Savings Institute B&T Adds No-Penalty 17Mo Access CD


Deal Summary: 17-month Access CD, 2.75% APY, one penalty free withdrawal, $500 min/$1 million max deposit, new money, checking relationship.

Availability: Connecticut and Rhode Island

Savings Institute Bank & Trust (SIB&T) has added a 17-month Access CD (2.75% APY). In addition to having a very competitive rate, the Access CD allows one penalty-free early withdrawal any time during the term. The minimum opening deposit is $500 of new money. The maximum deposit is $1 million.

An active SIB&T checking account is required to open an Access CD. According to the fine print on the promotion page,

An active checking account is an account that has had at least
one deposit or withdrawal post and clear in the previous six months.

SIB&T currently offers three checking accounts – Choice Alliance Checking, Flex Checking, and Free Checking.

Any withdrawal beyond the one penalty-free withdrawal allowed, is “subject to an substantial penalty.” As stated in the Terms & Conditions document, the Early Withdrawal Penalty reads as follows:

For CDs with a term of one year or more the
penalty will be 3% of the total amount withdrawn.

There is a 6 calendar day grace period in which to,

direct us (1) to renew the CD for a term which you specify and which we allow, (2) to
deposit the funds in another account you maintain with us, or (3) to mail you a check.

27-month CD

SIB&T is also offering a 27-month CD that earns 3.00% APY with an active checking account, or 2.75% APY without an active checking account. The minimum opening deposit is $500, with a balance cap of $1 million. New money is not required to open the 27-month CD.

According to CSR, both a 17-month Access CD and 27-month CD can be opened with only one active checking account. No need to have multiple checking accounts to take advantage of these special CDs.


Headquartered in Willimantic, Connecticut, Savings Institute Bank & Trust’s market area includes Connecticut and Rhode Island.

Opening a CD can be opened online or at any of the 19 Connecticut branches located in Brooklyn, Canterbury, Colchester, Dayville, East Hampton, Enfield, Groton, Hebron, Lebanon, Lisbon, Mansfield Center, Moosup, North Windham, Norwich, Pawcatuck, South Windsor, Tolland, and Willimantic, or the five Rhode Island branches located in Middletown, Newport, Portsmouth, Wakefield, and Westerly.

Bank Overview

Savings Institute Bank & Trust has an overall health grade of "A" at, with a Texas Ratio of 4.77% (excellent), based on March 31, 2018 data. In the past year, SIB&T has increased its total non-brokered deposits by $27.35 million, an above average annual growth rate of 2.31%. Please refer to our financial overview of Savings Institute Bank &Trust (FDIC Certificate # 18214) for more details.

Established in 1842 as the Willimantic Savings Institute, the Bank didn’t adopt the Savings Institute Bank & Trust name until 2004. In 176 years of continuous operation, SIB&T has only acquired three other banks: The Brooklyn Savings Bank (1990), Enfield National Bank (1991), and Newport Federal Savings Bank (2013). SIB&T is currently the ninth largest bank in Connecticut, with assets in excess of $1.5 billion.

How the Access CD Compares

Rather than using term length as the common denominator in this comparison, I thought comparing the current nationally available No-Penalty CDs would be more appropriate. Savings Institute Bank & Trust’s 17-month Access CD compares quite favorably.

The above rates are accurate as of 9/3/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Hartford CD rates, 1-year CD rates, 5-year CD rates

Savings Institute Bank & Trust (CT) Offers Two CD Specials - Local Only

Savings Institute Bank & Trust (Connecticut) recently introduced two relationship CD Specials: 16-month CD (1.25% APY) and 32-month (1.50% APY). The minimum opening deposit is $500, with no maximum balance cap.

According to CSR, the bank’s Early Withdrawal Penalty (EWP) has changed recently and is now a percentage based penalty: if the term length is less than one year, the EWP is 1% of the amount withdrawn; if the term length is greater than one year, the EWP is 3% of the amount withdrawn.

Relationship Requirement

The relationship requirement is...

Continue Reading
2.50% Reward Checking Account at a Rhode Island Bank (NewportFed)
Update 10/04/09: The top yield has fallen to 2.50% APY. Refer to the bottom of the post for the rate history.

NewportFed is offering a reward checking account called e-Loop Checking that pays 2.50% APY on balances up to $50,000 (1% for over) and refunds ATM fees if the following monthly requirements are met: 1) 10 Visa check card transactions, 2) one direct deposit or one ACH auto transaction, and 3) receive electronic statements. If these are not met, the rate falls to 0.10%. The minimum opening deposit is $50. There...

Continue Reading
3.00% Reward Checking Account at Savings Institute Bank & Trust in CT
Update 3/05/09: The rate has fallen to 3.00% APY.

Savings Institute Bank & Trust is offering a reward checking account called e.SI Checking. It pays 3.00% APY on balances up to $50,000 (0.50% for above) and refunds all foreign ATM fees if the following monthly requirements are met:
  • 10 debit card purchases
  • pay 1 bill through the bank's billpay
  • receive e-statements
If these are not met, the rate falls to 0.15%. Minimum opening deposit is $25. There is no monthly service charge.

It appears that a branch visit is required to open an account. Branches are...

Continue Reading
5.00% Rewards Checking Account at a Connecticut Bank (Savings Institute Bank and Trust)
Savings Institute Bank and Trust is offering a 5% APY rewards checking account called the e.SI Checking. The 5% is available on balances up to $50K (1% over $50K). In addition to the 5% APY, all ATM fees are refunded. The conditions to receive this rate and ATM refunds includes using your check card at least 10 times per month (excluding ATM), paying one bill one online bill pay per month and agreeing to e-statements. If these condiitions are not met, your account will not earn interest for that time...
Continue Reading

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.