Patriot Bank (CT)


Overview / Commentary
888-728-7468
900 Bedford Street
Stamford, CT 06901

Patriot Bank (CT) is headquartered in Stamford and is the 15th largest bank in the state of Connecticut. It is also the 821st largest bank in the nation. It was established in 1994 and as of September of 2019, it had grown to 130 employees at 9 locations. Patriot Bank (CT)'s money market rates are 5X the national average, and it has a B health rating.

Related Posts

Money Market Back At 2.00% APY - 1/31/2020

Patriot Bank has lowered the rate on its Money Market promotion back to 2.00% APY, but the rate guarantee through July 31, 2020, is still in place.

Money Market Raised To 2.21% APY, With Rate Guarantee - 1/24/2020

Looks like Patriot Bank changed their mind: the Online Money Market now earns 2.21% APY (up from 2.00% APY) and comes with a rate guarantee good through July 31, 2020. Based on the fine print, nothing else has changed since Ken's January 10 blog post.

Patriot Bank Drops To 2.00% And Drops The Rate Guarantee - 1/16/2020

Well, that didn't take long! Most likely because of all the new accts which were opened after Ken announced the rate at this website, the rate has dropped to 2.00%, with no guarantee as to how long the rate will last. I'm glad that I got in when I did! https://bankpatriot.com/mm/money-market.html

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Reviews (4)

Patriot Customer Barriers

Posted by: |

I have 2 issues with Patriot Bank Policies.
The daily deposit limit is $1000 compared to Customers Bank $5000 and when I called to add 3 beneficiaries they said I could only add 1. Adding 3 beneficiaries raises the FDIC Insurance from $500,000 to $1,500,000 for a Joint Account in case I wanted to add some money to my account.
Customers Bank said no problem and added 3.
Patriot makes it difficult to do business with them.

Good Phone Support But Extremely Low ACH Limits

Posted by: |

I opened a Patriot Bank Online Money Market account last week as their rate is competitive. Nowhere in their deposit account agreement could I find mention of any ACH transfer limits. Unfortunately, after speaking with a CS rep I was informed that there is a strict limit of $10,000 per ACH transfer both inbound and outbound, regardless of where the transfer is initiated from. In effect this means that it is not possible to transfer more than $60,000 out of the account via ACH in a month (and it would take 6 x $10,000 withdrawals to do so).

Flawed Application Process

Posted by: |

I jumped through all the hoops that this bank requires to open a money market account. But after all my effort they were unable to connect to my checking account at another (well-established) bank.

They also failed to send me a notice that there was any problem associated with my application, and, when I inquired, they would not identify the problem. This bank has a flawed application process.

Borrower Rejects Lender!

Posted by: |

I should have quit while I was still ahead with this bank! After multiple unsuccessful attempts to complete funding the account with an initial $100K ACH deposit (app clearly stated that any amount between $100-100K was acceptable), I thought I would give it another try after seeing that the 2.2% guaranteed rate was reinstated this week.

This time I tried the ACH transfer with a different bank and only $100. The transaction as before appeared to go through as the originating bank requested a texted security code to complete the transfer. However unlike the earlier attempts the software did not freeze and went on to inform me that the application process was complete but that it was under review. (My FiCO score is 835)

Today I received a form letter that my account was declined, no reason given but instructions to call CS for further details. Speaking to Letitia was an utter waste of time however as she could offer no information other than a letter would be sent providing me with yet another number to call. She also mentioned that the $100 ACH transferred could only be returned to me by check. After informing her that I am residing at a temporary address for the next 3 months and that many banks do not allow correspondence to be forwarded, she offered no cogent response and declined my request to speak to a supervisor. I will check to see if my bank account was actually debited before wasting any more time by calling back and demanding to speak to a manager.

If this experience is any indication of how difficult it is to do business with this bank, suffice is to say that any prospective customer has been forewarned.



Health

Health Grade Components

Overall
FDIC Certificate #33928
Year Established1994
Employees130
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-0.01%
Return on Equity - YTD-0.07%
Annual Interest Income$32.7MM
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$972.2MM$915.4MM
LoansQ3 2019vs Q3 2018$796.0MM$756.6MM
DepositsQ3 2019vs Q3 2018$765.6MM$724.6MM
Equity CapitalQ3 2019vs Q3 2018$96.6MM$95.5MM
Loan Loss AllowanceQ3 2019vs Q3 2018$8.4MM$6.6MM
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$19.2MM$24.9MM
Real Estate OwnedQ3 2019vs Q3 2018$2.4MM$991.00K
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Money Market Back At 2.00% APY

  |  
Patriot Bank has lowered the rate on its Money Market promotion back to 2.00% APY, but the rate guarantee through July 31, 2020, is still in place.

Money Market Raised To 2.21% APY, With Rate Guarantee

  |  
Looks like Patriot Bank changed their mind: the Online Money Market now earns 2.21% APY (up from 2.00% APY) and comes with a rate guarantee good through July 31, 2020. Based on the fine print, nothing else has changed since Ken's January 10 blog post.

Patriot Bank Drops To 2.00% And Drops The Rate Guarantee

  |  
Well, that didn't take long! Most likely because of all the new accts which were opened after Ken announced the rate at this website, the rate has dropped to 2.00%, with no guarantee as to how long the rate will last. I'm glad that I got in when I did!


https://bankpatriot.com/mm/money-market.html

Patriot Bank Offer 2.26% APY Money Market Account (Guaranteed Until 6/30/20)

  |  
I noticed Patriot Bank offers 2.26% APY Money Market account (guaranteed until 6/30/20) .

https://bankpatriot.com/mm/money-market.html

Anyone has experience with this bank? Thanks.

Rates
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Patriot Bank (CT) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%--Money Market
Locations


Patriot Bank (CT) Locations
Greenwich Branch100 Mason StreetGreenwich, CT 06830
Norwalk Branch16 River StreetNorwalk, CT 06852
Fairfield Branch1755 Black Rock TurnpikeFairfield, CT 06825
Westport Branch415 Post Road EastWestport, CT 06880
Scarsdale Branch495 Central Park AvenueScarsdale, NY 10583
Milford Branch771 Boston Post RoadMilford, CT 06460
Darien Branch800 Post RoadDarien, CT 06820
Stamford Branch900 Bedford StreetStamford, CT 06901
Orange Branch7 Old Tavern RoadOrange, CT 06477

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.