Union Savings Bank

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Explore Union Savings Bank’s suite of bank accounts

Offers several savings options, but its APYs are low.

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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.

Am I eligible?

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

What banking products does Union Savings Bank offer?

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.

Other products

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.

How does Union Savings Bank compare to other banks?

Compared to other financial institutions, Union Savings Bank accounts have some distinct benefits and drawbacks.

Checking accounts

Pros

  • 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.

Cons

  • 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.

Savings accounts

Pros

  • Many savings options. You have five savings account options, including a kids account and another for vacations or holidays.

Cons

  • 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.

CDs

Pros

  • Several term options. Choose between 19 CD account terms between 91 days to 60 months.

Cons

  • 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.

Overall banking

Pros

  • 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.

Cons

  • 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.

Compare with leading bank accounts

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee Offer
Axos Bank Rewards Checking
Finder Rating: 4.2 / 5: ★★★★★
Axos Bank Rewards Checking
1.25% on balances of $0 to $50,000
$50
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
Bonus
HSBC Premier Checking
0.01% on balances of $5+
$0
Free to use at all ATMs in the US
$0
Get a $500 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by February 15, 2023, and set up qualifying direct deposits into the new account totalling at least $10,000 per month for three consecutive months. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.

HSBC Premier Checking offers free global transfers and 24/7 customer support.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
3.00% on balances of $0 to $10,000
$10
55,000+ free Allpoint ATMs worldwide
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards.
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
N/A
$0
60,000+ fee-free ATMs
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Bonus
BMO Harris Smart Money™ Account
N/A
$25
Unlimited transactions at 40,000+ ATMs nationwide
$3
Get a $300 cash bonus when you open a new account and have a total of at least $4,000 in qualifying deposits within the first 90 days. See terms and conditions
You’ll pay no monthly maintenance fee if you are under 25. It also offers no overdraft charges and no non-sufficient fund (NSF) fees.
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Compare up to 4 providers

Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Monthly
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect
2.40%
$0
$100
Daily
Earn an impressive APY on your entire balance. This straightforward online savings account has no monthly service or account opening fees.
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
2.15%
$0
$100
Daily
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
Axiom Bank high-yield savings account
Axiom Bank high-yield savings account
2.75%
$0
$1
Daily
UFB Elite Savings
Finder Rating: 5 / 5: ★★★★★
UFB Elite Savings
2.85%
$0
$0
Daily
Earn a 2.85% APY with no minimum deposit or balance amount with this no-monthly-fee savings account.
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Compare up to 4 providers

Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Barclays Online CDs
Finder Rating: 4.5 / 5: ★★★★★
Barclays Online CDs
N/A
3.05%
3.50%
$0
Get competitive rates on CD term lengths from 3 to 60 months. A reliable and secure way to see your money grow.
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank Term CDs
0.30%
0.30%
0.50%
$1,000
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Bread Savings CDs
Finder Rating: 3.8 / 5: ★★★★★
Bread Savings CDs
N/A
3.00%
3.65%
$1,500
With a $1,500 minimum deposit, you'll receive competitive interest rates and no hidden fees with this CD. FDIC insured.
Quontic Bank CD
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CD
1.70%
2.50%
3.20%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
SkyOne CD
SkyOne CD
N/A
2.85%
N/A
$1
$1 minimum deposit. 24/7 online access. Federally insured by NCUA.
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Union Savings Bank customer service

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.

Bottom line

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.

Frequently asked questions

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