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.
|2.75%||$500||$1m||Savings Institute Bank & Trust||17 Month Access CD w/ Active Savings Institute Checking Account - New Money|
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penalty will be 3% of the total amount withdrawn.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.
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.
|3.00%||$500||-||Savings Institute Bank & Trust||27 Month CD Special w/ Active Savings Institute Checking Account|
|2.75%||$500||-||Savings Institute Bank & Trust||27 Month CD Special w/o Active Savings Institute Checking Account|
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.
Savings Institute Bank & Trust has an overall health grade of "A" at DepositAccounts.com, 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.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.75% APY||17-Month Access CD ($500 min)||Savings Institute Bank & Trust|
|2.00% APY||12-Month CD No Penalty ($500 min)||Chartway Federal Credit Union|
|2.00% APY||No Penalty 11-Month CD ($25k min)||Ally Bank|
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.