Last week, Savings Bank of Danbury (SBD) hiked the rate on its 15-month Bump Up CD (1.50% APY) by an impressive 100 basis points; the previous APY of 0.50% had been in effect for more than three years. The minimum opening deposit $1k, with no stated balance cap.
This CD could be called “Bump Up x 2,” since it allows for one rate increase during the term of the CD and additional deposits in increments of $500 within the first six months of the term. There is no limit on the number of additional deposits or dollar amount (with the exception of the $500 increment requirement).
As stated in SBD’s Truth-In-Savings disclosure, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of greater than 12 months: The fee we may
impose will equal twelve months interest on the amount withdrawn subject to penalty.
Headquartered in Danbury, Savings Bank of Danbury has a market area that is primarily focused on the greater Danbury area in western Connecticut, with eligibility determined by Zip Code. (The “Tell Us About Yourself” section of the online application asks for your Zip Code.)
Opening a 15-month Bump Up CD at SBD can be done online, or at any of 14 full-service Connecticut branches located in Bethel, Brookfield, Danbury (5), New Fairfield, New Milford (2), Newtown, Southbury, and Waterbury (2).
Savings Bank of Danbury (FDIC Certificate # 15912) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 10.71% (excellent) based on March 31, 2016 data. In the past year, SBD has increased its total deposits by $18.67 million, an above average annual growth rate of 2.77%. Please refer to our financial overview of Savings Bank of Danbury for more details.
Savings Bank of Danbury describes itself as a “community bank rooted in history,” which is an apt portrayal: the Bank was founded in 1849 under its present name. In 1685, the town of Danbury was originally named “Swampland” by its eight founding families, but two years the general court christened the community, Danbury. (Somehow, the Savings Bank of Swampland just doesn’t instill a great deal of confidence.) Savings Bank of Danbury is currently Connecticut 14th largest bank, with assets in excess of $925 million.
How the CD Compares
When compared to the 170 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Connecticut residents, Savings Bank of Danbury's 15-Month Bump Up CD APY currently rank second. The Bump Up features (rate increase and additional deposits) only add to its competitiveness.
The above rates are accurate as of 7/22/2016.