Best Banks in Connecticut

Connecticut residents have several banking options, including national, regional, and online banks. Choosing the best bank in Connecticut can be challenging, especially when there are nearly 60 banks in the state.

From Danbury to Hartford, we’ll explore the banking landscape of Connecticut.

I’ll help you narrow down your choices while I share some of the best banks in Connecticut, highlighting their standout features, services, and fees so that you can make the best financial decision.

Let’s get started!

9 Best Banks in Connecticut

Here are the best banks in Connecticut that you can open an account with today:

  1. Chase Bank
  2. Bank of America
  3. Citizens Bank
  4. Capital One
  5. Chime
  6. Liberty Bank
  7. Bankwell Bank
  8. Union Savings Bank
  9. Webster Bank

1. Chase Bank

Chase Bank is currently the largest bank in the U.S., with almost 5,000 branches across 48 states and over 50 in Connecticut. Chase has everything you need in a bank, including personal banking, business banking, a credit card, loans, or wealth management. It also offers banking options for children, high schoolers, and college students, so you can instill financial literacy as your kids grow.

  • Checking: Chase’s most well-known account, Chase Total Checking, comes with a free credit report, online bill pay, mobile check deposit, Zelle transfers, and account alerts. There is a monthly maintenance fee of $12, but you can avoid it by setting up direct deposit or maintaining a specific daily balance. Typically, Chase offers a generous sign-on bonus when opening a new Total Checking account.
  • Savings: Chase Savings is its basic savings account with relatively low APYs. However, it includes free overdraft protection transfers to cover your checking account and an easily avoidable $5 monthly fee.

Chase is also one of the leading providers of credit cards with cashback rewards, low-interest rates, and flexible spending limits.

Pros:

  • Full range of financial services
  • Large network of branches and ATMs
  • Generous bonuses and cashback rewards

Cons:

  • Low savings APY
  • Several account fees

2. Bank of America

Currently, one of the largest banks in the nation, Bank of America (BoA), has branches in over 60 cities and towns in Connecticut, including Bridgeport, Danbury, Hartford, New Haven, and Stamford, making it accessible and convenient. Plus, the mobile banking app is easy to use and allows you to manage your account 24/7.

It offers Connecticut residents a wide range of products and services, including checking and savings accounts, personal and business loans, credit cards, retirement accounts, CDs, IRAs, 529 plans, and wealth management services (through Merill Edge).

  • Checking: Bank of America has three checking account options, with Advantage Plus Checking being the most common. It includes check writing, a chipped debit card, overdraft protection, and BankAmeriDeals (cash-back when you use your debit card). There are a few ways to avoid the $12 maintenance fee, including monthly direct deposits of at least $250 and a minimum daily balance of $1,500.
  • Savings: Its counterpart, Advantage Savings, requires an initial deposit of $100 and a monthly maintenance fee of $8 (avoidable with a minimum daily balance of $500 or becoming a Preferred Rewards Member). Interest rates are tiered based on your account balance and Preferred Rewards Member status; however, BoA’s savings APYs are low (currently ranging from 0.01% to 0.04%).

BoA’s Preferred Rewards program provides account holders several benefits, including increased interest rates, cashback rewards, and waived or discounted fees. Customers are eligible if they have a minimum of $20,000 in combined deposits across their Bank of America and Merrill investment accounts.

Pros:

  • Extensive network of branches and ATMs
  • Accounts can be opened in person or online
  • BankAmeriDeals cashback rewards
  • Keep the Change roundup savings feature

Cons:

  • Savings rates are low, even with a tiered structure
  • High account balance needed to qualify for Preferred Rewards

3. Citizens Bank

If you’re looking for an in-person banking experience and a full range of banking products and services, consider Citizens Bank. Citizens Bank is a regional bank that operates in 11 states, with over 3,100 ATMs and 1,000 locations, with over 30 branches in Connecticut alone.

Based in Providence, Rhode Island, Citizens Bank offers a variety of banking options, including checking accounts, savings accounts, money market accounts (MMAs), IRAs, certificates of deposit (CDs), home equity lines of credit, student loans, and auto loans.

  • Checking: With five checking accounts, Citizens Bank’s One Deposit checking account is a popular and simple choice. While the monthly maintenance fee is high ($9.99), you can easily avoid it by making just one deposit per month of any amount. You can open this account online today with no minimum balance requirement.
  • Savings: In addition to two savings accounts, money market accounts, CDs, and IRAs, Citizens Bank also offers a One Deposit savings account. Similar to its checking counterpart, the $4.99 monthly maintenance fee can be waived by making one deposit of any amount per statement period or by maintaining a $200 daily balance. However, the account’s APY of 0.01% is much lower than the national average.

Citizens Bank has a few standout features that set it apart from other major banks.

  • Citizens Peace of Mind, their overdraft protection program, alerts you if you overdraft your account and provides a grace period to get your balance back to zero and reverse any overdraft fees.
  • Citizens IQ offers personalized insights into your spending and saving habits, along with tips to reach your long-term savings goals.
  • Citizens Paid Early, you can get paid up to two days early if your checks are directly deposited into your Citizens account.

Pros:

  • Easy to avoid monthly maintenance fees
  • Overdraft grace period
  • Get paid two days early with a direct deposit

Cons:

  • APY for the savings account is very low
  • Overdraft fees are high ($35)

4. Capital One

Capital One is an excellent option for any resident who prefers to bank with a national financial institution. As one of the top ten largest banks in the U.S., Capital One has banking services to fit every need.

Capital One is FDIC-insured and offers various services, including bank accounts (including for children and teens), credit cards, CDs, auto loans, and business and commercial banking.

While Capital One does not have any physical branches in Connecticut, you can bank online anytime, whether it’s through your online portal or its highly-rated mobile app. Customers can access over 70,000 fee-free ATMs nationwide, with hundreds in Connecticut.

  • Checking: Capital One’s 360 Checking is a free account with no minimum balance or fees.
  • Savings: The 360 Performance Savings account is a high-yield account with an impressive APY. It also has no monthly maintenance fees or minimum balance requirements.

When it comes to overdraft protection, Capital One gives account holders the option to auto-decline transactions that could cause an overdraft, a free transfer of funds from your savings account, or a no-fee overdraft if an approved transaction puts you in the negative.

Pros:

  • No monthly fees
  • High-yield savings account
  • Competitive CD rates
  • No overdraft fees

Cons:

  • No branches in Connecticut
  • No money market accounts

5.  Chime

While Chime is not technically a bank, it is a digital banking provider with unique features that make it an ideal choice for online banking. Chime is 100% online, meaning you can manage your finances anytime.

Chime doesn’t charge any fees, including monthly, minimum balance, or overdraft fees. You could see a fee if you use an out-of-network ATM, but with access to over 60,000 fee-free ATMs, that shouldn’t be an issue.

  • Checking: With Chime’s checking account, you’ll receive a free Visa debit card with multiple security features and the ability to deposit cash at any Walgreens location. You’ll also have access to Chime’s SpotMe feature, which lets you overdraw your account up to $200 without incurring any fees.
  • Savings: Chime’s high-yield savings account offers a respectable interest rate, helping you grow your money faster than a traditional savings account. Other notable features include SpotMe, which gives you up to $200 when you need cash quickly, and RoundUps, which rounds up your debit card purchases to the nearest dollar with the remainder transferred to your savings account.

With a mobile app with high ratings for iPhone and Android users and a 24/7 customer support team, Chime is an excellent option for Connecticut residents looking for a simple online banking experience.

Pros:

  • No monthly maintenance fees
  • No overdraft fees
  • No minimum balance requirements
  • Get paid early if you have direct deposit

Cons:

  • Mobile check deposit is only available when you enroll in direct deposit
  • Limited accounts to choose from

6. Liberty Bank

Headquartered in Middletown, Liberty Bank is a member FDIC community bank with over 50 physical branches in Connecticut and one in Massachusetts.

With nearly 200 years of experience in the banking industry, Liberty Bank is a full-service financial institution offering personal and business banking, money management, mortgages, loans, insurance, and wealth management services.

Checking: Liberty Bank offers four checking accounts with online bill pay, digital wallet access, and no minimum balance requirement. They each stand apart from each other with their own unique features:

  • PayBack Checking: Refunds ATM fees up to $15 per month
  • Quarter Back Checking Account: Earn $.25 back every time you spend $25 or more with your debit card
  • Liberty BankSmart Account: Charges no overdraft fees
  • My Pay Student Banking: Students receive refunds on ATM fees and cash back when they use their debit card

Rules and restrictions differ, so read the fine print before opening an account, which you can easily do online. (Note: Liberty Bank accounts are only available to those to reside in Connecticut, Massachusetts, and Rhode Island).

Savings: Liberty Bank also has three savings accounts—Cinch Savings (with zero ATM fees), Overdraft Savings (automatic transfers to cover a Liberty account overdraft), and Club Savings for holiday spending (which you must open in person). Interest rates are tiered and currently range between 0.05% and 0.15%.

With online and mobile banking, Liberty Bank customers can transfer money instantly, pay bills, track their expenses, set up account alerts, and even check their credit scores.

Pros:

  • Numerous physical locations in Connecticut
  • Well-rated mobile app
  • No minimum balance on most accounts

Cons:

  • Customer service is not available on Sundays
  • Money market rates are lower than online bank options

7. Bankwell Bank

Established in 2002, Bankwell Bank is a community bank headquartered in New Canaan and serves those in New Haven and Fairfield counties. Whether you choose to bank online or in one of the ten brick-and-mortar locations, Bankwell Bank has an array of banking solutions, including a checking and savings account, MMAs, CDs, IRAs, and debit cards.

Bankwell offers one checking (Smart Checking) and one savings account (Smart Savings).

Both accounts are free and interest-bearing (with competitive APYs) with no monthly maintenance fees or minimum balance requirements. However, you will need a $100 minimum deposit when you open a new account.

With Bankwell, you can use any ATM nationwide fee-free. If you do get charged from another bank or financial institution, Bankwell will reimburse you.

Offering convenient online and mobile banking options, account holders can easily manage their finances. Through your portal, you can view your accounts, pay bills securely, transfer funds, and access e-statements. Bankwell’s mobile app offers features like facial recognition, mobile check deposit, and CardValet (which provides fraud protection and allows you to set spending limits for your Bankwell Visa Debit Card).

Bankwell has limited customer service hours (8:30 a.m. to 5:00 p.m. weekdays); however, with a live chat feature on its website, you can get answers to your questions in minutes.

Pros:

  • No ATM fees
  • Competitive APYs, especially with Smart Savings
  • Live chat on Bankwell’s website

Cons:

  • One option for checking and savings accounts
  • No credit cards

8. Union Savings Bank

Founded in Danbury over 150 years ago, Union Savings Bank (USB) provides a range of financial services to customers in Western Connecticut. USB offers plenty of banking and finance options, including checking accounts, MMAs, CDs, IRAs, health savings accounts (HSAs), credit cards, mortgage loans, financial planning, investing, and life insurance.

  • Checking: This community bank has three checking accounts, each with eStatements, online banking, a Visa debit card, and the ability to link to several digital wallets. Account holders can also take advantage of the Early Payday feature, where you get paid two days early when you have direct deposit.
  • Savings: USB also offers three savings accounts—standard savings, high-yield savings, and a savings account for children to learn good money habits. You can also open a Club Savings account to set aside funds for a specific goal (holiday gifts, vacation, etc.) Interest rates are based on the amount in your account and are compounded monthly.

With over $10 million donated to local organizations, USB strongly commits to the local community. It currently participates in seven community programs, including USB Teacher’s Closet, which donates school supplies to local classrooms, and USB Gives Bank, which funds projects for local businesses and charities.

Pros:

  • Strong focus on the local community
  • Early Payday pays you two days before your direct deposit hits
  • Automatic round-ups when you use your debit card

Cons:

  • Mobile app ratings could be better, especially on Google Play
  • Low-tier rates could be higher

9. Webster Bank

Founded in 1935, Webster Bank is a regional bank headquartered in Stamford, serving the residents of Connecticut, Massachusetts, Rhode Island, and New York.

As the second largest bank in Connecticut, Webster Bank provides a variety of banking products such as checking accounts, savings accounts, CDs, HSAs, and lending options.

Checking: Webster Bank offers five checking accounts, including:

  1. Opportunity Checking is designed for those with past money management issues that need help getting back on track. There is a required $50 minimum deposit to open. But be prepared for the $11.95 monthly fee if you have direct deposit and $16.95 without it.
  2. Premier Checking offers no-fee ATM use worldwide and ATM reimbursements for fees you might be charged from other banks. There is a high $21.95 monthly maintenance fee, which you can avoid with a $20,000 combined monthly average in your Webster checking, money market, and savings balances.
  3. Value Checking allows you to waive the monthly maintenance fee with a $500 direct deposit or an average monthly balance of $1,000.
  4. WebsterOne Relationship Checking also does not charge fees when you use another bank’s ATM. To waive the monthly maintenance fee, account holders must maintain an average monthly balance of $4,000 between their Webster Bank accounts.
  5. Webster Student Checking is available to high school (age 15 and older) and college students, with no monthly maintenance fee for up to five years after you’ve opened the account.

Savings: There are four savings accounts, all of which are a counterpart to one of the checking accounts listed above (i.e. Premier Savings, Value Savings, etc.) You can open any Webster savings account with as little as $5, and it can be easily linked to your Webster checking account. However, APY savings rates are on the low side.

While Webster Bank does not have 24/7 customer service, it does have extended hours of availability seven days a week. Further, with online and mobile banking options, customers can access their money anytime.

Finally, Webster Bank offers valuable, free financial advice from its top experts. Whether you are looking to buy a house, get married, or return to school, Webster offers helpful tips and resources to help you manage your money.

Pros:

  • Wide variety of banking products and services
  • Competitive rates on their money market account
  • Opportunity Checking is helpful for those who need a fresh start with their finances

Cons:

  • Checking accounts have high fees
  • Savings APYs are low

Frequently Asked Questions

What is the best bank to use in Connecticut?

When it comes to choosing the best bank for you in Connecticut, it depends on what you’re looking for. You might prefer a national bank with multiple branches, like Wells Fargo or Bank of America, which are both popular options. Ultimately, it’s all about figuring out what you want from your bank and the features most important to you.

What is the most popular bank in Connecticut?

According to our research, M&T Bank is the most popular branch in Connecticut.

What bank has the most branches in Connecticut?

Currently, M&T Bank has the most branches in Connecticut, with 162 branches. The runner-up is Webster Bank, with 94 branches across the state.

What is the oldest bank in Connecticut?

Founded in 1825, Liberty Bank is the oldest bank in Connecticut and one of the oldest mutual savings banks in the country.

Which Bank In Connecticut Is Right For You?

The Constitution State is home to many banks, both big and small, so you aren’t without options for a banking solution that meets your financial needs. Whether you prefer a local community bank, like Union Savings Bank, or a national bank with a large network, like Chase, you will find what you need in Connecticut.

Of course, with all these options, you’ll want to consider your financial needs, goals, and preferences. Whether it’s convenience, low fees, superior interest rates, or excellent customer service, be sure to research and compare the banks on this list. Read online reviews, browse their websites, utilize the online chat feature, or even visit a local branch in person.

When choosing the best bank for you, do your research to ensure you’re selecting the right banking partner to help you grow your wealth and secure your financial future.

Good luck on your journey toward financial success!

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