provides a switch kit to help you make the transition.
First County Bank
In addition to offering lending products, First County Bank has a checking account loaded with extras. The FirstAccess Checking account waives the maintenance fee if you keep a minimum average balance of at least $100. For extra perks, pay just $6 per month for ValueAccess Checking with BaZing, which helps you protect yourself against identity theft and offers the following:
- Discounts on shopping
- Cell phone protection
- Travel protection
- Grocery coupons
- Discounts on health-related products and services
You can apply for an account in person at your local First County Bank location.
Fairfield County Bank
Avoid maintenance fees on your checking account and save with a health savings account at Fairfield County Bank. You can get the monthly fee on your All Access Checking account waived each month you:
- Use Fairfield County Bank’s Connect24 online banking and bill pay to pay at least two bills.
- Use your debit card for at least eight purchases.
Fairfield County Bank also offers savings accounts with a minimum deposit of $500. You can also open an HSA, which can help you save for medical expenses if you’re covered by a high-deductible health insurance plan.
Visit your local Fairfield County Bank to apply for an account in person.
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Methodology: To determine the best banks in the state, GOBankingRates ranked the top 10 banks based on (1) asset-size, with $100 million minimum in assets held, according to the FDIC; (2) monthly checking account service fee; (3) savings account annual percentage rate, which was either a flat rate or the lowest tiered rate available from the bank for non-specialty savings account products; (4) bank accessibility, based on the approximate number of branches; and (5) products, with banks being scored on selection of products offered, including auto loans, mortgage loans, credit cards, investment services, and insurance.
Data for this ranking was compiled from and verified against the individual institutions’ websites between Sept. 21 and Sept. 26, 2017. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions. APY was based on the minimum deposit required to open the account. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Please verify terms and conditions before opening an account.
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some banks mentioned in this ranking are clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement.
Related: The Best Banks of 2021