In a continuing analysis of bank CDs being offered in Connecticut, the following is a review of Connecticut financial institution that offers some of the best CD rates in the state.

The Torrington Savings Bank was established in 1868 and chartered as a mutual savings bank.  The mutual savings bank charter allows the bank to manage according to the best interests of the depositors and the local communities.  The bank is owned by its depositors; it has no shareholders, and is operated to serve the banking needs of the twenty-three towns in Northwest Connecticut.  The bank currently operates through six bank branches located in Burlington, Falls Village, Goshen and Torrington.

As a mutual savings bank, Torrington Savings Bank rewards its customers in the form very competitive rates for savings accounts, certificates of deposit and mortgage loans.  Torrington Savings Bank offers CDs that earn a fixed rate for a specific period of time from 91 days to five years.  These bank CD accounts are available in passbook or savings accounts.  There is a minimum $1,000.00 initial investment to open the CD accounts and receive the posted interest rates.

Three month CD with an interest rate of 1.005% APY.
Six month that earns an interest rate of 2.429% APY.
Nine month CD that yields an interest rate of 2.480% APY.
One year CD with an interest rate of 3.004% APY.
Thirteen month CD which earns an interest rate of 2.634% APY.
Fifteen month CD that has an interest rate of 2.685% APY.
Eighteen month with an interest rate of 2.737% APY.
Two year CD that earns an interest rate of 2.788% APY.
2 1/2 year CD which has an interest rate of 2.891% APY.
Three year CD with an interest rate of 2.891% APY.
Four year CD which earns an interest rate of 3.666% APY.
Five year CD that yields a rate of 3.769% APY.

Interest is compounded daily from the day of deposit to the day of withdrawal and is credited monthly.  To realize the effective annual yield, principal and interest must remain on deposit for a full year at the original rate.  CD rates subject to change without notice

For more information on Torrington Savings Bank phone 860-496-2152 or view the current CD rates and related information on the internet at www.torringtonsavings.com.

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