9 Best Banks in Vermont for 2024


Vermont is known for its picturesque landscapes and thriving local economy. The state hosts a diverse range of banking institutions tailored to meet various financial needs. Choosing the right bank is essential for anyone seeking to manage their finances effectively, whether opening a new checking account or seeking investment advice.

Welcome to Vermont

Vermont’s banking scene is rich with options, ranging from large, nationally recognized banks offering a full suite of services to smaller, community-focused banks that excel at providing personalized attention to their clients.

9 Best Banks in Vermont

Below, we present the top banks in Vermont, each standing out for their unique features, offerings, and customer service. These banks cater to a broad array of financial requirements, offering benefits such as competitive interest rates, minimal fees, and innovative digital banking experiences.

Whether you are a Vermont native or new to the Green Mountain State, seeking personal banking services or professional financial guidance, our list will guide you in choosing the ideal banking partner in Vermont to support your financial goals and aspirations.

1. SoFi

SoFi has quickly risen to prominence as a top-tier online bank, particularly noted for its Checking & Savings accounts. Among the most attractive features of SoFi is the high interest rate offered on savings accounts, standing at an impressive 4.60% APY.

Additionally, checking accounts earn a respectable 0.50% APY. Plus, there are no monthly fees or minimum deposits, making it an accessible option for a wide range of customers.

SoFi offers early direct deposit that allows you to access your paycheck up to two days earlier.

An account with SoFi includes FDIC insurance covering up to $2 million. SoFi’s overdraft protection is another beneficial feature, covering up to $50 without any fees, for those with qualifying direct deposits.

Choosing SoFi can also be financially rewarding, with a welcome bonus ranging from $50 to $300 based on the amount set up for direct deposit.

Additionally, SoFi offers convenient access to cash, with over 55,000 ATMs available through the Allpoint® Network, ensuring ease and accessibility for their customers.

2. TD Bank

TD Bank is a national banking giant that boasts a significant presence in Vermont with branches in many of the state’s major cities, including Burlington, Montpelier, Rutland, South Burlington, and St. Johnsbury.

This widespread network demonstrates TD Bank’s commitment to serving the diverse banking needs of Vermont residents.

For those considering a checking account with TD Bank, there is a modest $4.95 monthly fee. However, customers benefit from no overdraft fees and are not required to maintain a minimum opening deposit or a specific account balance, offering flexibility and ease of banking.

Turning to savings accounts, TD Bank offers an enticing rate of up to 3.51% APY, allowing customers’ savings to accumulate rapidly. This high interest rate is an attractive feature for those looking to grow their funds efficiently.

Where TD Bank truly shines is in its Certificate of Deposit (CD) offerings. Currently, a six-month CD at TD Bank yields a remarkable 5.00% APY. Moreover, if interest rates increase, customers have the option to adjust their rate, ensuring they remain competitive with market trends.

Beyond these deposit accounts, TD Bank prides itself on exceptional customer service, available 24/7 online. In the event of a lost debit card, they offer same-day replacement service.

With these comprehensive features, TD Bank stands out as a reliable and convenient banking option for Vermonters in its key cities and beyond.

3. Bar Harbor Bank & Trust

Bar Harbor Bank & Trust, with its roots firmly planted in Maine since 1887, has expanded its reach to serve the communities of Vermont and New Hampshire. As a long-standing member of the FDIC, this bank has built a reputation for stability and trustworthiness over its extensive history.

In Vermont, Bar Harbor Bank & Trust has established 10 locations, ensuring convenient access for its customers across the state. In addition to its physical branches, the bank offers comprehensive online and mobile banking services, allowing customers to manage their accounts with ease from anywhere.

When it comes to banking options, Bar Harbor Bank & Trust provides various checking and savings accounts to suit different needs. The savings accounts feature tiered interest rates, enabling customers to earn more as their balances grow.

For checking accounts, an initial deposit of $25 is required, but these accounts come with the added perk of cashback rewards on everyday purchases, adding value to routine transactions.

Additionally, Bar Harbor Bank & Trust offers fee-free transfers between checking and savings accounts, adding convenience and flexibility for customers managing their funds. The bank also integrates Zelle, a popular digital payment service, allowing clients to send and receive money directly from their bank accounts.

4. Vermont Federal Credit Union

Vermont Federal Credit Union, founded in 1953 as the Burlington Postal Employees Credit Union, operates eight locations across Vermont.

Initially serving a specific group, it transitioned in 2001 from a federal to a community-chartered credit union. This change opened membership to residents of all 14 counties in Vermont, significantly broadening its community reach.

The credit union offers three types of checking accounts. Each of these accounts does not require monthly fees or a minimum balance, making them accessible and user-friendly. Included with these accounts is a Visa debit card, providing members with convenient access to the Falcon ATM network.

An attractive feature of Vermont Federal Credit Union is the option for members to automatically transfer funds to their Primary Share savings account. Opening this account with a $5 deposit is a requisite for membership. Setting up automatic payments to this account is a strategic move for members to kickstart and grow their savings effortlessly.

Beyond these offerings, Vermont Federal Credit Union also provides money market accounts, health savings accounts, and individual retirement accounts, catering to various financial planning needs.

5. Bank of America

Bank of America stands as a trusted national banking institution in Vermont, offering its residents widespread accessibility and convenience.

With branches strategically located throughout the state, coupled with its advanced online and mobile banking platforms, Bank of America ensures that Vermonters have easy access to comprehensive banking services.

The bank is acclaimed for its diverse array of financial solutions, catering to both individual and business clients. Whether customers are looking for standard checking and savings accounts or more complex offerings like investment services and loan options, Bank of America is equipped to meet a broad spectrum of financial needs.

Additionally, the bank is known for providing competitive rates on home equity loans and auto loans, further enhancing its appeal to a wide range of clients.

A standout feature of Bank of America is its Preferred Rewards program. This program offers a range of benefits, including interest rate boosts, cash back opportunities, and no-fee banking services, all based on the customer’s account balances.

These incentives make Bank of America an attractive option for Vermont residents seeking a banking partner that rewards their loyalty and offers a comprehensive suite of services to manage their financial affairs effectively.

6. Citizens Bank

Citizens Bank, with a substantial presence of over 1,000 branches and 3,000 ATMs across 14 states, has a strong footprint in Vermont, where it operates 11 branches.

Known as one of America’s largest and oldest banking institutions, Citizens Bank offers a comprehensive suite of financial products. These include high-quality checking and savings accounts, credit cards, loans, and wealth management services, catering to a broad spectrum of customer needs.

Two of Citizens Bank’s checking accounts are interest-bearing, providing an opportunity for customers to grow their funds. In addition, the bank’s three savings accounts are designed without requiring a minimum balance. The interest accrued in these accounts increases as customers add more to their savings, incentivizing regular deposits.

While Citizens Bank does have higher overdraft fees, it offers a solution with its Citizens Peace of Mind program. This program allows customers extra time to cover overdrafts, thereby avoiding the associated fees.

7. Northfield Savings Bank

Founded in 1867 and headquartered in Northfield, Northfield Savings Bank operates 14 branches and 150 ATMs throughout Vermont, making it a prominent financial institution in the state. The bank’s E-Checking account is particularly popular among its offerings.

This account is attractive for its no monthly fee feature, provided customers opt-in for electronic notices and statements. To open an E-Checking account, a modest initial deposit of $10 is required, and customers can rest assured knowing their funds are FDIC-insured.

In addition to the E-Checking account, Northfield Savings Bank provides a range of financial services. These include savings accounts, health savings accounts, IRAs, investment accounts, personal loans, and CDs. The bank’s money market accounts also offer a respectable annual percentage yield (APY), appealing to those seeking to grow their savings.

Customer service is a priority at Northfield Savings Bank, evidenced by their 24/7 customer service line, ensuring assistance is always available.

Moreover, the bank demonstrates a strong commitment to the Vermont community through donations and volunteer efforts supporting local nonprofits. This community involvement further solidifies Northfield Savings Bank’s role as a dedicated and responsible local institution.

8. The Bank of Bennington

Since its establishment in 1917, The Bank of Bennington has grown to become one of the largest banks in Vermont, offering a broad array of services.

Catering to both personal and business needs, the bank provides comprehensive financial planning services, ensuring that it meets a wide range of customer requirements.

As an FDIC-insured institution, The Bank of Bennington offers the security and peace of mind that customers seek.

One of its notable offerings is the Kids Savers Account, designed to encourage financial literacy and savings habits among younger clients. This account can be opened without the burden of monthly fees, making it an attractive option for families.

In addition to this, The Bank of Bennington offers NOW Checking and Checking Plus accounts, providing flexibility and convenience for everyday banking needs.

The bank’s portfolio also includes various other financial products and services, such as money market accounts, CDs, health savings accounts (HSAs), and IRAs. These diverse offerings cater to different investment and savings goals, accommodating a wide spectrum of financial aspirations.

9. White River Credit Union

White River Credit Union is a full-service, member-owned, not-for-profit financial institution. It is dedicated to serving communities in the upper White River valley. Established as a comprehensive financial services provider, it offers a range of products designed to meet various financial needs​​.

The credit union’s offerings include various savings options, such as Share Savings, Minor Share Savings, and Vacation & Holiday Club Accounts, alongside practical checking account solutions​​.

Additionally, it caters to more specific financial requirements with a range of investment options like CDs, money market accounts, and IRAs.

Further extending its services, White River Credit Union provides various loan products. These include auto loans, green vehicle loans, home equity loans, lines of credit, recreational vehicle loans, and VISA credit cards.

It also offers unsecured Loans and a credit builder loan to support members in building or improving their credit profiles​​.

Notably, White River Credit Union does not use ChexSystems, an important consideration for potential members seeking a more inclusive banking experience.

Types of Banks in Vermont

In Vermont, individuals can choose from various banking institutions, each catering to different preferences and needs:

National Banks

National banks, such as Bank of America, Chase, and TD Bank, have a significant presence across the state, offering a wide range of services and catering to a diverse clientele. Known for their comprehensive service offerings, they’re ideal for those who need various financial products and services.

Regional Banks

Mid-sized and operating in specific regions of the U.S., regional banks like Citizens Bank offer a mix of personal and business banking products. They provide a balance between extensive services and local market knowledge.

Community Banks

Community banks are smaller, local banks focused on serving specific communities within Vermont. Banks such as The Bank of Bennington and Northfield Savings Bank are known for their personal touch and strong community involvement, offering more personalized banking experiences.

Online Banks

For those comfortable with digital banking, online banks like SoFi, Ally Bank, and Discover operate without physical branches in Vermont but provide comprehensive banking services via the internet and mobile platforms. They often feature more competitive interest rates and lower fees due to their lower operational costs.

Credit Unions

Member-centric and often providing better interest rates and lower fees than traditional banks, credit unions in Vermont, like Vermont Federal Credit Union and White River Credit Union, emphasize personalized service and community engagement. They’re not-for-profit institutions focused on serving their members’ best interests.

Each type of bank in Vermont offers unique advantages, catering to different preferences and requirements, from the extensive services of national banks to the community-focused approach of credit unions and community banks.

How to Choose the Best Bank in Vermont

Choosing the best bank in Vermont involves considering various factors to ensure the bank aligns with your financial needs and goals. Here are key aspects to consider when searching for the best banks in Vermont:

  • Services offered: Evaluate the range of services provided. Whether you need basic checking and savings accounts, loans, or more complex services like wealth management, ensure the bank offers what you need.
  • Fees and rates: Compare fees for account maintenance, overdrafts, and other services. Look at the interest rates for savings, checking accounts, and loans. The best bank in Vermont should offer competitive rates and minimal fees.
  • Accessibility: Consider the location of branches and ATMs. A bank with convenient locations and a robust ATM network can be a significant advantage.
  • Online and mobile banking: In today’s digital age, online and mobile banking capabilities are essential. Check if the bank offers a user-friendly online platform and mobile app for managing your accounts remotely.
  • Customer service: Good customer service is crucial. Look for banks that offer multiple channels for support, such as phone, email, live chat, and in-person assistance.
  • Community involvement: Many prefer banks that invest in local communities. Research how the bank contributes to local initiatives in Vermont.
  • Security and insurance: Ensure the bank is FDIC insured, offering security for your deposits. Additionally, evaluate the bank’s measures to protect against fraud and identity theft.
  • Reputation and reviews: Check customer reviews and the bank’s reputation. Positive feedback from current customers can be a good indicator of reliability and service quality.
  • Special offers and rewards: Some banks offer sign-up bonuses, rewards programs, and other incentives. These can be beneficial, but make sure to read the fine print.
  • Personal financial goals: Finally, consider your personal financial goals. The best bank in Vermont for you should align with your financial objectives, whether it’s building savings, buying a home, or planning for retirement.

By carefully considering these factors, you can make an informed decision and choose the best bank in Vermont that meets your financial needs and supports your financial journey.

Bottom Line

Vermont’s banking landscape presents a diverse range of options to meet the varying financial needs and preferences of its residents. From large national banks offering extensive services to community-focused banks and credit unions emphasizing personalized care, the state’s financial institutions cater to every type of customer.

The key is to evaluate your specific needs, whether it’s for everyday banking, savings, loans, or investment services, and choose a bank that aligns with your financial goals. With this guide to the best banks in Vermont, you’re equipped with the knowledge to make an informed decision, ensuring your financial journey is both successful and rewarding.

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