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Best Banks in Connecticut

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Your bank can be a 1-stop-shop for all your financial needs. Whether you’re looking for a basic spending account, digital financial management tools or a loan to fund a large purchase, a good bank can cover your bases. 

Online and physical locations alike offer competitive personal banking products. Use Benzinga’s list of the best banks in Connecticut to make an informed decision.

Best Banks in Connecticut Near You:

  • Best for Savings Accounts: CIT Bank
  • Best for Mobile Banking: BBVA
  • Best Debit Card Features: Bank of America
  • Best Checking Accounts: Axos Bank
  • Best Community Bank: Union Savings Bank
Current APY
Up to 0.25%
Minimum balance
Minimum deposit of $100
Checking Fees
No monthly feesATM fees reimbursed up to $30 per month

Best for Savings Accounts: CIT Bank

CIT Bank is a savings-focused online bank. Open up one of its savings accounts with $100. Choose from a Savings Builder account, a Premier High Yield Savings account or Money Market account.

Premium High Yield Savings is a simple savings account with a relatively high APY. The Savings Builder account is a tiered account. Qualify for ascending tiered rates by when you meet minimum standards like keeping a minimum monthly balance or receiving direct deposits.

If you’re looking for a checking-savings mash-up, the CIT Money Market account is perfect for you. Earn interest on your balance while retaining easy access to funds if you need them. You can make easy digital transactions with Bill Pay, Zelle and PayPal. After the maximum 6 transactions per month, you’ll pay a $10 charge (capped at $50 per month). Overdrafting will cost you $25, but aside from these fees, this is a mostly free account.

24/7 access to CIT’s mobile banking tools is a feature of all CIT personal banking accounts.

If you need a straightforward spending account, CIT also offers eChecking. This will meet your needs along with the added benefit of earning interest. Any balance is subject to APY, but you’ll access the higher-tier rate by maintaining a balance of at least $25,000. 

This account also has few fees, and transactions at in-network ATMs are free. CIT will reimburse up to $30 in ATM fees as well. 

You can also look to CIT for home loans and several CD account options.

Current APY
Premium Checking: 0.05%
Minimum balance
$4,000 balance to waive $19 service fee for Premium Checking
Checking Fees
Online Checking: $3 monthly service charge waived with paperless statements Premium Checking: $19 fee waived with a balance of $4,000 or $4,000 in qualifying deposits

Best for Mobile Banking: BBVA

BBVA’s recently-updated mobile banking app won the Javelin Mobile Banking Leader award 6 times. The BBVA Mobile Banking app is innovative and designed to keep up with the ever-changing needs of its customers. 

Banking is easy and streamlined through the app’s easily-navigable interface. A new feature gives you a clear picture of how your finances look in real time by keeping all of your balances at the forefront along with pending and posted transactions.

BBVA caters to personal, small business, commercial, corporate and wealth management customers. It has a wide range of personal banking products, some of which are available nationally and some regionally. 

As a Connecticut resident, you have 2 checking accounts, to choose from: Premium Checking and Online Checking. Premium Checking is a tiered interest-earning account while you can earn cash back with your Online Checking debit card by activating Simple Cash Back.

You can open either of these accounts with an opening deposit of $25.  Banking is free at more than 64,000 BBVA branches, BBVA ATMs and co-op ATMs. 

BBVA’s 649 physical branches are located throughout the South and Southwest. While there aren’t any branches in Connecticut, BBVA offers in-person banking at ATMs in the state.You can also use the BBVA Mobile Banking app to oversee your account, transfer money, set up bill payments and view your balances. 

Current APY
0.01% to 0.06%
Minimum balance
$500
Checking Fees
$0 to $25 but can be waived

Best Debit Card Features: Bank of America

Bank of America is a large nationwide bank. Of its 4,300 financial centers in the United States, over 100 are in Connecticut.

Bank of America includes several unique perks with its debit cards available with all personal checking accounts. You’ll enjoy increased financial security with a $0 liability guarantee, which protects you from being responsible for fraudulent charges. You are also able to lock your card if it’s lost or stolen. 

Another nice feature is a digital debit card with the same number as your physical card, which can be used at any time or while you’re waiting for a replacement card. Just add it to your digital wallet on your smartphone and you’re good to go. You can make purchases online or in-person using your digital card.

You can also qualify for Bank of America Preferred Rewards by maintaining an average balance over $20,000 for 3 months. Preferred Rewards is a tiered rewards program. You’ll automatically be upgraded as you reach higher balances and access perks like interest rates boosters, discounts on loans and services like financial guidance.

Current APY
Up to 1.25%
Minimum balance
None
Checking Fees
Depends on the type of account

Best Checking Accounts: Axos Bank

Although Axos Bank is fully-digital and keeps an eye trained on dedicated customer service along with innovative banking technology.

Axos offers a competitive roster of high-yield personal banking accounts. Make the most of what you keep in the bank with either an interest-bearing savings or checking account. 

Savings accounts from Axos include High Yield Savings and High Yield Money Market. In addition to earning interest, there are no maintenance fees or monthly minimum balance requirements. 

Rewards Checking is its most popular checking account. Each of the following qualifying actions earns you ⅓ of the maximum APY possible:

  • At least $1,000 in qualifying direct deposits monthly
  • Make at least 10 monthly transactions with your Axos Visa Debit Card 
  • Make at least 15 monthly transactions with your Axos Visa Debit Card 

Reward Checking is mostly free — you won’t pay maintenance fees, overdraft or insufficient fund fees. Axos will also reimburse you for all domestic ATM fees. You’ll need a $50 opening deposit, but you don’t have to maintain a minimum balance except to qualify for certain perks.

Other checking accounts from Axos include Essential Checking. This is a no-frills, completely free checking account. CashBack Checking offers up to 1.00% cash back rewards on purchases. 

Axos offers 2 speciality accounts: Golden Checking specializes in the needs of customers 55 and older. First Checking is a joint account for young adults aged 13 to 17. Each of these accounts offer an APY rate among other perks.

Because Axos is a technology-driven bank, you’ll also benefit from the best in online banking. Each account is enabled with digital banking tools like mobile deposits, bill pay and peer-to-peer payments.

Current APY
0.05% to 0.15%
Minimum balance
No minimum balance$5,000 to waive service fee for Access Checking
Checking Fees
Essential Checking: $0Access Checking: $0 with minimum balance

Best Community Bank: Union Savings Bank

Union Savings Bank is a Connecticut bank with solid personal banking products and online banking capabilities. 

Choose from 2 checking accounts: Essential Checking and Access Checking. Essential Checking is free to use and comes with a free linked savings account. Access Checking is free if you meet minimum balance requirements. This account earns interest. You’ll also benefit from unlimited external ATM fees.

Frequently Asked Questions

Q: What is the difference between a checking and savings account?

A: A checking account is best for spending and making purchases. Savings accounts help you save money, with many earning interest on your balance. 

Some checking accounts earn interest, but savings accounts do tend to earn at a higher rate. There’s also a limit on how many transactions you can make monthly with a savings account while a checking account may have a daily ATM withdrawal limit.

Q: What do I need to open a bank account?

A: You’ll need a government-issued photo ID along with other identifying information like your Social Security number. Usually, you’ll need enough money to fund the account. 

With online banks, you’ll have to set up direct deposit or fund the account from an external or linked account. Look into individual bank’s account opening requirements to prepare yourself before setting up an account.

Find a Bank That Does It All

Your bank can do much more than receive your deposits. Many banks offer competitive products like high-yield personal banking accounts and digital financial management tools. Bank with an institution that meets all your needs. Our list is a great place to find the perfect bank. 

Methodology

To determine the best banks in Connecticut, Benzinga analyzed over 100 banks and financial institutions. We gave weight to banks in Connecticut with co-op ATMs and cash-back options. We also gave greater rankings to banks which offered the following: checking and savings accounts, online banking, personal loans, mortgages, educational resources, and a mobile app.

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