United Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

United Bank checking account options

Simpl-e Checking

A no-frills checking account: there’s no monthly fee or minimum balance requirement. The downside? It doesn’t earn interest or rewards.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

The Simpl-e Checking Account is a free online bank account. You only need to deposit $1 to open it, and after that there’s no minimum balance requirement. This account does not charge a monthly fee.

The Simpl-e Checking account provides a debit card, online banking and a free first order of checks. This account is online only so there are only e-statements and no paper statements.

You can make unlimited free withdrawals from any United Bank ATM and any ATM in the Allpoint network. If you make an out-of-network transaction, United Bank will charge $3 and it will not refund any fees from the ATM owner for this account.

You can open the Simpl-e Checking account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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Benefits Checking

The “benefits” are the refunds of some ATM fees and a little bit of interest earned. Not much of an upgrade, considering the relatively high balance requirement and monthly fee.
APYMinimum Balance Amount to Earn APY
0.01%
$1
0.01%
$500
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $10 per statement cycle
  • Overdraft fees: $38 each

The Benefits Checking account requires an opening deposit of at least $50. This account charges a stiff $15 monthly maintenance fee unless you either:

  • Have a monthly balance of at least $2,500; or
  • Make at least a total of $500 of direct deposits into the account each month.

In exchange, this account earns interest but the rates are very low. It also refunds up to $10 per statement cycle in fees from out-of-network ATMs. Beyond that, it offers regular banking services like a debit card and online banking. You can also make unlimited free withdrawals from any United Bank ATM or any ATMs in the Allpoint network.

You can open the Benefits Checking account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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Premier Checking

If you plan on keeping at least $10,000 with United Bank, you could qualify for a wide variety of free banking services through this premium account.
APYMinimum Balance Amount to Earn APY
0.02%
$1,000
0.02%
$10,000
0.02%
$50,000
0.02%
$100,000
0.02%
$200,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $24.95 (can be waived)
  • ATM fees: None
  • ATM fee refunds: Unlimited
  • Overdraft fees: $38 each

The Premier Checking account requires an opening deposit of at least $1,000. It also charges a whopping $24.95 monthly maintenance fee unless you either:

  • Maintain an average balance of $10,000 in your Premier Checking account; or
  • Have a combined balance of at least $50,000 in United Bank deposit accounts (checking, savings, CD, money market or IRA)

In exchange, this account pays a higher interest rate. It also offers a range of banking benefits — one of those benefits is a refund for all fees on out-of-network ATMs, so you get free access to your money wherever you want.

It also gives provides free checks, money orders and wire transfers at United Bank. Finally, with this account you are eligible for a discounted safety deposit box and a no-annual-fee line of credit at United Bank.

You can open the Premier Checking account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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Generations Checking

A free checking account for applicants age 60 and older. Comes with some extra benefits compared to United Bank’s standard free checking account.
APYMinimum Balance Amount to Earn APY
0.01%
$500
  • Minimum opening deposit: $50
  • Monthly account maintenance fee:: None
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: Up to $5 per statement cycle.
  • Overdraft fees: $38 each

If you are 60 or older, you could sign up for the Generations Checking account. You need to deposit at least $50 when you set the account up. After that, this account does not have a minimum balance requirement and will not charge a monthly fee.

Unlike the free Simpl-e account, the Generations account earns interest, so long as you have a minimum balance of at least $500. This account also refunds up to $5 per statement cycle in out-of-network ATM fees. Like the other United Bank checking accounts, it includes a debit card, online banking and free access to ATMs in the United Bank and Allpoint networks.

You can open the Generations Checking account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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How United Bank’s checking accounts compare

We are not blown away by the United Bank checking accounts. They either pay extremely low interest rates or pay no interest at all. The Premier Checking and Benefits Checking accounts charge sizable monthly fees unless you meet their high balance requirements. Getting hit with just one monthly fee would easily wipe out all your interest earnings.

It’s nice that you can open Simpl-e and Generations Checking accounts for a small deposit and that these accounts never charge a monthly fee. They aren’t bad choices for someone who wants to quickly open a free, online checking account.

But there are other free online checking accounts which are just as convenient and also earn a decent interest rate. They are likely a better choice for your checking needs compared to United Bank.

United Bank savings account options

Simpl-e Savings

A low-cost savings account with an interest rate that is just as low.
APYMinimum Balance Amount to Earn APY
0.02%
$1
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

United Bank’s Simpl-e Savings account requires a minimum opening deposit of at least $10. This account will charge a $5 monthly maintenance fee unless you meet one of the following:

  • Your savings account balance is over $250;
  • You are younger than 24 or older than 60; or
  • $25 or more is credited to your account during the statement cycle through automatic funds transfer.

This account earns interest so long as you have at least $1 in the account. The rate is the same no matter how much you have in the account, and it won’t increase for larger balances.

Since this is a savings account, it limits how often you can take money out due to Federal Reserve Regulation D. You are allowed up to six certain transactions out of the account per month — this includes checks, transfers and debit card purchases, but doesn’t apply to ATM or bank withdrawals. If you make more than six of these transactions in a month, United Bank will charge a $15 penalty on each one over the limit.

You can open the United Bank Simpl-e Savings account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit by bank transfer, debit card or credit card payment.

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Benefits Savings

Offers a tiny increase in the interest rate compared to Simpl-e Savings
APYMinimum Balance Amount to Earn APY
0.02%
$1
0.02%
$1,000
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

You can open the Benefits Savings account with a deposit of only $10. However, this account will charge a $5 monthly fee unless you:

  • Maintain a balance of $1,000 in the savings account; or
  • Have a combined balanced of $3,000 in your United Bank checking and savings accounts.

This account earns interest and the rate is nearly identical to Simpl-e Savings. You get a small increase when your balance is more than $1,000, but it’s so small you most likely won’t notice.

Since this is a savings account, you’re limited on how often you can take money out due to Federal Reserve Regulation D. You are allowed up to six certain transactions out of the account per month — this includes checks, transfers and debit card purchases, but doesn’t apply to ATM or bank withdrawals. If you make more than six of these transactions in a month, United Bank will charge a $15 penalty on each one over the limit.

You can open the Benefits Savings account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and a form of official ID, like a driver’s license or passport. You will also need to provide an initial deposit by bank transfer, debit card or credit card payment.

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Premier Savings

This account is only available if you already have a United Bank Premier Checking account. It pays slightly more interest if you have a balance of at least $20,000.
APYMinimum Balance Amount to Earn APY
0.02%
$1
0.02%
$5,000
0.02%
$20,000
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

You can only open the Premier Savings account if you already have a Premier Checking account. If so, you can open this savings account with a deposit of only $10.

The Premier Savings account does not charge a monthly fee. Since the counterpart Premier Checking account has such a high fee and balance requirement, it seems as though United Bank wanted to include this account as a free add-on.

Premier Savings earns interest, but the rates aren’t that great. You can earn a little more than Benefits Checking, but only if you have more than $20,000 and that rate bump is negligible.

Since this is a savings account, it limits how often you can take money out due to Federal Reserve Regulation D. You are allowed up to six certain transactions out of the account per month — this includes checks, transfers and debit card purchases, but doesn’t apply to ATM or bank withdrawals. If you make more than six of these transactions in a month, United Bank will charge a $15 penalty on each one over the limit.

You can open the Premier Savings account online or by visiting a United Bank branch. You will need to provide your name, address, Social Security number and an official form of ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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How United Bank’s savings accounts compare

The United Bank savings accounts are pretty weak, mainly because they earn barely any interest. Even if you earn the highest possible rate by depositing $20,000 in Premier Savings, you still earn practically nothing.

Now, these accounts do keep their fees low and only require a small $10 initial deposit. Still, the whole point of opening a savings account is to earn some return on your money. You won’t do that through the United Bank accounts, but you can do so through these excellent online savings accounts.

United Bank CD rates

United Bank Regular CDs

Fairly low rates across the board for the regular CDs.
TermAPY
6 months0.15%
9 months0.15%
12 months0.25%
18 months0.35%
24 months0.40%
24 months (option)0.40%
36 months0.90%
48 months0.70%
60 months0.80%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CD terms of 1 year or less, the penalty is 90 days’ interest on the amount withdrawn. For CD terms over 1 year, the penalty is 180 days’ interest on the amount withdrawn.

United Bank offers regular CDs with terms that range from 6 months all the way up to 60 months (5 years). Still, the interest rates are quite low across the board. You must deposit at least $500 to open the CDs and earn the APY.

It does offer a 24 month CD with an option — you take a lower interest rate today in exchange for the option to adjust to a higher rate later, if you think future rates will be higher than what is currently available.

These CDs charge an early withdrawal penalty if you take money out before the maturity date. The penalty depends on your original CD term:

  • For CD terms of 1 year or less, the penalty is 90 days’ worth of interest on the amount taken out.
  • For CD terms over 1 year, the penalty is 180 days’ worth of interest on the amount taken out.

You can only open the regular United Bank CDs at one of its branches. These accounts are not available online. When you apply at the bank, you will need to provide your personal information, Social Security number, government-issued ID and initial deposit for the CD.

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United Bank Special CDs

Special CD offers created by United Bank pay a much higher rate. United Bank may update and withdraw offers, so if you see one you like, consider moving quickly.
TermAPY
3 months1.65%
7 months1.85%
12 months (online only)1.20%
30 months2.87%
59 months2.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $1
  • Early withdrawal penalty: For CD terms of 1 year or less, the penalty is 90 days’ interest on the amount withdrawn. For CD terms over 1 year, the penalty is 180 days’ interest on the amount withdrawn.

United Bank has created some special CD offers with different terms and much higher rates than the regular certificates of deposit. United Bank warns that it can change or pull these offers at its discretion, so if you wait, there is no guarantee that one special will still be available.

The Special CDs charge an early withdrawal penalty if you take money out before the maturity date. The penalty depends on your original CD term:

  • For CD terms of 1 year or less, the penalty is 90 days’ worth of interest on the amount taken out.
  • For CD terms over 1 year, the penalty is 180 days’ worth of interest on the amount taken out.

The 12 month CD is only available online and you have to set up the account with money not currently deposited at United Bank. The rest of the special CDs can only be opened at on the United Bank branches and can be set up with both outside funds and money currently at the bank.

When you apply, you will need to provide your personal information, Social Security number, a government-issued ID and an initial deposit for the CD.

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Flex Up CDs

These CDs let you add more money as many as five additional times before the maturity date.
TermAPY
7 months2.40%
14 months2.05%
17 months2.30%
19 months2.85%
20 months1.55%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CD term of 1 year or less, the penalty is 90 days’ interest on the amount withdrawn. For CD terms over 1 year, the penalty is 180 days’ interest on the amount withdrawn.

When you set up a regular CD, you cannot deposit more money until the end of the term. With United Bank’s Flex Up CDs, you can make up to five additional deposits before the end of the term.

This can be a nice option to have in the event market rates go down. That way you can get more money in at the rate you originally signed up for. The Flex Up CDs require a minimum deposit of $500 to launch and earn the APY.

The Special CDs charge an early withdrawal penalty if you take money out before the maturity date. The penalty depends on your original CD term:

  • For CD terms of 1 year or less, the penalty is 90 days’ worth of interest on the amount taken out.
  • For CD terms over 1 year, the penalty is 180 days’ worth of interest on the amount taken out.

You can open the 17 month and 19 month Flex Up CDs either online or at a bank branch. The other Flex Up CDs are only available at the branch. When you apply, you will need to provide your personal information, Social Security number, an official ID and an initial deposit for the certificate of deposit.

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How United Bank’s CD rates compare

The best certificate of deposit deals at United Bank are the Flex Up CDs. Not only do they offer the best rates, they also give you the flexibility to add more money up to five times before the end of the term. That way you can track rates after you sign up to decide whether United Bank is the best choice for more money or if you should sign up for another CD elsewhere.

Its Special CD rates are pretty good, whereas its regular CD rates are quite low. Keep in mind that the majority of the United Bank CDs can only be opened at one of its bank branches in Connecticut and Massachusetts. This could be an issue depending on where you live.

There are also other CDs out there which pay even more than the very best rates at United Bank. While they do not offer the same flexibility as the Flex Up CDs, they could help you earn a higher return.

United Bank money market account options

Prime Money Market

This money market account requires a large balance for the best rate, and even then returns a rather low interest rate. Not an ideal arrangement.
APYMinimum Balance Amount to Earn APY
0.03%
$1
0.03%
$1,000
0.05%
$10,000
0.05%
$25,000
0.05%
$50,000
0.10%
$100,000
0.10%
$250,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

You can open a Prime Money Market account with a deposit of only $100. However, if you don’t keep a daily minimum balance of at least $2,500, the account will charge a $15 monthly fee.

This account earns interest so long as you have at least $1 in the account, but the rates are very low, even at the highest level for a balance of $250,000. With this account, you can make free withdrawals from United Bank and Allpoint ATMs. United Bank will charge a $3 fee for out-of-network ATM transactions and does not refund fees from the ATM owner.

Since this is a money market account, it limits how often you can take money out due to Federal Reserve Regulation D. You are allowed up to six certain transactions out of the account per month — this includes checks, transfers and debit card purchases, but doesn’t apply to ATM or bank withdrawals. If you make more than six of these transactions in a month, United Bank will charge a $15 penalty on each one over the limit.

You can only open the United Bank Prime Money Market account by visiting a United Bank branch. Account opening is not available online.

You will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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Prime Money Market Special

A solid promotional money market rate. Unfortunately, it only lasts for 180 days.
APYMinimum Balance Amount to Earn APY
0.30%
$1
1.50%
$25,000
1.50%
$50,000
1.50%
$100,000
1.50%
$250,000
1.50%
$500,000
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

United Bank offers a “special” promotional rate on its Prime Money Market Account. To qualify, you either must be opening a consumer checking account for the first time or if you already have an existing United Bank checking account, you need to deposit another $10,000 in new funds before you can set up this money market account.

You only need to put $100 in the actual Prime Money Market account for the initial deposit. However, this account charges a $15 monthly fee unless you have a minimum daily balance of at least $2,500.

This account offers a much higher interest rate than the regular Prime Money Market account. It only lasts for 180 days and then this account goes back to the regular Prime Money Market rates.

Since this is a money market account, it limits how often you can take money out.
Under Federal Reserve Regulation D, you are allowed up to six certain transactions out of the account per month — this includes checks, transfers and debit card purchases, but doesn’t apply to ATM or bank withdrawals. Make more than six of these transactions in a given month and United Bank will assess a $15 penalty on each one over the limit.

You can only open the Prime Money Market Special account by visiting a United Bank branch. This account is not available online.

You will need to provide your name, address, Social Security number and an official form of ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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Advantage Money Market

United Bank is offering this savings product as an online promotion.
  • Minimum opening deposit: $500
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fees: Free at United Bank and Allpoint ATMs. $3 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $38 each

The Advantage Money Market account is another promotional offer. You can only sign up this account online. The opening deposit must be at least $500. However, you must keep a daily minimum balance of at least $2,500 in this account or else it will charge a $15 monthly maintenance fee.

UnitedBank doesn’t advertise the rates fo this account on its website; however, they ask that you call for current rates.

Since this is a money market account, it limits how often you can take money out due to Federal Reserve Regulation D. You are allowed up to six certain transactions out of the account per month — this includes checks, transfers and debit card purchases, but doesn’t apply to ATM or bank withdrawals. If you make more than six of these transactions in a month, United Bank will charge a $15 penalty on each one over the limit.

You can only open the United Bank Advantage Money Market account online. It’s not available at its bank branches.

As with other accounts, you will need to provide your name, address, Social Security number and a form of government-issued ID, like a driver’s license or passport. You will also need to provide an initial deposit. United Bank accepts that deposit by bank transfer, debit card or credit card payment.

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How United Bank’s money market accounts compare

The United Bank promotional money market account rates are excellent and as good as any of the top money markets available today. It’s too bad that those promotional deals only last for 180 days: once you get through that stretch, the regular United Bank money market account is pretty weak. It doesn’t pay much interest and charges a costly $15 monthly fee, unless you keep at least $2,500 in the account.

If you want to earn a high rate for a short, six-month window, the United Bank promotions could be worth it. For a more long-term solution to earn a better rate, consider these money market accounts instead.

United Bank IRA CD rates

IRA CDs

A couple decent specials. The rest of the IRA CD rates are too low.
TermAPY
12 months0.25%
18 months0.35%
24 months0.40%
24 months (option)0.40%
30 months (special)2.60%
36 months0.90%
48 months0.70%
59 months (special)2.30%
60 months0.80%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For IRA CD term of 1 year or less, the penalty is 90 days’ interest on the amount withdrawn. For IRA CD terms over one year, the penalty is 180 days interest on the amount withdrawn.

The majority of United Bank’s regular CDs can be set up through an IRA, so you can save for retirement. The shortest term for the IRA CDs is 12 months and then up to 60 months. The IRA CDs require a minimum deposit of $500 to open and earn the APY.

The IRA CDs have a couple special offers which earn an excellent rate: one with a 30-month term and the other with a 59 month-term. United Bank retains the right to adjust or remove these specials as it sees fit, so there is no guarantee they will be available long-term. Outside of these specials, its regular IRA CDs do not earn a very high rate.

These IRA CDs charge an early withdrawal penalty if you take money out before the maturity date. The penalty depends on your original CD term:

  • For IRA CD terms of 1 year or less, the penalty is 90 days’ worth of interest on the amount taken out.
  • For IRA CD terms over 1 year, the penalty is 180 days’ worth of interest on the amount taken out.

You can only open the regular United Bank IRA CDs at one of its branches. These accounts are not available online. When you apply at the bank, you will need to provide your personal information, Social Security number, a government-issued ID and an initial deposit for the CD.

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Variable Rate IRA

An IRA that doesn’t lock up your money and has a very low balance requirement. It earns a fixed interest rate, which is also very low.
APYMinimum Balance Amount to Earn APY
0.05% Variable
$5
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None

If you don’t want to commit your retirement savings for a set amount of time, United Bank offers the Variable Rate IRA. You can move money in and out of this account when you want. There is no early withdrawal penalty like on an IRA CD.

You only need to deposit $100 to open the Variable Rate IRA and this account does not charge a monthly fee. It will earn interest so long as you have at least $5 in your account. The interest rate is on the low side and will not increase for larger deposits.

You can only open the regular United Bank Variable IRA at one of its branches. This accounts is not available online. When you apply at the bank, you will need to provide your personal information, Social Security number, government-issued ID and initial deposit for the Variable IRA.

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How United Bank’s IRA CD rates compare

The two United Bank IRA CD specials are very competitive, especially the 30 month option. The rest of its IRA CD rates are far too low.

It is nice that you can open these IRAs for a small deposit. The IRA CDs only take $500 while the Variable IRA only needs $100. Still, if you want to build a retirement nest egg, you’ll need a decent interest rate.

We recommend either using the IRA CD specials for as long as they are available or checking out these excellent IRA CDs, which pay even more than the best deals at United Bank.

Overall review of United Bank’s banking products

We would not recommend the majority of the United Bank deposit accounts. They do not pay enough interest, their balance requirements are often too high and they come with potentially high monthly fees. They aren’t the worst banking products in the market, but there are others that are so much better.

There are a few exceptions, particularly United Bank’s promotional deals. The Special CD and IRA CD rates are solid and could be worth using (as long as United Bank keeps them available). Its promotional money market rates are also terrific but unfortunately only last for 180 days, before falling to something much worse.

Unless you are tempted by United Bank’s promotional deals or happen to live close to one of its New England branches, we would suggest you look elsewhere for your savings.

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