Founded in 1866, Union Savings Bank is among the oldest financial institutions on the East Coast. It offers several types of savings accounts but only two types of checking accounts. Interest only compounds once a month and the APY for savings accounts is only competitive if you have a balance above $50,000. Plus, you need to be a resident of Connecticut to keep your money with this bank.
To qualify for a personal checking or savings account with Union Savings Bank, you must meet these requirements:
- Resident of Connecticut
- Valid Social Security number
- Provide two forms of identification, such as a passport and a Connecticut driver’s license or ID card
- At least 18 years old or 15 years old with an adult cosigner
Union Savings Bank offers nine bank accounts to choose from:
- Access Checking. This interest-bearing checking account includes unlimited free ATM transactions.
- Essential Checking. Pay no monthly fee and get a free savings account with this checking option.
- Opportunity Checking. This second-chance account helps you recover from bad banking history.
- Access Savings. This high-yield account has a tiered interest rate that may help you reach your savings goals faster, but you’ll need at least $100,000 to earn the highest APY.
- Essential Savings. You can open this savings account with as little as $25, but the APY is only 0.03% regardless of your balance.
- Young Savers. Kids can build healthy savings habits with this free, interest-bearing account, but there’s no debit card or ATM access.
- Certificates of deposits. You can earn a fixed, competitive APY with short- or long-term CDs, but the minimum deposit is $1,000.
- Money Market. This account offers the highest possible interest rate and includes limited check-writing capabilities.
- Club Savings Account. Save for holidays, vacations and other big-ticket expenses with this interest-bearing account that requires a deposit of at least $5 per week.
Besides checking and savings accounts, Union Savings Bank also offers:
- Credit cards. Choose between several credit cards that can help you earn rewards, get cash back or strengthen your credit score.
- Health Savings Account. If you have a high-deductible health plan, this account lets you set aside funds for unforeseen medical expenses without paying taxes on them.
- Individual Retirement Account. Union Savings Bank offers Roth IRAs, traditional IRAs and employer-sponsored-to-rollover IRAs that help you save for retirement.
- Mortgages. Whether you’re a first-time buyer or an experienced homeowner, Union Savings Bank can help you get a home loan.
- Consumer loans. Union Savings Bank offers various personal loans for cars, boats, home improvement projects and more.
- Flex HELOC. If you need funds to pay for college or home improvement projects, this home equity line of credit lets you lock in a fixed rate for five, 10 or 15 years.
Compared to other financial institutions, Union Savings Bank accounts have some distinct benefits and drawbacks.
- Interest-bearing checking account. Its Access Checking account earns interest from 0.05% to 0.15% depending on your account balance.
- Waived ATM fee. Don’t worry about out-of-network ATM fees with your Access Checking account.
- Waived monthly fees. If you open an Access Savings or Essential Savings account, United Savings Bank will waive monthly service fees for its corresponding checking accounts.
- Fewer options. Union Savings Bank only offers two types of checking accounts, while competing banks and credit unions provide more options.
- Paper statement fee. Like most banks, there’s a $5 fee for paper statements, but United Savings Bank waives it for account holders who are 60 years old or older.
- Essential Checking account limitations. Only essential Checking account holders between the ages of 15 and 24 can avoid the $2 out-of-network ATM fee.
- Many savings options. You have five savings account options, including a kids account and another for vacations or holidays.
- APYs aren’t competitive. Balances less than $10,000 only earn 0.03% APY; balances between $10,000 and $49,999 earn 0.05% APY and balances between $50,000 and $99,999 earn 0.07% APY.
- Interest compounds less often. Most bank’s interest rates compound daily, but with United Savings Bank accounts, interest only compounds monthly.
- High initial deposit. Access Savings accounts require an initial deposit of at least $300.
- Several term options. Choose between 19 CD account terms between 91 days to 60 months.
- High minimum deposit. You must deposit at least $1,000 to open a CD account.
- Rates could be better. Depending on the maturity length of your CD, you could earn anywhere from 0.10% APY to 0.75% APY. Competing banks offer CDs with higher APYs.
- Variety of savings options. United Savings Bank offers several ways to save depending on your goals and you also have more CD terms to choose from.
- Live chat. The website’s chat feature is helpful if you can’t call customer support during business hours.
- Limited presence. Union Savings Bank is only available to residents of Connecticut, and its 26 branches are in the western part of the state.
- Only two checking accounts. Union Savings Bank only offers two checking accounts options.
- Low APYs. You’ll need to maintain a high balance to earn the highest interest rate. Other banks let you earn more interest with lower balances.
You can reach Union Savings Bank in five ways:
- Visit a branch.
- Call 866-872-1866.
- Fill out an online form.
- Chat live on the website.
- Contact Union Savings Bank on Facebook, Instagram, LinkedIn or Twitter.
If you live in western Connecticut and need somewhere to store your money, Union Savings Bank offers several savings accounts in which your funds can accrue interest. But other banks offer more checking account options and let you earn higher APYs with lower balances.