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recently and is now a percentage based penalty: if the term length is less than one year, the EWP is 1% of the amount withdrawn; if the term length is greater than one year, the EWP is 3% of the amount withdrawn.

0.05%$500-Savings Institute Bank & TrustChoice Alliance Checking
Rates as of July 16, 2018.

Relationship Requirement

The relationship requirement is either an e.SI Checking account or a Choice Alliance Checking account; without a checking relationship, the 16-month CD earns 0.99% APY and the 32-month CD earns 1.25% APY.

Of the two, the e.SI Checking account is the more attractive account: it's a free account, and earns interest (0.25% APY on daily collected balances up to $50K and 0.05% APY on daily collected balances above $50K) if monthly requirements are met. The monthly requirements are:

  • 10 check card transactions (excluding ATM transactions)
  • Pay one bill using Online Banking
  • Electronic monthly statements

If the qualifying requirements are not met, the e-SI account will earn 0.05% APY on all daily collected balances for the qualification cycle. An additional perk of meeting the qualifying requirements is the refund of any ATM fees incurred using other banks’ ATMs.

At the risk of sounding like my grandmother, "back in the good old days," when I first wrote about e-SI Checking, the account earned 5.00% APY (2007). The following is a time line of the e-SI Checking account interest rate:

    Interest Rate









    April 2007

    November 2009

    June 2010

    June 2011

    February 2012

    September 2012

    September 2013


Headquartered in Willimantic, Savings Institute Bank & Trust is the 9th largest bank in Connecticut and offers its services to all Connecticut residents.

The two CD Specials can be opened online or at any of the 21 Connecticut branches located in Brooklyn, Canterbury, Colchester, Dayville, East Hampton, East Lyme, Enfield, Groton, Hebron, Lebanon, Lisbon, Mansfield, Moosup, Mystic, North Windham, Norwich, Pawcatuck, South Windsor, Tolland and Willimantic (2), or the five Rhode Island branches located in Middletown, Newport, Portsmouth, Wakefield, and Westerly.

Bank Overview

Savings Institute Bank & Trust has an overall health rating of "A+" on, with a Texas Ratio of 4.70% (excellent), as of June 30, 2014. In the past year, Savings Institute Bank & Trust has increased its total deposits by $320 Million, an excellent annual growth rate of 42.1%. Please refer to our financial overview of Savings Institute Bank and Trust for more details.

The Savings Institute was incorporated as the Willimantic Savings Institute by an act of the Connecticut legislature in 1842. As of 2004, it operates under the name Savings Institute Bank & Trust Company, with assets in excess of $1.3 Billion.

How the Rates Compare

When compared to other similar length of term CDs tracked by requiring a $500 minimum deposit, the Savings Institute Bank & Trust relationship 16-month CD Special is the more competitive offering:

Interest Rate CD Type Bank/Credit Union
1.25% APY 16-month CD Special (relationship) Savings Institute Bank & Trust
1.16% APY 18-month Promo Share Certificate Capital Educators Federal Credit Union
1.15% APY 17-month CD Darien Rowayton Bank

Interest Rate CD Type Bank/Credit Union
1.71% APY 35-month CD Special USAlliance Credit Union
1.60% APY 36-month CD First Technology Federal Credit Union
1.50% APY 32-month CD Special (relationship) Savings Institute Bank & Trust

The above rates are accurate as of 10/31/2014.

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

Related Pages: Savings Institute Bank & Trust, Providence, Hartford

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...

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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...

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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...
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