Best Savings Account Interest Rates in Connecticut: July 2024
Updated June 30, 2024 at 4:00 am
Earning a solid interest rate on your savings account is an important part of growing your nest egg. Since savings accounts provide easy access to your funds while still earning interest, they are a great spot to store cash for an emergency fund, down payment or other short-term financial goals. Almost every brick-and-mortar bank offers savings accounts, but the best savings account interest rates in Connecticut are often found through online banks.
High-yield savings accounts offered by online banks usually come with interest rates that are substantially higher than those you’d find at your local bank. So, although you may like the convenience of dropping by a local branch to make deposits, the rates offered by online banks may be worth the extra effort for you. To help you decide which account is right for you, here’s a list of the best high-yield savings rates in Connecticut.
Our Methodology Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Our Picks - CIT Bank Platinum Savings
- BrioDirect High-Yield Savings
- Capital One 360 Performance Savings
- SoFi Checking and Savings
Vault’s Viewpoint: Overview of the Best Savings Rates in Connecticut
| Savings Account | Superlative | APY | Minimum Deposit | Monthly Fees |
| CIT Bank Platinum Savings | Best for Online Banking | Up to 5.00% | $100 | None |
| BrioDirect High-Yield Savings | Best for Large Initial Deposits | 5.30% | $5,000 | None |
| Capital One 360 Performance Savings | Best for Simplicity | 4.25% | None | None |
| SoFi Checking and Savings | Best Welcome Bonus | Up to 4.60% | None | None |
Best for Online Banking
CIT Bank Platinum Savings
Vault Verified
Why We Chose It
If you’re looking for one of the best savings interest rates in Connecticut, this is a good place to start. CIT Bank is a division of First Citizens Bank. It’s a reputable online bank that offers a range of financial products and has customers in all 50 states. CIT Bank’s Platinum Savings account is a tiered account that comes with an APY of up to 5.00%. To earn the top-tier rate, you’ll need to maintain a balance of $5,000. Balances below $5,000 currently earn 0.25% APY.
Pros
- Online bank offering various financial products—including savings accounts, checking accounts, home loans and more
- No monthly maintenance fees
- Interest on account compounds daily
Cons
- $5,000 minimum balance required to earn top-tier rate
- $100 minimum opening deposit is higher than most banks on our list
- Bank also offers several different savings accounts, which can be confusing
Best for Large Initial Deposits
BrioDirect High-Yield Savings
Vault Verified
Why We Chose It
BrioDirect is an online bank and a subsidiary of Webster Bank, which is based out of Stamford, Connecticut. At 5.30% APY, the BrioDirect High-Yield Savings account offers one of the top savings interest rates in the state. With that said, you’ll need at least $5,000 to open the account. Once the account is open, however, you’ll only need to keep a minimum of $25 in the account to earn the advertised rate.
Pros
- High 5.30% APY on savings
- No monthly fees
- Fast and easy online application process
Cons
- Minimum opening deposit of $5,000 may be too much for some
- No physical branch locations
- Must have a smartphone to apply online
Best for Simplicity
Capital One 360 Performance Savings
Vault Verified
Why We Chose It
It isn’t that the other banks on this list are complicated, but there’s no doubt that Capital One’s 360 Performance Savings Account makes things about as simple as possible. You don’t need to put any money into the account to open it, and no minimum account balance is required to keep it open. In addition to offering one of the best high-yield savings rates in Connecticut, this account also makes it easy to keep track of your account through the mobile app. You can transfer money between accounts, set up automatic transfers and deposit checks from your mobile phone.
Pros
- No monthly maintenance fees
- Mobile check deposits through app
- Ability to create multiple accounts for different savings goals
Cons
- No Capital One Cafe or branch locations in Connecticut
- Mobile deposits and online transfers may not be instantaneous
- No access to ATM withdrawals
Best Welcome Bonus
SoFi Checking and Savings
Vault Verified
Why We Chose It
With an APY of up to 4.60%, SoFi’s savings account interest rate is hard to beat. Additionally, SoFi is offering up to a $300 cash bonus for setting up a savings account, which is a wonderful deal if you’d like to be $300 richer. To earn SoFi’s bonus, you’ll need to make a direct deposit of $5,000 or more within the first 25 days of opening the account. Direct deposits of $1,000 to $4,999.99 within 25 days earn a $50 bonus, while deposits below that do not qualify for a bonus.
Pros
- Up to $300 welcome bonus available
- Savings account automatically comes with a checking account
- Up to an additional $2 million in FDIC insurance available through enrolling in SoFi Insured Deposit Program
Cons
- Direct deposit of $5,000 required to earn full welcome bonus
- Direct deposits or $5,000 in deposits every 30 days required to earn top-tier APY
- No physical branch locations
How Much Can You Earn With a Savings Account in Connecticut?
Savings account interest rates are variable, which means they can go up and down over time. Because of that, you can never be sure of exactly how much money you’ll earn over a period of time.
That said, you can generally make a good guess with a savings account. The following table explains how much Connecticut residents could earn over a year when they put $10,000 into one of our top savings account picks—assuming, of course, that the APY doesn’t change over that year.
| Bank Name | Savings Account | APY | Estimated Earnings |
| CIT Bank | CIT Bank Platinum Savings | 5.00% | $500 |
| BrioDirect | BrioDirect High-Yield Savings | 5.30% | $530 |
| Capital One | Capital One 360 Performance Savings | 4.25% | $425 |
| SoFi | SoFi Savings Account | 4.60% (with monthly direct deposits) | $460 |
How To Open a Savings Account in Connecticut
Here is how to open a high-yield savings account in Connecticut:
- 1. Choose your financial institution: Every bank has slightly different rules, perks and interest rates. You’ll want to weigh the pros and cons of each bank before making your decision. When shopping for the best high-yield savings rates in Connecticut, keep in mind that the national average rate for savings accounts is about 0.61% APY.
- 2. Gather your documentation: You’ll need items such as your driver’s license and Social Security card to prove your identity. You’ll also need to provide your address and contact information.
- 3. Apply with the bank: Once you’ve decided on which savings account is best for you, you’ll need to complete an application to open the account. Some banks allow you to apply online, while others may require you to apply in person. Online applications typically take just a few minutes to complete, while in-person applications may take longer.
- 4. Fund your new account: After approval, you can start putting money into your new savings account. You’ll also want to decide whether you want to fund your account on a monthly basis with direct deposits or automatic withdrawals from your checking account.
Tips for Choosing the Best Savings Account for You in Connecticut
A savings account can be a great way to save money for certain short-term and medium-term financial goals. Here are some suggestions to help you find the best savings account for your needs.
Find a Solid APY
A savings account’s annual percentage yield (APY) measures the effective amount of interest you’ll earn on your savings over one year. The APY accounts for both the interest rate and the compound interest earned on your money during that year. For instance, if you deposit $1,000 into a savings account that earns 4.00% APY, you would earn $40 over the course of a year. Although you’re not likely to find any 7% savings accounts any time soon, the best high-yield savings rates in Connecticut all top 4.00% APY.
Consider Your Financial Goals
Before opening a new savings account, ask yourself what your goals are for the account and whether the account meets those needs. Does the account you’re considering offer access to your money through an ATM, or are you willing to trade convenience in order to earn a higher interest rate? Can you easily create multiple accounts to segment your savings goals, or will a single account be enough? Are you able to write checks from the account, or would you prefer to use another type of account to pay for everyday expenses? Asking these types of questions can help you determine whether or not the account you’re considering is right for you.
Understand the Fee Structure
Some savings accounts charge monthly maintenance fees, particularly for accounts that maintain lower balances. These fees can cut into the money you are earning through interest, seriously affecting the amount of money you are able to save. With that said, many of the best online banks don’t charge monthly fees on their high-yield savings accounts. Keep this in mind before you decide where to open your new savings account.
Consider the Bank as a Whole
Although finding the best savings interest rates in Connecticut should be an important consideration, it isn’t the only thing to think about. The quality of the savings account is obviously important, but earning a higher APY may not be as important to you as the customer service you receive. Maybe you prefer banks that offer brick-and-mortar locations, or perhaps you’d like to patronize a bank that supports your social values. Knowing what is most important to you can help you find the best bank and right savings account for your particular situation.
Alternatives to a Savings Account
If you want to save money to meet short-term and medium-term goals, a savings account can be a good solution. However, savings accounts aren’t right for every financial goal you may have. Here are some savings account alternatives to consider.
Certificates of Deposit
A certificate of deposit, also known as a CD, is a savings product commonly offered by most banks. When purchasing a CD, you’ll deposit a set amount of money with the bank for a predetermined amount of time. This money usually earns a fixed interest rate until the CD “matures,” which can take anywhere from a single month to several years. Unlike a savings account, you can’t add more money to a CD, nor can you access the money until the end of the term without paying a penalty. Depending on your rate, a CD can be a good alternative to a savings account—especially if you don’t need access to your money before the term ends. The best CD rates are currently hovering above 5% APY.
Money Market Account
Money market accounts are something of a hybrid between a checking and a savings account. You may be able to earn a higher interest rate in a money market account than in a savings account, but that isn’t always the case. Money market accounts are also more flexible than most savings accounts, allowing you to write checks and use a debit card to withdraw your money without a fee.
Savings Bonds
When you buy a savings bond, you’re essentially lending money to the federal government. In return, the government promises you’ll get your money back plus a healthy amount of interest. Currently, the U.S. government offers both Series EE and Series I bonds. The amount of interest you’ll earn varies, but it’s typically comparable to (and possibly better than) many savings accounts.
Frequently Asked Questions
How Do Local Connecticut Credit Unions Compare to National Banks for Savings Rates?
Typically, credit unions offer similar savings rates as national banks. When it comes to the best savings interest rates in Connecticut, however, online banks tend to offer the highest rates.
Can I Find High-Yield Savings Accounts in Connecticut With No Minimum Balance Requirements?
You can definitely find high-yield savings accounts in Connecticut with no minimum balance requirements—provided you’re willing to use a nationwide online bank. Online-only banks frequently have the best high-yield savings accounts, dwarfing what their competitors can offer.
Which Connecticut Banks Offer the Best Mobile App Features for Managing Savings Accounts?
Connecticut Community Bank offers a mobile app with a tons of great features, including mobile deposit and mobile bill pay. It also allows you to see your balance without logging in. Dutch Point Credit Union’s mobile app is also worth checking out, offering features such as real-time balance and transaction viewing, external account transfers and free bill payment.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
