Best Savings Accounts in Connecticut of May 2021

Victoria Daniel

Connecticut has a population of over 3.5 million, with hundreds of banks operating in its state. These banks offer a wide range of savings accounts. When making a choice, find one that provides an annual percentage yield (APY) greater than the average.

The APY determines the amount of interest you earn per year. The higher the APY on a savings account, the faster your savings will grow. According to the FDIC, the average interest rate on a standard account in the U.S. is approximately 0.05%. Consider a high-yield savings account as it offers above average rates.

Apart from the APY, remember to analyze the account fees. Most of the high-yield savings accounts offering a high APY have high monthly fees, together with high initial deposits and minimum balance requirements.

Shop around for the best mix of these costs and features. Also, keep in mind that the advertised APY is variable. They can fluctuate at any time, depending on the strength of the economy.

Choosing an account from such a wide range can be very challenging. WalletBrain reviewed some of the best savings accounts in Connecticut.

We compared the APY, account fees, and other features of the available options. Use our top picks to find the most suitable match for you today. 

Axos Bank High Yield Savings Account

axos bank logo

$0

Monthly Fee

$250

Min. To Open

0.60%

Est. APY

Overview

This savings account will provide a flat APY regardless of your balance, and you won't worry about monthly fees. A great perk with this account is you can request a free ATM card.

What we like

  • No monthly fees
  • Interest compounded daily
  • Free ATM card

What we don't

  • No physical branch
  • No sign up bonus
  • No rate tier, APY same regardless of balance

APY ranges

Range APY
$0.01+ 0.60%

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$250
  • Min. Deposit For No Fee$0
  • CompoundedDaily
  • State RestrictionsNone

ATM & Debit Card

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Debit Card UseAllowed

CIT Bank Savings Account

cit bank logo

$0

Monthly Fee

$100

Min. To Open

0.45%

Est. APY

Overview

This savings builder account is unique where you need to deposit $100 a month to get the highest APY. If you don't deposit $100+ a month, then you need to maintain $25,000 in the account.

If you don't do either, you won't receive the higher end APY. It's best to go by depositing $100 a month because you will have accumulated a significant balance in a few years without realizing it.

What we like

  • No monthly fees
  • Deposit $100 a month to receive higher APY
  • One of the top APYs around

What we don't

  • No sign up bonuses
  • No physical branch locations
  • No ATM card

APY ranges

Range APY
$1 - $24,999.99 0.30%
$25,000+ 0.45%

Account Fees & Information

  • Monthly Fee$0
  • Min. To Open$100
  • Min. Deposit For No Fee$0
  • CompoundedDaily
  • State RestrictionsNone

ATM & Debit Card

  • Monthly Transaction Limits6
  • Excessive Transaction Fee$10+
  • ATM FeesDepends on ATM
  • Debit Card UseAllowed