13 Best Banks in Connecticut for 2024

Banking

Connecticut is a great place to live and work. It’s in a prime location that makes it easy to get to large cities like New York and Boston. Plus, there are plenty of outdoor recreation opportunities thanks to all the mountains, lakes, and beaches as well as top-notch schools.

Whether you’re new to the Constitution State or have lived there for years, you might be searching for a bank to manage and store your hard-earned money. Fortunately, you’ve come to the right place, as we’ve researched the various regional banks and national banks available.

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13 Best Banks in Connecticut

Below is our carefully curated list of the best banks in Connecticut. This list is compiled based on factors such as customer feedback, range of services, accessibility, and financial strength.

1. SoFi

SoFi is one of the top online banks for Connecticut residents, known for its Checking & Savings account. Customers can earn a remarkable 4.60% APY on savings alongside a 0.50% APY on the checking account, all with no monthly fees.

One standout feature is the early direct deposit option, granting account holders access to their paychecks up to two days in advance.

SoFi also provides FDIC insurance coverage that extends up to a substantial $2 million. The bank further aids its customers with overdraft coverage of up to $50 with no fees, a facility available for those with qualifying direct deposits.

Newcomers to SoFi can expect a welcome bonus between $50 and $300, based on the direct deposit amount. Furthermore, SoFi provides access to over 55,000 Allpoint® Network ATMs.

2. Capital One

Capital One is a national bank offering diverse banking products tailored for adults, children, and teens. While there are no physical branches in Connecticut, it qualifies as a best bank in Connecticut due to its comprehensive online banking facilities available via an online portal and a user-friendly app.

The Capital One 360 Checking is a free checking account, offering no monthly maintenance fees and no minimum balance requirements. Additionally, Capital One does not charge overdraft fees.

Customers have access to a vast network of over 70,000 fee-free ATMs across the nation, including over 100 in the state.

There’s also the 360 Performance Savings, which is a high-yield savings account with a competitive 4.30% APY. Furthermore, Capital One offers 360 CDs with guaranteed returns, starting at terms as short as 6 months, with the 18-month CD highlighting an impressive 5.25% APY.

3. TD Bank

TD Bank has 10 branches in Connecticut, including Bristol, Waterbury, and Southington. The bank offers a versatile array of checking accounts, with the TD Convenience Checking℠ being a standout option for daily banking.

It has a mere $100 minimum daily balance requirement to waive the $15 monthly fee. Young adults aged 17 to 23 can benefit from no monthly fees.

The checking account comes the ease of free mobile banking including TD Bank Mobile Deposit, which includes 24/7 account access through online platforms, offering features such as Bill Pay and Zelle.

TD Bank prioritizes secure banking, evidenced by their contactless debit cards backed with a zero-liability guarantee and round-the-clock fraud monitoring.

Adding to its allure are rate discounts on home equity and personal loans, supplementing a rich portfolio of financial products including savings accounts, CDs, and credit cards. Opt for TD Bank for a dependable and comprehensive banking solution in Connecticut.

4. Liberty Bank

Based in Middletown, Liberty Bank has more than 50 branches in Connecticut. It’s been around for more than 200 years and provides a plethora of financial products and services.

These include personal banking, business banking, mortgages, personal and business loans, insurance, and wealth management.

No matter which one of its four checking accounts you opt for, you can expect digital wallet access and the option to pay bills online with no minimum balance requirement.

In addition, Liberty Bank offers three savings accounts with tiered interest rates. While you can visit a local branch, another option is to take advantage of online and mobile banking.

With online and mobile banking, you’ll be able to pay bills, set up account alerts for if your account dips below a certain amount, and more.

5. Webster Bank

Headquartered in Stamford, Webster Bank has hundreds of branches and ATMs throughout the state. Its checking accounts come with low minimum balance requirements and free online bill pay.

If you sign up for the Webster Bank Visa and use it to make everyday purchases, you’ll earn one point for every dollar you spend and won’t have to pay an annual fee.

Webster Bank also offers a wide variety of other products and services, such as a personal savings account, CDs, Health Savings Accounts (HSAs), loans, wealth management services, and commercial banking.

6. Citizens Bank

Citizens Bank, boasting over 30 branches in Connecticut, stands as one of the reliable national banks in the region.

The One Deposit checking account is notable, allowing you to avoid monthly maintenance fees with just a single deposit each month. You can kickstart this account without worrying about meeting any minimum balance requirements.

Besides the checking account, Citizens Bank offers savings and money market accounts, CDs, and IRAs to help you manage and grow your savings.

The bank safeguards your interests with the Citizens Peace of Mind program, which notifies you in case of an account overdraft and grants a grace period to avoid overdraft fees.

Plus, setting up a direct deposit with them ensures that you receive your payment two days early every statement cycle, enhancing your financial flexibility.

7. M&T Bank

M&T Bank’s branches and ATMs can be found in many Connecticut cities, such as Stratford, Fairfield, Westport, Monroe, and Trumbull. Its personal banking options include checking accounts, savings accounts, CDs, loans, mortgages, and insurance.

If you download its mobile app, you’ll be able to send and receive money via Zelle, deposit checks on the go, and keep tabs on your spending habits. M&T Bank also specializes in mortgage assistance programs to help you cover your mortgage costs as you deal with financial hardship.

In addition, M&T Bank caters to small businesses with business checking accounts, business credit cards, and merchant services can help you meet your business goals.

8. Union Savings Bank

Union Savings Bank is a local bank with a focus on customer relationships and customizable banking services. It has branch locations in Bethel, Brookfield, Danbury, Canton, Goshen, Litchfield, and many other cities throughout Connecticut.

Banking with Union Savings Bank entails a broad spectrum of personal banking products, ranging from checking and savings accounts to mortgages, and HELOCs.

The bank stands out with its impressive digital offerings such as digital wallets, Spending Insights, and online and mobile banking facilitated with Zelle.

A noteworthy feature is the opportunity to collaborate with a certified FutureTrack coach to devise a tailored financial plan, steering you steadily towards your financial objectives.

Opting for Union Savings Bank means choosing a partner dedicated to supporting you in meeting your financial goals in Connecticut.

9. Bankwell Bank

Bankwell Bank was established in 2002 and serves individuals and small business owners in Fairfield and New Haven County. You can choose from personal bank accounts, such as the Smart Checking, Smart Savings, Smart Money Market, and Smart IRA accounts.

The bank also offers a Switch Kit so you can easily transition to it. Additionally, you may opt for its treasury management services to manage your business finances.

Treasury management services include business banking online, account analysis, account reconciliation, wire transfers, ACH origination, mobile check deposit, and zero balance accounts.

10. First County Bank

First County Bank is an independent bank in Fairfield. It strives to make money management easy through checking accounts, savings accounts, credit cards, loans, insurance, and online banking.

If you’re planning to buy a house, you’ll appreciate First County’s mortgage center, which offers mortgages with attractive rates and terms, home equity loans, and a plethora of mortgage resources.

Its wealth management services are specifically tailored to individuals and families, women, family businesses, and nonprofit organizations. In addition, the First County Foundation awards grants to support various causes.

11. Dime Bank

Dime Bank serves southeastern Connecticut and Rhode Island. As a Dime customer, you can pick from five checking accounts that come with perks like free ATM withdrawals, a cell phone protection plan, digital banking tools, and roadside assistance.

If you’re in need of a savings account, you may opt for a traditional savings account, Club accounts for holidays and special trips, and a money market account with higher returns.

Dime also offers a plethora of consumer loans, such as mortgages, home equity loans, home equity lines of credit, construction loans, personal and auto loans.

12. Bank of America

Bank of America is one of the largest banks in the country. It has many branches with local people in more than 60 cities and towns throughout Connecticut, like Hartford, Bridgeport, New Haven, and Danbury.

With Bank of America, you can also manage your cash on the go with its highly rated mobile banking app. When it comes to checking accounts, you have three options, including the Advantage Plus Checking, which is the most popular option.

You can also save your money in the Advantage Savings account, which requires a $100 initial deposit and $8 monthly maintenance fee that you can avoid if you maintain a daily balance of  $500 or more or join the Preferred Rewards program.

As a Preferred Rewards member, you’ll lock in perks, such as higher interest rates, waived or discounted fees with a special promo code, and cash back rewards for qualifying transactions.

13. Chase Bank

Chase Bank has a large presence in the U.S. and over 50 branches in Connecticut to help you meet various banking needs. Its full suite of offerings includes checking accounts, credit cards, and loans. The bank also provides banking solutions for children, teens, and young adults.

The most popular account at Chase is the Total Checking account, which comes with perks like online bill pay, mobile check deposit, account alerts, free credit reports, and Zelle transfers.  If you open a new checking account, you may qualify for a generous sign-on bonus.

How to Choose the Best Bank in Connecticut

Choosing the best bank in Connecticut is a big decision, one that requires careful consideration of various factors to ensure that your bank aligns with your financial goals and lifestyle. Here are some things you should look at to find the perfect fit:

  • Range of services: The best banks in Connecticut offer a wide spectrum of services, including checking and savings accounts, credit cards, loans, and more. Consider the range and diversity of financial products offered to ensure they cater to your needs.
  • Fee structure: Evaluate the bank’s fee structure, particularly focusing on monthly maintenance fees, ATM fees, and overdraft fees. Opt for banks that offer ways to waive these fees to keep your banking cost-effective.
  • Interest rates: Take a close look at the interest rates offered on savings and checking accounts. Banks offering a higher annual percentage yields (APY) allow you to grow your savings more rapidly.
  • Digital and mobile banking: In this digital age, convenient mobile and online banking features are a must. The best banks in Connecticut offer hassle-free digital transactions, including mobile deposits, bill pay, and a user-friendly app interface.
  • Customer service: Assess the customer service of the banks, focusing on their responsiveness and the availability of customer service representatives. Stellar customer service can significantly enhance your banking experience.
  • Location and ATM access: For those who prefer in-person banking, bank branches and ATM accessibility are essential.
  • Reviews and recommendations: Lastly, refer to customer reviews and recommendations to garner a true sense of the bank’s reputation and the satisfaction level of its existing clientele.

By carefully weighing these factors, you can identify the best banks in Connecticut that align with your financial objectives, ensuring a fruitful and smooth banking journey in the Constitution State.

Bottom Line

Selecting a bank is a pivotal step in steering your financial journey towards success. In Connecticut, you have the luxury to choose from a plethora of reputable banks, each bringing its unique set of offerings to the table, catering to a wide spectrum of financial needs and preferences.

Whether you prioritize digital banking convenience, personalized service, or competitive interest rates, there’s undoubtedly a bank in Connecticut tailored to your needs. Remember, the best bank isn’t necessarily the largest or the most popular; it’s the one that aligns seamlessly with your financial goals and lifestyle. Best of luck in your search for a bank in Connecticut.

Frequently Asked Questions

What are the largest banks in Connecticut?

The largest banks in Connecticut are M&T Bank, Webster Bank, and Bank of America. While a large bank has many advantages, like a wide range of financial tools and services, it might not be the best choice if your goal is personalized banking service.

How do I open a bank account in Connecticut?

It’s easy to open a bank account in Connecticut. All you need is a government-issued ID like a driver’s license or passport, your Social Security number, and some bank accounts require a minimum deposit.

Should I choose a bank or credit union in Connecticut?

Choosing between a bank and a credit union in Connecticut depends on your individual preferences and needs. Banks often offer a wide variety of services and have more extensive networks, while credit unions are known for personalized service and potentially lower fees.

What is the oldest bank in Connecticut?

Liberty Bank is the oldest bank in Connecticut. It was founded in 1825 and offers a plethora of personal and business banking products.

What are some regional banks in Connecticut?

There are many regional banks in Connecticut. Several examples include Bankwell Bank, Dime Bank, Jewett City Savings Bank, Newtown Savings Bank, Eastern Connecticut Savings Bank, Northwest Community Bank, Ion Bank, Chelsea Groton Bank, and Milford Bank.

Are online banks safe?

Absolutely! Even though online banks use mobile apps and online portals, most of them are member FDIC, which means your money will be covered by the federal government if the bank shuts down for any reason. As an added bonus, online-only banks typically have higher savings rates and lower fees than brick-and-mortar banks.

Anna Baluch
Meet the author

Anna Baluch is a freelance personal finance writer from Cleveland, OH. She enjoys helping people make smart financial decisions.