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Savings Accounts

Savings Accounts

Choose from various accounts tailored to meet your savings needs and help you reach your financial goals.

Whether you're creating a financial cushion, saving for the holidays or planning a memorable vacation, Savings Bank of Danbury offers an assortment of savings account options that are right for you. Our competitive rates allow you to grow your money steadily while maintaining easy access. 

Overview

Statement Savings*

  • No monthly service charges
  • Includes free access to SBD Online Banking, SBD Mobile Banking and SBD Telephone Banking 

*  The Federal Reserve Board has temporarily suspended the transfer limitations on statement savings accounts in order to ensure that customers have access to all of their funds during the COVID-19 Crisis. The transfer limitations associated with this account have been suspended and you will not be charged a fee for electronic transfers that would have otherwise exceeded the limitations during this time.

Statement Draw

  • Links to your Savings Bank of Danbury checking account to provide overdraft protection
  • Provides peace of mind and allows you to avoid costly overdraft fees

Holiday Club

  • Easily save for the holidays with weekly payroll deductions or automatic transfers. You can set up the amount deposited that fits your needs.
  • Account matures in October to allow plenty of time for holiday purchases

Vacation Club

  • Save for that special vacation with weekly payroll deductions or automatic transfers.  You can set up the amount deposited that fits your needs.
  • Account matures in April
     

For more information click here for account disclosures.

Money Market Savings

When you're looking for the ideal deposit account to grow your money, our Money Market Savings* account provides the solution. This account can earn higher interest than other savings deposit accounts, depending on your account balance, with the convenience of a passbook..

  • Maintain a $2,500 minimum balance to benefit from a higher interest rate
  • The larger your account balance, the more you earn with this tiered, interest-bearing account 

*Minimum $50 to open. If average daily balance falls below $2,500, a $5 monthly service fee is charged. ** The transfer limitations from a Money Market savings account to another account or to third parties by preauthorized, automatic, telephone or computer transfer or by check, draft or similar order to third parties has been temporarily suspended. Please see below for more information.   

**  Important Information about Electronic Transfers from Money Market / Statement Savings Accounts

The Federal Reserve Board has temporarily suspended the transfer limitations on statement savings accounts in order to ensure that customers have access to all of their funds during the COVID-19 Crisis. Effective immediately, the transfer limitations associated with Money Market and Statement Savings accounts have been suspended and you will not be charged a fee for electronic transfers that would have otherwise exceeded the limitations during this time. Until further notice, the Transfer Limitations paragraph in your account disclosure does not apply. If you have any additional questions please call your local branch.

                         For more information click here for account disclosures

Account Type Interest Rate Annual
Percentage
Yield
Interest Compounded Interest Credited Minimum Balance
Required
to Open
Minimum Balance
Required
to Earn APY
Passbook Savings .03% .03% Continuous Monthly $10.00 $5.00
Statement Savings .03% .03% Continuous Monthly $10.00 $5.00
Statement Draw .03% .03% Continuous Monthly $10.00 $5.00
Money Market Savings
$5.00 - $2,499.99 .03% .03% Continuous Monthly $50.00 $5.00
$2,500 - And Up .05% .05% Continuous Monthly $50.00 $2,500.00
Holiday Club Savings * .25% .25% N/A At Maturity $10.00 $10.00
Vacation Club Savings * .25% .25% N/A At Maturity $10.00 $10.00

Rates Effective as of: July 28, 2021

  • The Interest Rate and Annual percentage yield are variable and may change after the account is opened. 
  • Fees may reduce earnings
  • Rates are accurate as of the date shown above
  • Click on the link provided to see account disclosures and schedule of fees and charges
  • *  Fixed rate Account – Interest rate and APY are fixed until maturity
  • Transaction limitations apply
  • Click here to see account disclosures and service charges that may apply.

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