Connecticut Banking Rates and News

Citizens Bank has a new-account promotion in which you can earn up to $225. To get the full $225 requires opening a new personal checking account and a money market account or CD. It's important to note that both the checking and money market accounts have potential monthly fees. So keep that in mind when considering the bonus.

To qualify for the promotion, complete the form at this Citizens Bank promotions page to get a coupon that you can print and take to your local branch. Accounts must be opened by 6/2/2012 to qualify for the bonuses.

For...

In February Rockland Trust launched the internet division Rockland Direct with a competitive money market account. It has a yield of 1.00% APY for balances of $2,500 to $1 million as of 5/17/2012. A $2,500 minimum balance is required to earn interest and to avoid a $15 monthly fee. There's no guarantee about how long the rate will last, but I was told it's not an intro rate, and it will probably remain the same for some time to come.

Application Details

There's an online application via andera.com which allows funding via an ACH transfer from your existing checking account. The...

Webster Bank is offering four checking account bonuses with values that range from $50 to $100. The amount of the bonus depends on the checking account that is opened. As you might expect, the higher the bonus, the harder it is to avoid the monthly fees. Webster Bank used to have the Totally Free Checking account, but this changed to the Value Checking which has potential monthly fees.

Here's the checking promotion page. The offer is scheduled to end on 6/22/2012.

To qualify for the bonus, the customer must complete one of the following by 7/20/2012:

• 1 direct deposit,...

Most reward checking accounts are free checking accounts. You don't have to worry about a monthly maintenance fee even if you don't meet the monthly debit card requirements. However, there are a few reward checking accounts that do have potential monthly fees, and that's the case with UniBank for Savings and its new reward checking account called eChecking. If you're careful, you can avoid the monthly fee and be rewarded with a reward checking rate that's quite competitive in today's environment.

The following eChecking rates and requirements are listed at UniBank's checking page as of 4/10/2012:

• 2.75% APY...

Start Community Bank is again offering deposit specials with competitive rates. Its best deals are two CD specials: 1.90% APY for 27 months and 1.70% APY for 17 months. Minimum deposit is $500, and new money is required. These are listed in the bank's deposit rates page as of 2/27/2012.

Last year it had good deal on its Fast Start savings account, but its special rate now is only 0.55%.

It appears that a branch visit is required to open accounts at Start Community Bank. Branches are located in New Haven, Connecticut at 299 Whalley Ave. and...

Charter Oak Federal Credit Union is offering three competitive long-term CD and IRA CD rates: 2.00% APY for 3 years, 2.25% APY for 4 years and 2.30% APY for 5 years. Minimum deposit is $1,000. These rates are listed in the credit union's rates page as of 12/28/2011.

Charter Oak also has a nice deal on an 18-month CD with a 1.25% APY. However, it's only available to Gold Rewards Members. Details of how to qualify for this status is listed here. The credit union just announced a $100...

In today's interest rate environment, it's rare to find Jumbo CD rates that are significantly higher than regular CD rates. That's not the case with a Jumbo CD offered at Nutmeg State Federal Credit Union. It's offering a 5-year Jumbo CD with a 2.80% APY. This requires a minimum deposit of $100,000. The 5-year regular share certificate has only a 2.02% APY. The minimum deposit is $1,000. The credit union also offers Traditional and Roth CDs with the same rates as the share certificates. These rates are listed in the credit union's rates page as of...

EBSB Direct is offering a competitive 3-year CD yield of 1.80% APY. Minimum deposit is $1,000. This used to a better deal back in June when the yield was 2.25%, but it's still quite competitive compared to what's available today. There's also a 10-month CD, but the rate is much less competitive at 0.55% APY. Minimum deposit is $1,000. These rates are listed at EBSBdirect.com as of 10/04/2011.

According to the bank's disclosure, "terms over 12 months the penalty will equal 6 months interest on the amount withdrawn."

EBSBdirect.com also offers an online savings...

People's United Bank is offering a $100 gas card when you open any personal checking account and perform certain activities. The account must be opened with a minimum of $25 by 10/31/2011. They give you three choices of activities which must be completed within 60 days of account opening. You can choose any one of the following to qualify for the bonus:

• Receive a recurring direct deposit of at least $100
• Use the debit card to make at least 10 purchases of at least $25 each
• Make at least 5 payments of at least $25 each using Online Banking

The promotion is listed...

Update 5/22/2012: The promotional rate has fallen. Also, the number of monthly transactions required has gone down. Now only 10 transactions per month are required to qualify for the promotional rate. Please refer to the Capital One promotional webpage for the latest details.

Capital One Bank has responded quickly after new rules took effect last week which allows banks to pay interest on business checking accounts. Capital One has started to advertise a new promotion called the Clear Interest Business Checking. It guarantees 1.10% APY for 1 year on balances between $10K and...

UniBank is again offering a very competitive 4-year CD. It has a 3.00% APY with a maximum deposit of $250,000. The rate is subject to change at anytime. It's listed at the bank's rates page as of 6/27/2011.

I first reported on this special in March, but I just learned this special hasn't been available for that entire time. It just came back about a month ago. I was told the early withdrawal penalty is 6 months of interest.

I also learned that it's a branch-only special that is not available from...

Xceed Financial Credit Union has a limited time special on its 5-year CD and IRA CD with a 2.50% APY. Minimum deposit is $500. This rate is listed on the credit union's rates page as of 6/23/2011.

I contacted the credit union yesterday for some additional details. I was told that the early withdrawal penalty is a loss of 180 days of interest. I was hoping this CD would have the bump-up and add-on features that are highlighted in the certificates overview page. However, I was told that since this...