Savings Options to
Achieve Your Goals
There’s a reason “Savings” is our middle name. It’s because at Torrington Savings Bank, offering our customers great savings choices is so central to what we do. There are many reasons why you save, and that’s why we offer so many ways to do it.
Compare Savings Accounts
Torrington Savings Bank offers great savings options so you can save in the way that best suits your needs.
| Hometown Savings | Hometown Money Market | First Time Savers | Build Your Own Club Savings | |
|---|---|---|---|---|
| Minimum to Open | $5.00 | N/A | $1.00 | $1.00 |
| Minimum Average Daily Balance | $5.00 | Less than $1,000.00 | Less than $1,000.00 | N/A |
| APY | 0.050% | 0.050% | 5.116% | 0.050% |
| Interest | 0.050% | 0.050% | 5.000% | 0.050% |
| Description |
A great way to start to build up your savings, this account is simple by design, to make it easier to save. |
Earn a higher interest rate by keeping a higher balance. |
Savers ages 5-21 years old can earn a special interest rate and incentives for regularly saving into this account. |
You choose the goal and the maturity date. We help you create a specific savings plan in line with those unique savings goal. |
| Open Now | Open Now | Open Now | Open Now |
Roth IRA
With a Roth IRA, contributions are not tax-deductible, but earnings can grow tax-free, and qualified withdrawals are tax- and penalty-free. Roth IRA withdrawal and penalty rules vary depending on your age and how long you’ve had the account and other factors. Before making a Roth IRA withdrawal, keep in mind the following guidelines, to avoid a potential 10% early withdrawal penalty:
- Withdrawals must be taken after 59½
- Withdrawals must be taken after a five-year holding period.
Available as any term CD IRA, or as a Hometown Money Market IRA.
*Internal Revenue Services rules and regulations determine who is eligible for the full tax benefits of an IRA. Contact your tax advisor for assistance. Additional tax information available at: MyMoney.Gov and Investopedia
Savings Account Features
Online Banking
TSB makes it easy to keep tabs on your savings through Torrington Savings Bank online banking.
Mobile Banking
Your TSB account information in the palm of your hand
Mobile Check Deposit
With mobile check deposit, you don’t need to come into a branch to make a deposit to your savings account
eStatements
Skip the paper cuts and save some green by signing up for eStatements.
