Newtown Savings Bank is offering savings accounts called the U-Sweep Account that’s yielding 2.30% APY. This rate is available nationally and the account doesn’t have any fees or minimums.
A bonus on the U-Sweep account is that it technically isn’t a savings account, so you’re allowed unlimited ACH withdrawals from your account. Now, even though it technically isn’t a savings account, it’s still a deposit account and is still FDIC insured.
The account doesn’t offer checks or an ATM card and the only way to make withdrawals is through an ACH transfer to another bank account. This wouldn’t be a big deal for someone like me as I only do ACH transfers for my savings account, but for those who like to use checks or ATM cards with their savings, be advised on this policy.
Newtown Savings Bank has branches in the Connecticut towns of Bethel, Brookfield, Danbury, Monroe, Newtown, Shelton, Southbury, Southford, Trumbull, and Woodbury.