For those looking for a low risk investment that pays more than a standard savings account and comes with the federal deposit insurance of up to $250,000, short term CDs can be an excellent option right now. In reviewing the best CD rates offered by Connecticut banks, a few short term CD bank products are worthy of examination.
Litchfield Bank is currently offering an 8 month CD that earns an interest rate of 2.50% APY. This bank CD special requires a slightly higher, $5,000.00 minimum deposit to earn this interest rate.
Litchfield Bank traces its origin back to 1850. This is a community bank that has assets of approximately $195 million. The bank has bank branches in Connecticut. Litchfield Bank offers savings products such as, a statement savings linked to an ATM card, a tiered interest money market that allows the accountholder to earn more interest the more they deposit, and CD accounts that provide security of FDIC insurance in terms from just 8 months to several years. Litchfield Bank CDs can be opened with as little as $500.00.
For more interest rate on current offering on certificate of deposit accounts by the bank, call 860-567-9401. The bank web address is www.litchfieldbancorp.com.
Savings Institute Bank and Trust Company, a community-oriented financial institution located in eastern Connecticut is also offering some very desirable CD rates. Savings Institute Bank and Trust Company edges out Litchfield Bank for longevity as this bank was established two years earlier in 1842. Savings Institute Bank & Trust Company offers a full range of financial services to individuals, businesses and municipalities through its eastern Connecticut offices. The primary product offerings include savings, checking and deposit accounts, certificates of deposit, residential and commercial mortgage loans, commercial business loans and consumer loans. The Savings Institute offers a range of certificate of deposit terms, from 91 days up to 7 years.
The bank is now offering an 8 month CD with an interest rate of 2.50% APY. The interest rate can be boosted to 2.76% APY by maintaining a Choice Alliance checking account or an e.SI checking account with the bank.
The Choice account is a checking account that has a fair amount of features but is most effective with account balances of $10,000 or more. The e.SI checking account is a high yielding checking account, presently 4.00% APY, but does have minimum monthly requirements such as, 10 check card transactions (excluding ATM transactions), pay one bill via online banking and receive statements electronically.
The bank customer service center can be reached toll-free at 1-800-423-0142. The bank web address is www.savingsinstitute.com.
To complete this list of the best short term CD rates in Connecticut are the CDs offered by Hudson City Bank. Hudson City Bank is currently promoting a 6 month that has an interest rate of 2.75% APY. The bank is also offering a one year CD that has an interest rate of 3.00% APY. There is a minimum deposit of $500 must be maintained to receive posted rate of interest on the CDs.
Hudson City Bank has over 125 branches in 21 counties of New Jersey, New York and Connecticut. Hudson City Bancorp is ranked in the top 50 U.S. financial institutions by asset size and is the largest thrift institution headquartered in New Jersey.
All CD interest rates are subject to change without notice. Additional conditions may apply to open these listed CD accounts.
Tags: Banks, best CD rates, CD rates, CD rates Connecticut, Connecticut banks, Hudson City Bank, Litchfield Bank, savings, Savings Institute and Trust Company
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