Copyright © 2008 The Simsbury Bank & Trust Company. All Rights Reserved.
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The Town of Bloomfield and The Simsbury Bank are pleased to bring Bloomfield taxpayers an easy way to start saving for their residential real estate taxes. This special savings account helps take the worry out of funding your taxes and offers a premium interest rate at the same time.
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Account Highlights
- Premium interest rate will be set at a level no lower than the average rate for Money Market Savings Accounts with balances of $50,000 and higher offered by the four banks with branches in Bloomfield offering the highest rates for this type of account. The interest rate will be set quarterly. Interest is accrued daily, compounded monthly.
- Deposits and cash withdrawals are permitted at any time. However, the number of other withdrawals including via ATM and transfers to other accounts are subject to limitations per month.
- While designed to save for residential real estate taxes, funds can be accessed by the account holder through an ATM card, or through a debit card if the account holder also has a checking account with The Simsbury Bank.
- No monthly maintenance fee
- No minimum balance required to earn interest
- Maximum balance permitted is the greater of $50,000 or the taxpayer’s residential real estate tax liability
- Separate account required for each Bloomfield residential real estate tax bill
- Direct deposit and automated transfer deposits available
- Monthly account statement
- Account can be used for overdraft protection on a Simsbury Bank checking account
- Free access to SBT Online
- Minimum balance to open is $1.00
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Automated Payment to Town of Bloomfield
- An ACH (Automated Clearing House) Agreement is required between the Bloomfield taxpayer and the Town of Bloomfield for each Bloomfield residential real estate tax bill. An ACH Agreement allows the Town to electronically withdraw and transfer funds to its accounts in the amount equal to the amount due for annual residential real estate taxes owed, up to the amount of money in the account on the first business day after July 15th. The Town may elect to contact taxpayers whose accounts are short of the tax amount due at that time.
- The Town of Bloomfield will not have access to savings account information.
- The Town of Bloomfield will provide the Bank a list of taxpayers and an estimate of residential property taxes due for the next tax year.
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To Open the Account
- A copy of the current residential real estate tax bill
- Drivers license or other equivalent photo ID
- All other standard Simsbury Bank account opening procedures
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For More Information
- For tax bill information, tax amounts due or due dates, please call the Town of Bloomfield Tax Department, 860-769-3510.
- For residential real estate tax savings account information or interest rates please visit The Simsbury Bank’s Bloomfield branch, 864 Cottage Grove Road (in the Shoppes at Gillette Ridge/Ruby Tuesday Plaza), 860-286-9400.
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 This offer applies to Town of Bloomfield residential real estate tax payments for 2008 and 2009. It excludes commercial real estate and personal property tax payments. Interest rate may change quarterly as described above. |
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Equal Housing Lender