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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

Take your savings to the next level with a Thomaston Savings Bank Relationship Savings account – with robust features and a service team that’s right here. Get 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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Holiday Club Account

With a Thomaston Savings Bank Holiday Club account you can reduce your debt load by saving throughout the year. Open a Holiday Club account with a $1 minimum deposit and then set up automatic deposits from your checking or savings account on a weekly, bi-weekly, or monthly basis to help you save for holiday expenses or any other time of year. A simple solution to make life easier, around here. You Get More When You’re Next Door.

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Health Savings Account (HSA)

When you need to see your doctor, you don’t want to have to 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Money deposited and interest earned on this account are tax-deferred, and can be withdrawn tax-free. Get free checks, VISA® HSA Check Cards, and free Online Banking and Bill Pay services, making it easy for you to manage the costs of your healthcare. 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+)
2017 Tax Year
2018 Tax Year
Individual
$1,000
$3,400
$3,450
Family
$1,000
$6,750
$6,900
  • 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 Check Card and online services

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Certificate of Deposit (CD)

Open a Certificate of Deposit (CD) and get flexible options to grow your money. Thomaston Savings Bank Certificates of Deposit (CDs) offer some of the most competitive CD rates in Connecticut. 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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Money Market Account

Earn more money as your balance increases with a Thomaston Savings Bank Money Market account. Get easy access to your funds with steady growth at a higher rate than some other savings accounts.

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Individual Retirement Account (IRA)

To build your savings while getting tax advantages, rely on an IRA – and the local team of experts – from Thomaston Savings Bank. It’s never too early to start your long-term savings plan – especially since Social Security and company-sponsored pensions are not a guarantee. 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. Contribute up to $5,500 ($6,​500 if you are age 50+) for 2017 and 2018 tax years.

Thomaston Savings Bank offers two IRA options – both of which feature tax-friendly benefits:

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

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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