Farmington Bank (CT) Is Offering Two Promotions Through March 31, 2015


Farmington Bank (CT) is offering two excellent promotions that are available through March 31, 2015.

The first is a 4-month CD (2.00% APY) which converts to a Money Market Account (1.00% APY) following maturity, and the second is a Money Market Account (2.00% APY). Both promotions require a checking account relationship.

Many thanks to the DA reader who forwarded the information on these promotions!

These two promotions are being advertised through print media only and are not listed on the bank’s website. A very helpful and patient CSR provided the following information:

4-month CD (2.00% APY)

  • The initial 4-Month CD (2.00% APY) is valid in conjunction with both a companion Money Market Account and a new or existing personal checking account.
  • $1.5K minimum required to open the account and a $500 minimum required to earn the advertised APY.
  • Maximum opening deposit may not exceed $250,000.
  • Upon maturity of the 4-Month CD, funds will be transferred to the companion Money Market Account.
  • Opening deposit must come from a source other than Farmington Bank.
  • This offer is limited to one special per household.

Money Market Account (2.00% APY)

  • Money Market Account (2.00% APY) on up to $250,000 when opened in conjunction with a new or existing personal checking account.
  • There is a $1,500 minimum to open the account.
  • Minimum balance to obtain the advertised APY during the promotional period is $1.00.
  • Maximum opening deposit may not exceed $250,000.
  • An interest rate of 0.25% will be paid on the portion of your daily balance that is greater than $250K.
  • Opening deposit must come from a source other than Farmington Bank.
  • This offer is limited to one special per household.

Farmington Bank offers five different checking accounts (50 Plus Checking, Better Than Free Checking, Direct Deposit Checking, Platinum Checking, and Plus Interest Checking), any of which may be used in combination with the 4-month CD and Money Market Account promotions. These checking accounts can be found on the bank’s website.

0.10*%$2,500-Farmington BankPlatinum Checking
0.05%$100-Farmington BankDirect Deposit Checking
Accounts mentioned in this post. Rates as of October 26, 2016.


Farmington Bank is located in central Connecticut, but offers its services and products to all residents of Connecticut.

Opening either of the promotions requires an in-person visit to any of 25 branches located in Avon (2), Berlin, Bloomfield, Bristol, Burlington, East Hartford, Farmington (5), Glastonbury, New Britain, Newington, Plainview (2), Rocky Hill, South Windsor, Southington, Unionville, West Hartford (2), and Wethersfield.

Bank Overview

Farmington Bank, (FDIC Charter # 18208) has an overall health grade at of A, with a Texas ratio of 7.21% (excellent) based on June 30, 2014 data. In the past year, Farmington Bank has increased its total deposits by $169.64 Million, an excellent annual growth rate of 11.33%. Please refer to our financial overview of Farmington Bank for more details.

How the Rates Compare

The 4-month CD (2.00% APY) is clearly the best rate for any similar length of term CD tracked by, regardless of availability.

Interest Rate CD Length Institution
2.00% APY 4-month CD Promotion Farmington Bank
1.05% APY 61-day CD INOVA Federal Credit Union
0.50% APY 3-month CD Darien Rowayton Bank

The Money Market Account (2.00% APY) is the most competitive MMA tracked by

Interest Rate CD Length Institution
2.00% APY MMA Promotion Farmington Bank
1.02% APY Personal Money Market ableBanking
1.01% APY Yield Pledge Money Market EverBank

The above rates are accurate as of 9/30/2014.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of

To find the best rates on liquid accounts in your state or that are nationally available, please refer to our savings account rate table and money market rate table.

me1004   |     |   Comment #1
Hmm.  Both the CD and money market account offer the same interest rate, but with one you have to lock the money in and the other you don't. Am I missing something?  Why would anyone want to open the CD with that choice?

I'm reading this to mean the 2% on the money market continues through March 31. Is that so? If so, then you would even lose by choosing the CD, as in four months they will roll your money over to a money market account at only 1.0%, yet if you lock in the 2% money market account now, that 2% would continue for two months longer than in the CD.

If the money market account is NOT offering the 2% through March 31, please make that clear. And if not, how long would one get that, for a week maybe?