Deposit Rates CT | Checking, Investment & Savings Accounts | Ion Bank
Our Cheshire branch has reopened for new account opening, night drop, and safe deposit access by appointment only by calling Sean Fogarty or Amie Chandarpal at 203.272.3714. All other transactions will be accommodated through our drive-up Personal Teller Machine. Thank you for your patience during our renovation.

Great rates can be found at Ion Bank.

From Savings, Checking and Money Market accounts to Certificates of Deposit and IRAs, a great rate can be found at Ion Bank. Don’t spend time shopping around. Instead, find optimal interest for all of your savings or investment needs. Interest rate and APY1 are based on tier or term.

Rates as of Friday, February 23, 2024

Checking Accounts | Investment Accounts | Savings Accounts

Checking Accounts

Preferred Checking

Minimum Balance to open $50.00

Rate TypeMinimum Balance to earn APYInterest RateAPY1
Tier I$50.00 – $999.990.05%0.05%
Tier II$1,000.00 -$9,999.990.10%0.10%
Tier III$10,000.00 and Over0.20%0.20%

Certificates of Deposit

Minimum Balance to open and earn APY $500.00

Rate TypeInterest RateAPY1
3 Month Certificate0.20%0.20%
6 Month Certificate0.35%0.35%
7 Month Certificate⁴4.65%4.75%
9 Month Certificate0.35%0.35%
12 Month Certificate0.60%0.60%
13 Month Certificate (Only applies to Credit-Builder Loan Program)4.89%5.00%
18 Month Certificate0.50%0.50%
24 Month Certificate0.55%0.55%
25 Month Certificate (Only applies to Credit-Builder Loan Program)5.13%5.25%
28 Month Certificate Bump Up Option (Only applies to current open 28 month Bump up certificates)³4.41%4.50%
30 Month Certificate0.55%0.55%
36 Month Certificate0.60%0.60%
48 Month Certificate0.65%0.65%
60 Month Certificate0.70%0.70%

IRA Accounts

Minimum Balance to open and earn APY $500.00

Rate TypeInterest RateAPY1
3 Month Certificate0.20%0.20%
6 Month Certificate0.35%0.35%
7 Month Certificate⁴4.65%4.75%
9 Month Certificate0.35%0.35%
12 Month Certificate0.60%0.60%
18 Month Certificate0.50%0.50%
24 Month Certificate0.55%0.55%
30 Month Certificate0.55%0.55%
36 Month Certificate0.60%0.60%
48 Month Certificate0.65%0.65%
60 Month Certificate0.70%0.70%

Investment Accounts

Savings Accounts

Ka-Ching! Savings Account²

Minimum Balance to open $0.00

Rate TypeMinimum Balance to earn APYInterest RateAPY1
Tier I$50.00 – $2,499.991.74%1.75%
Tier II$2,500.00 – $49,999.992.32%2.35%
Tier III$50,000 – Over2.96%3.00%

Passbook Savings

Minimum Balance to open $50.00

Rate TypeMinimum Balance to earn APYInterest RateAPY1
Tier I$50.00 -$2,499.991.00%1.00%
Tier II$2,500.00 – $49,999.991.49%1.50%
Tier III$50,000 – Over1.74%1.75%

Statement Savings

Minimum Balance to open $50.00

Rate TypeMinimum Balance to earn APYInterest RateAPY1
Tier I$50.00 -$2,499.991.09%1.10%
Tier II$2,500.00 – $49,999.991.59%1.60%
Tier III$50,000 – Over1.98%2.00%

eSavings

Minimum Balance to open $50.00

Rate TypeMinimum Balance to earn APYInterest RateAPY1
Tier I$50.00 – $2,4999.990.15%0.15%
Tier II$2,500.00 – $49,999.990.25%0.25%
Tier III$50,000 – Over0.60%0.60%

Health Savings Account

Minimum Balance to open $0.00

Rate TypeMinimum Balance to earn APYInterest RateAPY1
Tier I$50.00 -$999.990.10%0.10%
Tier II$1,000.00 -$4,999.990.15%0.15%
Tier III$5,000.00 and Over0.25%0.25%

Money Market Account

Minimum Balance to open $1,000.00

Rate TypeMinimum Balance to earn APYInterest RateAPY1
Tier I$9,999.99 and under0.75%0.75%
Tier II$10,000.00 -$49,999.991.49%1.50%
Tier III$50,000.00 -$249,999.991.98%2.00%
Tier IV$250,000.00 and Over2.47%2.50%

1 Any annual percentage yields (APY) provided above assumes interest will remain on deposit until maturity or for one year for accounts with maturities of less than one year. Interest will be compounded and credited monthly. Withdrawals and fees could reduce earnings on an account. Certificates of Deposit and IRA accounts may have a penalty imposed for early withdrawal. Rates are subject to change without notice. Interest rates on variable rate accounts may change after the account is opened. Account disclosures provided at the time an account is opened will provide additional information. Excluding Certificates of Deposit and IRA accounts, products listed are variable-rate accounts and your interest rate may change after you open your account.

2 Minimum of one Ion Bank Debit MasterCard® purchase of more than $50.00 per statement cycle is required to be eligible for the Ka-Ching! Savings Account interest rate, otherwise the interest rate may revert to the Statement Savings Account interest rate. Requires an Ion Bank Personal Checking Account and valid Ion Bank Debit MasterCard. Health Savings Accounts, Money Market accounts and Business accounts are not eligible to participate.

3One rate bump-up during the term. At the time you exercise your bump-up option to the then current standard 28 month certificate rate you will receive a new disclosure indicating the new rate of interest. The new rate is paid from the date you exercise the bump-up option to the maturity date. This option may only be used one time and will not extend the term of the certificate. No new accounts, this rate and APY option are for existing 28 month bump-up certificates only.

4Maximum allowed deposit is $250,000. No business or municipal accounts.

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