Business Details
Your Trusted Local Bank in Milford, CT
Milford Bank has been a cornerstone of financial stability and community support since its founding in 1872. As a mutual savings institution with no stockholders, we prioritize the needs of our depositors and the communities we serve, operating with a steadfast commitment to local decision-making and personalized service. Our extensive range of productsincluding personal and business banking, mortgages, and investment solutionsreflects our dedication to meeting diverse financial needs while maintaining the highest standards of trust and expertise. With a legacy of innovation, we continually adapt to modern banking demands through digital tools like mobile and online banking, ensuring convenience without compromising the hometown touch that defines us.Our deep-rooted involvement in community initiatives, from sponsoring local events to supporting over 120 organizations annually, underscores our mission to foster economic growth and social well-being in Milford and beyond. This enduring commitment to excellence has earned us a reputation as a safe, strong, and secure institution, consistently ranked among the top performers in regulatory evaluations.
Services
Personal Checking
Savings Accounts
Certificates of Deposit
Mortgage Loans
Home Equity Loans
Business Banking
Mobile Banking
Online Banking
IRAs
CDARS Program
Highlights and features
- We have served Connecticut communities since 1872 with unmatched local expertise.
- Our mutual structure ensures profits reinvest directly into community development.
- 24/7 electronic banking services combine convenience with personalized support.
- We offer specialized mortgage programs with local decision-making authority.
- Over $120,000 annually invested in community partnerships and events.
Services
Personal Checking
Our personal checking accounts provide flexible financial management tools for everyday needs. With options like Prestige Checking offering 0.02% APY and features including mobile banking, bill pay, and debit cards, we cater to diverse spending habits. These accounts empower customers to manage finances efficiently while benefiting from our hometown service ethos.
Mortgage Loans
We specialize in home purchase and refinance mortgages with competitive rates and local decision-making. Our programs include no closing costs*, low annual fees for credit lines, and loan amounts up to $500,000. As a community bank, we prioritize understanding each borrower's unique situation to deliver tailored solutions.
Business Banking
Our business banking division offers checking accounts, loans, and credit lines designed for Connecticut enterprises. Services include IOLTA accounts for legal professionals, merchant processing through Clover, and personalized financial coaching. Local expertise ensures rapid decision-making and support for business growth at every stage.
Mobile Banking
Access your accounts 24/7 through our secure mobile app featuring check deposit, transfers, and payment tools. Integration with Apple Pay, Google Pay, and Samsung Pay enables contactless transactions. This technology maintains our hometown bank's personal touch while delivering modern convenience.
Certificates of Deposit
CDs offer fixed interest rates from 0.05% to 0.35% APY with terms ranging from 91 days to 5 years. Our CDARS program provides FDIC insurance coverage beyond standard limits. These low-risk savings vehicles help customers grow wealth predictably while supporting local community development.
Questions
What makes The Milford Bank different from big national banks?
We're a locally owned mutual bank that reinvests profits into Connecticut communities. Decisions are made here—not in New York or Boston—with personalized service from staff who understand local needs.
Can I access my accounts outside business hours?
Yes! Our online and mobile banking platforms provide 24/7 access to account management, transfers, and bill payment services.
What mortgage programs do you offer first-time homebuyers?
We provide specialized guidance, competitive rates, and down payment assistance programs tailored for first-time purchasers through our locally managed mortgage division.
How does the bank support local communities?
We invest over $120,000 annually in local organizations, sponsor events like Milford Moves 5K, and encourage staff volunteerism to strengthen community ties.
What business services help Connecticut companies grow?
Our commercial division offers loans, merchant services, business checking, and financial coaching with rapid local decision-making to support enterprises at every growth stage.
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