Ion Bank

Overview / Commentary
87 Church Street
Naugatuck, CT 06770

Ion Bank is headquartered in NAUGATUCK and is the 6th largest bank in the state of Connecticut. It is also the 559th largest bank in the nation. It was established in 1870 and as of March of 2024, it had grown to 329 employees at 25 locations. Ion Bank's money market rates are 6X the national average, and it has an A health rating.

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Reviews (5)

Customer Service

Posted by: |

Love the customer service! The tellers are all friendly, very helpful and courteous. We have moved most of our accounts to this bank because of the great service we receive when ever we do business there.

Excellent Service

Posted by: |

Staff (both tellers - in person and new Personal Teller
- as well as the executives) have gone out of their way to support me and the needs of my family. ION bank keeps up with the latest trends in the banking industry. More importantly they are a contributing member of our community. The amount of money and time ION donates back is simply head-and-shoulders above any banks around. Everywhere you look in our community ION has donated money to non-profits such as youth sports and organizations as well as their staff volunteering to coach or help run an event.

Terrible Bank

Cannot recommend this bank to anyone . They cannot afford to give their customers deposit tickets or receipts . Their teller staff is the most incompetent of any bank in this state . Every time a simple question can not be answered the tellers always mess up my deposits and call me later in the day asking me all sorts of questions . Computers are always breaking and having problems Very unprofessional stay away . Also there advertising is the worse looks like its for children . Don’t know how this bank stays in business it’s a joke

Poor Security Controls

I had an ATM card from Ion Bank and only use it at their ATM machine and 2 times at CVS. I went to view my checking account on line and found over 30 charges to google kiloo games. I was never notified by Ion of these charges. Any other credit debit card would alert you since it was all very suspisious. I found it out myself by accident. When I asked Ion bank why their security didn't alert me, their response was "it happens all the time," meaning it is common for bank accounts to be hacked into. I put a stop to my card and later received a new one with a pin no., then 2 days later I received another ATM card and pin. I went to the bank upset that they can't assure me that my savings will not be hacked into and why 2 ATM cards? The banker was insulting and haughty, minimizing a major security issue and turned around to say " your son got into your account, he did it." like it's your issue not the banks. well my son is my foster child and I never revealed that information to that banker. The bank officer i went to Must have discussed this with others and assumed it was my foster child, which it was not. I'm pulling my money out of Ion, I don't feel my accounts are safe especially with such ignorant, unprofessional staff. These were not tellers these were managers. Goodbye Ion, another bank is opening up down the street.

Customer Service And Executives

Naugatuck Savings Bank is a small bank whom struggles with being the 700th largest bank in the US and it shows.  Customer service, if rated would receive 2 out of 10 because out of 10 reps in the call center, only 2 are superstars.  Once you reach the executive level, they don't care, they only care about their personal agendas and paychecks.

I would not recomment Naugatuck Savings Bank to anyone, not even my worse enemy


Health Grade Components

FDIC Certificate #18198
Year Established1870
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.74%
Return on Equity - YTD8.14%
Annual Interest Income$26.1MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$2.1B$2.08B
LoansQ1 2024vs Q1 2023$1.52B$1.42B
DepositsQ1 2024vs Q1 2023$1.76B$1.75B
Equity CapitalQ1 2024vs Q1 2023$198.5MM$180.8MM
Loan Loss AllowanceQ1 2024vs Q1 2023$17.7MM$17.8MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$4.2MM$12.6MM
Real Estate OwnedQ1 2024vs Q1 2023$5.4MM$5MM
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Always verify rates and promotions with the bank or credit union. We are not Ion Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Ion Bank Savings Account Rates

3.00%*$50k*-Ka-Ching! Savings
OTHER TIERS: 1.75% $50 - $2.5k | 2.35% $2.5k - $50k
2.00%*$50k*-Statement Savings
OTHER TIERS: 1.10% $50 - $2.5k | 1.60% $2.5k - $50k
1.75%*$50k*-Passbook Savings
OTHER TIERS: 1.00% $50 - $2.5k | 1.50% $2.5k - $50k
OTHER TIERS: 0.15% $50 - $25k | 0.25% $2.5k - $50k
0.25%*$5k*-Health Savings Account
OTHER TIERS: 0.10% $50 - $1k | 0.15% $1k - $5k

Ion Bank Money Market Rates

2.50%*$250k*-Money Market Accounts
OTHER TIERS: 0.75% $0 - $10k | 1.50% $10k - $50k | 2.00% $50k - $250k

Ion Bank Checking Account Rates

0.20%*$10k*-Preferred Checking
OTHER TIERS: 0.05% $50 - $1k | 0.10% $1k - $10k

Ion Bank CD Rates

5.25%$500-25 Month Certificate (Credit-Builder Loan Program)
5.00%$500-13 Month Certificate (Credit-Builder Loan Program)
4.50%$500$250k7 Month Certificate
0.70%$500-60 Month CD
0.65%$500-48 Month CD
0.60%$500-12 Month CD
0.60%$500-36 Month CD
0.55%$500-24 Month CD
0.55%$500-30 Month CD
0.50%$500-18 Month CD
0.35%$500-6 Month CD
0.35%$500-9 Month CD
0.20%$500-3 Month CD

Ion Bank IRA Rates

4.50%$500$250k7 Month IRA
0.70%$500-60 Month IRA
0.65%$500-48 Month IRA
0.60%$500-12 Month IRA
0.60%$500-36 Month IRA
0.55%$500-24 Month IRA
0.55%$500-30 Month IRA
0.50%$500-18 Month IRA
0.35%$500-6 Month IRA
0.35%$500-9 Month IRA
0.20%$500-3 Month IRA


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