United Bank (CT) Ups 19-Month Flex CD, 3.15% APY


Deal Summary: 19-month Flex Up CD, 3.15% APY, $500 minimum deposit, up to five additional deposits during term, online.

Availability: Online market area includes CA, CT, DE, FL, GA, KS, KY, LA, MA, MD, ME, MO, NC, NE, NH, NJ, NY, OK, PA, RI, SC, TX, UT, VA, and WA.

Connecticut-based United Bank has raised the rate on its online 19-month Flex Up CD to 3.15% APY. The minimum opening deposit is $500, with no stated balance cap. The Flex Up option is “the flexibility to make up to five (5) deposits to your CD during the initial term.”

3.15%$500-United Bank (CT)19 Month Flex CD Special
Rates as of November 16, 2018.

As stated on the Deposit Rates page, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of more than one year, the fee
we may impose will equal 180 days interest on the amount withdrawn.

Beneficiaries can be named and require Social Security numbers. Updating beneficiaries can be done by mail, using the form available for download on the Account Disclosures page.

Thanks to DA readers, psychoslowmatic and RZ, for their great back-and-forth Forum posts about the 19-month Flex Up CD.

30-Month CD

Another United Bank promotion is the 30-month CD, which currently earns 3.30% APY.

3.30%$500$500kUnited Bank (CT)30 Month CD Special - In Branch Only
Rates as of November 16, 2018.

This in-branch offer requires a minimum $500 deposit to open, but a $50k minimum deposit comes with two years of Amazon Prime.

Amazon Reward – During account opening and for each annual anniversary of the account opening you will be awarded an annual Amazon Prime subscription code, within 6 weeks of the account opening or anniversary or the account opening date.

The reward is only available with an initial deposit of $50,000 or more. A minimum balance of $50,000 must be maintained to continue earning the rewards.

Advantage Money Market

In the past two years, I’ve written several times about the Advantage Money Market (AMM), a limited-time promotion that United Bank offers quite regularly. The AMM is again being offered with an improved APY of 2.30%. As with previous offerings, the promotional rate comes with a 180-day rate guarantee. The minimum balance to earn the stated APY is $1, but the minimum opening deposit is $500 of new money; there is no stated balance cap. There is also a limit of “one promotional rate account per customer.”

2.30%$1-United Bank (CT)Advantage Money Market - 180 Day Promo Rate (Online Only)
Rates as of November 16, 2018.

The AMM, like the 19-month Flex Up CD, is available online in 25 states. More details about the AMM can be found in my August 2018 blog post.


Headquartered in Hartford, Connecticut, United Bank’s primary market area includes the Connecticut counties of Fairfield, Hartford, Tolland, and New Haven, and Western Massachusetts, including Worcester County, but the Bank regularly offers special products online on a limited basis.

There is a drop-down menu on the first page of the online application listing the states in which the 19-month Flex Up Certificate is offered. Those 25 states are California, Connecticut, Delaware, Florida, Georgia, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Virginia, and Washington.

While the 19-month Flex Up CD and the Advantage Money Market must be opened online, United Bank has 34 Connecticut and 21 Massachusetts branches, for transactions that require a brick-and-mortar setting like the 30-month CD.

Bank Overview

United Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.26% (excellent) based on June 30, 2018 data. In the past year, United Bank has increased its total non-brokered deposits by $400.12 million, an excellent annual growth rate of 9.09% APY. Please refer to our financial overview of United Bank (FDIC Certificate # 18203) for more details.

In 2014, Connecticut’s Rockville Bank and Massachusetts’ United Bank merged to become one of New England’s largest community banks. United Bank currently has deposits in excess of $5.3 billion, with nearly 200,000 customer accounts. In May, the Bank announced an agreement to purchase of six of Webster Bank’s branches, which are located in Connecticut (2), Massachusetts (3), and Rhode Island. The purchase is expected to be finalized in the fall of 2018. According to a May 22, 2018 press release,

United Bank will assume approximately $120 million of branch deposits in the transaction, which is expected to close in the fall of 2018, pending regulatory approval.

United Bank will assume the personal and business banking deposits only at these six branches, including checking, savings, overdraft lines of credit tied to checking accounts, IRAs and CDs belonging to households and business customers.

How the Flex Up CD Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in the online market area, United Bank's 19-month Flex Up CD APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
3.15% APY19-Month Flex Up CDUnited Bank
3.04% APYOnline 19-Month CDMutualOne Bank
3.00% APY16-Month Fall CD SpecialPremier America Credit Union

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

How the Advantage Money Market Special Compares

When compared to the Money Market accounts tracked by DepositAccounts.com that are available within the online market area and are not limited by low balance caps, United Bank’s Advantage Money Market APY share the top rung with Northpointe Bank’s Ultimate Money Market APY.

Interest RateAccount NameCredit Union/Bank
2.30% APYAdvantage Money Market SpecialUnited Bank
2.25% APYMMDA Online SpecialPacific National Bank
2.15% APYYield Pledge Money MarketTIAA Bank

To look for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts rates table page.

The above rates are accurate as of 11/2/2018.

Related Pages: Boston money market accounts, Hartford money market accounts, Springfield money market accounts, money market accounts, 5-year CD rates

bottom fisher
bottom fisher   |     |   Comment #1
Are you all ignoring an add on CD of 3.15% as a bottom rung safety net?
Sett   |     |   Comment #2
When the rates are going up, being stuck in a stationary rate CD is not a good idea.
alan1   |     |   Comment #9
re Comment #2 -- this CD matures in June 2020. So, in April 2020, you can add money for 3 months at an APY of 3.15%. Having an option to buy a 3-month CD in April 2020 at 3.15% may be a "good idea". I don't know. For reasons that you choose not to elaborate upon, you declare that it's "not a good idea."

Someone could invest $500 today, collect 3.15% for the next 19 months, never invest another penny in this CD, and would sacrifice the additional interest that $500 could have earned over that period. That's the risk. That may be an unacceptable risk to some. For others, this product may seem to be a "good idea."
Martin   |     |   Comment #11
#9, for me, add on CDs never worked, there is a reason of why the banks issue Add ons, but it is immaterial when the rates are still going up. You can not outsmart a bank, they know much more about money then any one of us.
If it was no penalty CD, I'm in with all the cash lying around, even the present interest that I receive from the other CDs.
Kinky   |     |   Comment #15
alan1, what about if the savings or short term CDs in June 2020 are 4% or more, you lived in false hope all this time. That strategy does not work when the rates are climbing, almost on daily bases.
#25 - This comment has been removed for violating our comment policy.
QED   |     |   Comment #8

Judging by some of the other posts here, several are ignoring just that. They clearly lack our experience.

For those with ability to comprehend, the pivotal aspect of an add-on CD is the buy-in cost, which in this case is VERY reasonable ($500). It's an insurance policy, insurance against the possibility of falling CD interest rates going forward. With only a $500 buy-in, this is inexpensive insurance indeed!  And the bank actually pays you over 3% interest on your insurance "premium" and even returns it to you, in full, after 19 months!  Such a deal!! 

Finally, anyone who thinks they know with certainty the direction interest rates will take is an unvarnished fool. Smarter people than that do not mind shelling out a small amount for insurance. Once you put in your $500 there is no obligation to invest more. But you do have the option to invest more. In a falling interest rate environment that option could turn out to be quite valuable. And on that I speak from past experience a couple of times over.
Martin   |     |   Comment #10
Howdy smartly #8, lets say the rates go down on the 18th month of the 19 month CD, would you transfer money in it and why?
If you need insurance, how about buying $10K per month on 3.5% or more CD for the next 18 months. You will be ahead of everyone else for earning the maximum rates while waiting to lock on much longer CDs in the next 18-19 months, should there be any changes in the FED policy. Time is money, waiting for Godot to show up, may never happen.
Russian Troll
Russian Troll   |     |   Comment #26
Good point that money never sleeps, but analyst are saying the Fed is 99.99% hiking in Dec and 4 more in 2019. Throwing good money in stale rates is counter productive!
RZ   |     |   Comment #3
Considering the persistent flat yield curve rate leading CDs of 2 years or less are reasonable places to park your cash if you don’t plan on needing it before maturity. If the economy stalls in 2020 it is not inconceivable that the Fed may become dovish again
Mike   |     |   Comment #6
Before the "....dovish again", we have to go through pain and suffering, like price increases on all products and services. Someone has to collect the money from the consumers for making money on higher interest rates. I bet most us will pay higher taxes in the next few years for sure and when you include the price increases on everything, we come to a point of no real gains.
Martin   |     |   Comment #12
#6, You are correct Mike, all those money that we receive as interest, come from the treasury going for broke and soon we will have to face the piper to collect the money back from us, especially if the democrats put their paws in control of congress, wealth tax and taxed to death is the next stage as advertised by the dems.
politics garden soon
politics garden soon   |     |   Comment #16
just relax Martin #12
Ken will soon have a whole special place for commentary like yours and others very soon.
To #16
To #16   |     |   Comment #18
#16, nobody should be afraid from the truth.
To politics garden soon
To politics garden soon   |     |   Comment #21
#16, the dems campaigned on that subject in my town, exactly as Martin #12 pointed out, the facts are not lies and we should face the reality of today.
#31 - This comment has been removed for violating our comment policy.
QED   |     |   Comment #4
The terminology here misled me. To me this is simply an add-on CD. And I favor add-on CDs. "Flex" is not a term holding the same connotation . . for me.

This is a 19 month add-on with a $500 buy-in. It's an insurance policy that costs $500. I like the deal.
Mike   |     |   Comment #5
I prefer get out easy CD like NPCD, adding money in future when the interest rate rise, is a sure loser to me.
bottom fisher
bottom fisher   |     |   Comment #7
would you feel better if was considered as a guaranteed term SAVINGS account of 3.15% ? people forget what a savings account was for originally? not a stash for transfers. open it for a kid or grandchild by proxy, ..everyone plowing in for a 2.50% last week. and for less with a 9 mo at andrews
Martin   |     |   Comment #13
#7, what about the PENALTIES if closed before the term expire, so it is not a saving account as you push it on this blog.
Kinky   |     |   Comment #14
bottom fisher, you did not tell us who is going to pay the 6 month penalty on this "SAVING" account if closed early, for what ever reason. According to your logic, I can open 10 year 4% CD and rename it in my mind as it is only a saving account, do not wary, you can close it any time and the penalty will disappear on its own.
#17 - This comment has been removed for violating our comment policy.
To bottom fisher
To bottom fisher   |     |   Comment #19
#7 bottom fisher, why the bank calls it CD and not a saving account as per your reasoning?
bottom fisher
bottom fisher   |     |   Comment #20
It IS a CD.
A savings account is a place were you put money away for something special you want.

A CD is LIKE a savings account, but if you change your mind about that special thing you wanted, you have to PAY for not living up to your commitment. it's a Gangster Saving Account

Let me know when you find a Saving Account that pays 3.15% and you'll see a 300 post blog figuring how you qualify.
To bottom fisher
To bottom fisher   |     |   Comment #22
Stop contradicting yourself, a CD can not be compared with a saving account. The flexibility of a saving account is worth more than a fixed rate CD if you are park for short time. You are losing maybe a 0.25-0.5% per year but if you are holding the funds for less then 6 months in the savings, those differences in the rates are half than what I just said (0.25/2 and 0.5/2) as you can see it is tolerable or compatible. If you have to pay the penalty on the CD to get out, you become a sure loser.
#23 - This comment has been removed for violating our comment policy.
JD56   |     |   Comment #24
I have most of my resources tied up in various deals for the next few months but this is actually a good option to have. Hopefully, it doesn't involve a hard pull to open an account.
I see it as a good insurance against falling rates. One can just commit only $500 and still have 5 chances over the next 1.5yrs to add to it if rates fall lower than 3%. At the same time, even if rates go up, $500 @ 3.15% is no big profit loss. From now to 2020 is a long time and rates can drop as quickly as it has gone up or it may keep rising. Not even the analysts are 100% sure which way the wind blows a year from now
#27 - This comment has been removed for violating our comment policy.
RZ   |     |   Comment #30
Actually, 19 months is still "short term" and considering the flat yield curve within the sweet spot for fixed income investments.
DMP   |     |   Comment #32
just called as Blog said Trust accounts you have to call in to open. I called and Trusts can only be opened if you go into their branch....no over the phone or online...
marcyajoseph   |     |   Comment #33
I opened an account today at the 19 month option. Add on cd offers are rare. This is a short term guaranteed rate that ranks number one currently. No one else is offering this for that amount of time. If rates rise, you still would have an early start on the hikes. If they fall then you lucked out with the current offer. It is a good place to park your money. for the short haul
Investor101   |     |   Comment #34
I just filled out the online application and the website instructed me to send a check to fund the account and to make it out to 'United Bank'. I found this weird since I always fund accounts with a check made to "For deposit only" to myself. I call to inquire about this and they said that this is required....Its a non starter for me....Any feedback on this?
DCGuy   |     |   Comment #35
I have come across several banks that told me to write in the bank name as the payee on blank checks. Some others would accept a blank check made payable to myself as well. I guess it depends on the bank. I don't have an issue one way or the other. Have never had money from checks directed away from my account.
dollarsncents   |     |   Comment #36
The banks and CUs that I have business with will accept my personal checks made out either way. However, I had been advised by a couple of them the best way is to make the check payable to myself and endorse it on the back "For Deposit Only" with my Acct # and my signature.
schott99   |     |   Comment #37
opened account on 11/2. To add funds to this flex up account, I have been advised by the bank, it can be done ONLY by a mailed check. Gee didn;t know it was still 1960
thank you
thank you   |     |   Comment #38
have you opened saving or checking accounts?
transfer from them to CD
schott99   |     |   Comment #40
This is email from United:

The information we provide here is only general information. Future deposits into this account would be mailed in or made at a United Bank branch location.

If your issue isn't resolved, we may look at your profile specifically if you submit this request in any of the following ways:

Call our Customer Care Center at 1-866-959-2265. The Care Center hours are Monday through Friday 8 AM-7 PM and Saturday 8 AM-4 PM.
SoCal   |     |   Comment #39
We applied for a joint account on Nov 3 and received confirmation email that the bank was reviewing the application. Two calls to the bank CSR during the week could not explain the delay, saying that it was impossible to contact the "back office" directly. On third call the rep said "You have to understand that we have only been taking online applications for the last year or so, so you must be patient." I decided that this didn't bode well for a banking relationship and withdrew the application.
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