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.
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 4.50% APY on savings alongside a 0.50% APY on the checking account, all with no monthly fees.
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.
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.
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.
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.
6. Citizens Bank
Citizens Bank, boasting over 30 branches in Connecticut, stands as one of the reliable national banks in the region.
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.
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.
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.
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.
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.
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.
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.
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.
