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Personal Savings

It’s pretty simple: How people live in Miami is different from how people live in Middlebury. What people need in Boston is different from what they need in Bristol. So if your life is centered here, but your bank really isn’t, odds are you’re not getting exactly what you need. Create a financial cushion, save for a special purchase, or plan for the future with our various savings accounts – simple, straight-forward accounts built for life around here. Get competitive rates and flexibility to meet your unique needs, from an expert team committed to help you grow in the community that we know.

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Relationship Savings Account

Checking and savings: the perfect match. Take your savings to the next level with a Thomaston Savings Bank Relationship Savings account. With robust features and a local team of experts, we have the competitive rates and flexibility to meet your unique needs. Plus, receive a premium rate when you link your Relationship Savings account to our Relationship Checking Account.

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$15,000.00 minimum balance to open. A maintenance service charge of $15.00 will be imposed every month the balance in the account falls below $1,000.00 any day in the month. You must maintain a minimum balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield. 

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Passbook

Designed for a simple and effortless saving experience, your savings account at Thomaston Savings Bank comes with a passbook for conducting your withdrawals. Open your account and start earning interest daily with just a $25 minimum opening deposit.*
 

*Early closing fees and lost passbook fees may apply.

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Statement

Does having 24/7 access to your money sound appealing? A Statement savings account may be your perfect match. No need for a passbook to make deposits or withdrawals — a Statement savings account comes with a free ATM card that grants you access to 24-hour banking at ATMs everywhere. Simply start with a $25 minimum deposit and start earning interest today.*

*Early closing fees may apply. A $1 Thomaston Savings Bank service charge will be issued per withdrawal when using another bank’s ATM (additional surcharges from other banks may also apply). No fees apply if your card is used at a participating MoneyPass® ATM.

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Open an account online or at your nearest branch.

Existing Customers:
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New Customers:
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Club Account

Stop the Seasonal Shopping Stress! While we can’t get rid of the holiday mall madness, with a Thomaston Savings Bank Club account, you can reduce your debt load by saving throughout the year. With a $1 minimum deposit and set up automatic deposits from your checking or savings account on a weekly, bi-weekly, or monthly basis, you can start saving up for holiday expenses, your annual road trip… it’s a simple solution that makes your life that much easier.

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Health Savings Account (HSA)

The last thing you want to do when you need to see your doctor is worry about the cost. With a Health Savings Account (HSA), individuals with High-Deductible Health Plans can focus on their health instead of their wallets. This tax-deductible account allows you to cover qualified current and future medical expenses. Best of all, there are no monthly service or transaction fees.

Money deposited and interest earned on this account are tax-deferred and can be withdrawn tax-free. And with free checks, a Visa HSA Debit Card, and free Online Banking and Bill Pay services, managing the costs of your healthcare becomes that much easier. Plus, our HSA is a tiered rate product, allowing you to earn more when you save more. Check out some frequently asked questions about HSAs.

Contribution Limits:

Plan Type
Catch up (Age 55+)
2019 Tax Year
2020 Tax Year
2021 Tax Year
Individual
$1,000
$3,500
$3,550
$3,600
Family
$1,000
$7,000
$7,100
$7,200
  • Save for healthcare costs if you're currently enrolled in a high-deductible healthcare plan
  • Earn more interest when you maintain a higher balance
  • Cover qualified current and future medical expenses
  • No monthly service or transaction fee
  • Deposits and earnings from interest are tax-deferred and can be withdrawn tax-free for qualifying expenses
  • Includes easy access through checks, Visa HSA Debit Card and online services

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Certificate of Deposit (CD)

Make your money work for you! Thomaston Savings Bank Certificates of Deposit offer some of the most competitive CD rates in Connecticut to grow your money. Open a CD with a low minimum deposit and varying terms, from 91 days to 5 years. Plus, enjoy higher rates of return for accounts with “jumbo” balances of $100,000 or more.

Guaranteed rates, with great returns that you can get right here.

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VIEW VARIABLE CD RATES

Fixed Rate CDs: $1,000 minimum deposit to open an account and earn the disclosed annual percentage yield.
Variable Rate CDs: $25 minimum deposit to open an account and earn the disclosed annual percentage yield. 

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Existing Customers:
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New Customers:
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Money Market Account

Get more bang from your buck. Earn more money as your balance increases with a Thomaston Savings Bank Money Market account. You’ll have easy access to your funds, plus steady growth at a higher rate than other savings accounts.

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$2,500.00 minimum balance to open this account. To avoid a $10.00 monthly maintenance service charge and to earn the disclosed annual percentage yield, a minimum balance of $1,000.00 must be maintained daily. 

Open an account online or at your nearest branch.

Existing Customers:
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New Customers:
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Individual Retirement Account (IRA)

Build your savings and gain tax advantages with an IRA from Thomaston Savings Bank. Individual Retirement Accounts (IRAs) offer some unique ways to build better savings by deferring tax payments until you withdraw your money or retire. An IRA is an account that you can add to as you grow so while it can benefit you before tax season, an IRA is beneficial all year long.

Talk to one of the local lending experts at Thomaston Savings Bank to see which IRA is right for you:

Traditional IRA

  • Tax-deductible contributions
  • Federal and/or state withholding available upon withdrawal
  • Penalties apply to withdrawals before age 59 ½
  • Required minimum withdrawals begin at age
    • 70 ½ for IRA holder born prior to 7/1/1949
    • 72 for IRA holder born on or after 7/1/1949

Roth IRA

  • Contributions are not tax-deductible
  • All earnings and principal are 100% tax-free upon withdrawal
  • No mandatory distribution age
  • Income limits apply when attempting to open a Roth IRA*

*Consult your tax advisor for current limits for your individual situation.

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Tenant Savings

This account helps landlords meet their obligation under Connecticut state statute to hold a security deposit in a bank account for the benefit of their tenant. The account is registered in the name of the tenant but access to the funds is controlled by the landlord. Interest earned is reported to the IRS in the tenant’s name. Simply start with a $25 minimum deposit and start earning interest on your tenant’s security deposit today.*

*Early closing fees may apply. 

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