In the United States, savings banks are financial institutions that traditionally focus on providing savings accounts and other deposit products to individuals and small businesses. They often originated as mutual organizations, owned by their depositors, and were historically established to promote savings and homeownership. While many savings banks have evolved and expanded their offerings over time, some still maintain a focus on serving local communities and promoting thrift.
Here are a few examples of savings banks in America:
- Ally Bank: Originally established as GMAC Bank, Ally Bank is an online-only bank that offers savings accounts, checking accounts, certificates of deposit (CDs), and other banking products. It operates primarily through its digital platform, providing competitive rates and user-friendly services.
- Citizens Bank: While Citizens Bank offers a range of financial products and services, including lending and investment services, it also operates as a savings bank. It provides various deposit accounts, including savings accounts and CDs, to individuals and businesses.
- Synchrony Bank: Synchrony Bank is another online-only bank that offers savings accounts, money market accounts, CDs, and other banking products. It is known for its competitive interest rates and fee-free accounts.
- Capital One 360: Formerly known as ING Direct, Capital One 360 is the online banking division of Capital One Financial Corporation. It offers savings accounts, checking accounts, CDs, and other banking services through its digital platform.
- TD Bank: TD Bank operates as a traditional bank with a significant presence on the East Coast of the United States. It offers various banking products, including savings accounts and CDs, to individuals and businesses.
- Discover Bank: Discover Bank is an online bank that offers savings accounts, CDs, money market accounts, and other financial products. It is known for its customer-friendly policies and competitive rates.
These are just a few examples of savings banks in America. While some operate exclusively online, others have physical branches in addition to digital offerings.