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As of December 2022, there were over 4,700 banks insured by the Federal Deposit Insurance Corporation (FDIC). These banks protect up to $250,000 for each bank account opened.
FDIC insurance is critical when searching for banks to open an account with. Many of those banks can be found in Vermont.
The best banks in Vermont also incorporate several convenient features, from welcome bonuses and overdraft protection to peer-to-peer payment programs. Finding these banks, however, can take a ton of time if you’re unsure what to look for.
That’s why we’ve compiled this list of Vermont's best banks. These banks have your back when offering some of the best perks to make your life much easier.
Are you ready to learn more about the best banks in Vermont? Let’s get started!
13 Best Banks in Vermont
Best Checking Accounts
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Best for liability protection
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Best for cashback rewards
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Best for APY
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Best for mobile banking
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Best for building credit
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MMG Rating:
5.0
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MMG Rating:
5.0
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MMG Rating:
4.5
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MMG Rating:
3.9
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MMG Rating:
4.5
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Monthly fee: $12
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Monthly fee: $0
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Monthly fee: $0
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Monthly fee: $0
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Monthly fee: $0
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Best Savings Accounts
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Best for large balances
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No monthly fees
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Offers welcome bonus
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Ease of use
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No balance req.
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APY: 5.05%
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APY: 4.65%
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APY: 4.60%
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APY: 4.50%
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APY: 4.40%
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Minimum to Earn APY: $5,000
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Minimum to Earn APY: $100
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Minimum to Earn APY: $1
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Minimum to Earn APY: $100
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Minimum to Earn APY: $0
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Bonus: N/A
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Bonus: N/A
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Bonus: $300
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Bonus: N/A
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Bonus: N/A
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Best Bank Promotions and Bonus Offers
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Intro bonus: $300
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Intro bonus: $50-300
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Intro Bonus: $300
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Intro Bonus: $300
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(Nationwide)
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(Nationwide)
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(Nationwide)
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(Nationwide)
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- Bonus Offer: $300
- Minimum Deposit: $500
- Direct Deposit: Yes
- Expiration Date: 7/24/24
- Bonus Offer: $50-$300
- Minimum Deposit: $1,000-$5,000
- Direct Deposit: Yes
- Expiration Date: 6/30/24
- Bank Bonus: $300
- Minimum Deposit: $2,000
- Direct Deposit: No
- Expiration Date: 7/22/24
- Bonus Offer: Up to $300
- Minimum Deposit: $5,000
- Direct Deposit: Yes
- Expiration Date: 6/30/24
You’ll only find a few of the best national banks on this list. Most of the best banks in Vermont are regional, which means you have access to personalized service and potentially a better overall experience.
1. Bank of America
Like many national banks, Bank of America offers yearly promotions to increase member counts. You can use these offers to earn more when you open a bank account.
Bank of America also offers the following financial products and services:
- Checking accounts
- Savings accounts
- Small business accounts
- Credit cards, including business credit cards
- Lines of credit
- Merchant services
- Payroll services
This bank commands an extensive network of branches and ATMs nationwide. You can also find financial planning and investing resources at Bank of America.
While Bank of America doesn’t offer the highest APY rates for savings accounts, you can connect with friends and family via Zelle. Pay back any debts you owe with this convenient peer-to-peer payment platform through your Bank of America account.
2. Bar Harbor Bank & Trust
Headquartered in Maine, Bar Harbor Bank & Trust also serves Vermont and New Hampshire. This bank has been open since 1887 and is a member-FDIC.
Vermont hosts 10 Bar Harbor Bank & Trust locations. You can also access your accounts through online and mobile banking.
When it comes to checking and savings accounts, Bar Harbor Bank & Trust offers several options to choose from. Savings accounts have tiered interest rates, and though checking accounts require $25 to open, they offer cashback rewards on everyday purchases.
If you need to transfer money between your checking and savings accounts, Bar Harbor Bank & Trust doesn’t charge you. You can also use Zelle to send and receive money straight from your bank account.
3. Citizens Bank
This bank operates over 1,000 branches and 3,000 ATMs across 14 states, including Vermont. There are 11 branches in the state alone.
Citizens Bank is one of the largest and oldest banks in America. It offers the best checking accounts, savings accounts, credit cards, loans, and wealth management.
Two of Citizens Bank’s checking accounts are interest-bearing. The three savings accounts don’t require a minimum balance, and the interest you earn increases as you add to the account.
While Citizens Bank does charge high overdraft fees, you can avoid them with Citizens Peace of Mind. This program gives you extra time to cover those overdrafts to avoid getting charged.
4. Community Bank
If you’re looking for a free checking account, consider Community Bank’s Carefree Checking account. This account comes with no monthly fees or minimum balance requirements after you satisfy the $50 initial deposit.
Community Bank will even give you $25 to purchase your old debit card and any checks you might have. You can open many other checking accounts at this bank, several of which are interest-bearing.
Headquartered in New York, Community Bank was founded in 1866. It is the second-largest bank in Vermont, with 30 branches scattered throughout the state.
Community Bank offers the following services and products:
- Money market accounts
- CDs
- Individual retirement accounts
- Mortgages
- Credit cards
You can also use the bank’s ClickSwitch program to transfer your direct deposits straight from your old bank. There’s no paperwork required.
5. Community National Bank
Vermont hosts 12 Community National Bank locations throughout the state. Community National Bank offers personal and business accounts that have served it well for over 150 years.
Members over 55 can open a Community Circle Checking account. Preferred Checking is for members who are 62 or older.
You can also open a savings account for your child. The Totally Kids Club savings is for children 12 and under, but you can also open the Community’s Promise Savings account if your child is between 13 and 19.
Community National Bank also offers health savings accounts, credit and debit cards, loans, money market accounts, CDs, and individual retirement accounts. Most checking accounts come without monthly fees, but the interest rates on CDs are lower than average.
6. KeyBank
KeyBank is based in Cleveland, Ohio, and offers Vermont residents several worthy checking and savings accounts. The Key Smart Checking account requires $20 to open but comes without minimum balance requirements or monthly maintenance fees.
With Key Smart Checking, you can also access a free debit card. Online and mobile banking makes checking your balances and initiating transactions easy.
You can also waive overdraft fees by setting up account alerts or linking your savings account. If you overdraft your account, KeyBank will transfer money from your savings to cover your balance for free.
KeyBank is also an Equal Housing Lender. It offers members several excellent loan options for many milestones in life.
7. M&T Bank
Founded in 1865, Manufacturers and Traders Bank is a regional and FDIC-insured bank. M&T Bank offers several personal and business financial products and services, from checking accounts to credit cards.
M&T Bank’s EZChoice Checking comes without monthly maintenance fees and only requires $25 to open. With this checking account, you can access mobile check deposits, a free debit card, digital wallet capabilities, and Zelle.
Relationship Savings is a popular M&T Bank savings account. You can link this account to your M&T Bank checking account to cover overdrafts.
M&T Bank also offers money market accounts, CDs, investment accounts, and loans. It also boasts a high Better Business Bureau rating.
8. Northfield Savings Bank
The E-Checking account is popular at Northfield Savings Bank, founded in 1867. This bank is headquartered in Northfield and operates 14 branches and 150 ATMs throughout Vermont.
With the E-Checking account, you’ll never have to pay a monthly fee if you opt-in for electronic notices and statements. You must have $10 to open the account, but your funds are FDIC-insured.
Northfield Savings Bank also offers savings accounts, health savings accounts, IRAs, investment accounts, personal loans, and CDs. Money market accounts earn a respectable APY.
You can access Northfield Savings Bank’s customer service line 24/7. The bank also donates and volunteers time to local nonprofits to support the community.
9. Passumpsic Bank
To open Passumpsic Bank’s Kasasa Cash Checking account, you’ll need $25. However, you don’t have to pay a monthly fee or maintain a minimum balance.
Members can also earn a decent APY on any balance below $15,000. Passumpsic Bank also reimburses up to $20 of ATM fees (as long as they are $4.99 and under) if you meet the following requirements:
- Complete 12 transactions each month
- Make an ACH debit transaction or direct deposit
- Receive electronic statements
Visit Passumpsic Bank’s website to learn more. You can visit a branch in person or go online to open an account.
10. TD Bank
Toronto-Dominion Bank, or TD Bank, is a multinational bank that owns and operates over 1,000 locations on this side of the U.S.-Canadian border. TD Bank is one of the largest banks in the US and one of the best banks in Canada. You’ll find 23 locations in Vermont alone.
TD Bank offers several checking and savings accounts. You can also obtain several types of loans, open individual retirement accounts, and apply for various credit cards with TD Bank.
TD Convenience Checking and TD Beyond Checking are popular accounts you can open. The latter earns you interest on your balance, but both give you options to waive the monthly fees.
You can waive the monthly fee if you keep a $300 balance in the Simple Savings or Signature Savings account. TD Bank also offers welcome bonuses for these savings accounts as well.
11. The Bank of Bennington
Opened in 1917, The Bank of Bennington is one of the largest banks in Vermont. It offers everything from personal and business accounts to financial planning.
This FDIC-insured bank offers a Kids Savers Account you can open without monthly fees. You can also open a NOW Checking and Checking Plus account with The Bank of Bennington.
Other financial products and services from The Bank of Bennington include:
- MMAs
- CDs
- HSAs
- IRAs
You can also bank with The Bank of Bennington online.
12. Union Bank
Union Bank offers some of the best bank account bonuses that don’t require you to sign up by a specific date or deposit hundreds of thousands of dollars in your account. For example, the UB Personal Checking account includes the following features:
- $25 minimum opening balance
- Unlimited check writing
- A free Mastercard debit card
You can earn ScoreCard Rewards every time you swipe your Union Bank Mastercard. Every $2 you spend earns you a single point.
Established in 1891, Union Bank is based out of Morrisville. There are 15 locations in Vermont, many in the northern part of the state.
Union Bank offers a full suite of financial services and products, including four savings accounts and seven checking accounts. You can also choose from five loan options, various credit cards, and wealth management services.
The Value Integrated Package (VIP) is also popular among members. This package offers free money orders, basic checks, foreign transactions, treasurer’s checks, and overdraft protection.
13. Vermont Federal Credit Union
This non-profit credit union operates eight locations in Vermont. Founded in 1953, Vermont Federal Credit Union was first known as the Burlington Postal Employees Credit Union.
In 2001, the credit union went from a federal to a community-chartered credit union. This change allowed anyone from Vermont’s 14 counties to become a member.
Vermont Federal Credit Union offers three checking accounts without monthly fees or minimum balance requirements. These accounts come with a Visa debit card and connect members to the Falcon ATM network.
You can also use your Vermont Federal Credit Union account to add to your Primary Share savings account automatically. You must open this Primary Share account (with $5) to become a member, so it’s worth it to set up the automatic payments and jumpstart your savings.
Vermont Federal Credit Union also offers money market accounts, health savings accounts, and individual retirement accounts. The NCUA also insures it.
Banks in Vermont That Don’t Use ChexSystems
Did you know that some of the largest banks in the U.S. don’t use ChexSystems? Banks use ChexSystems to keep track of individual histories, but it can be helpful when they overlook these entries to offer account holders a second chance.
The list below includes a few banks in Vermont that don’t use ChexSystems. Many of these banks don’t require Social Security numbers either:
- Chime
- White River Credit Union
- GO2bank
- Chase
- SoFi
- Northern Lights Credit Union
- Current
Banks that don’t use ChexSystems typically use Early Warning Services (EWS) or Telecheck. However, the best way to avoid having to work around these systems is to keep your bank account in good standing.
GO2bank, a digital bank by Green Dot, offers a checking account with savings subaccounts called vaults. Its biggest perks include a high savings rate on up to $5,000 and the ability to deposit cash at select retailers.
Savings Accounts vs. Money Market Accounts
Banks offer both savings accounts and money market accounts that allow you to save money and earn interest on your balance. While they may seem similar on the surface, the two are distinct in the following ways:
Savings Accounts
Savings accounts allow you to withdraw and deposit money as you earn interest. Many have fewer restrictions, including lower minimum balance requirements and interest rates such as the ones in the table below:
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Best for large balances
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No monthly fees
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Offers welcome bonus
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Ease of use
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No balance req.
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APY: 5.05%
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APY: 4.65%
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APY: 4.60%
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APY: 4.50%
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APY: 4.40%
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Minimum to Earn APY: $5,000
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Minimum to Earn APY: $100
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Minimum to Earn APY: $1
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Minimum to Earn APY: $100
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Minimum to Earn APY: $0
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Bonus: N/A
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Bonus: N/A
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Bonus: $300
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Bonus: N/A
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Bonus: N/A
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Money Market Accounts
Money market accounts are hybrid accounts that combine a checking and savings account. Minimum balance requirements are higher for this type of account, but account holders earn a higher interest rate such as the ones in the table below:
Overall, money market accounts let you write checks, make transactions, and are generally more flexible than savings accounts. However, they are limited to those who can deposit more into the account immediately.
FAQs
Green Mountain Credit Union, Heritage Family Credit Union, and Members 1st Credit Union are some of the best in Vermont. NorthCountry Federal Credit Union and New England Federal Credit Union offer members several banking perks.
Northfield Savings Bank and Community Bank offer free checking accounts. Other banks on our list also offer free checking accounts, but you must meet specific criteria to waive the monthly fees.
To open a bank account in Vermont, you need some form of identification, a Social Security number, and potentially an initial deposit. However, some banks allow you to use an alternate form of identification other than your Social Security number and require no initial deposit.
Northfield Savings Bank is the largest bank in Vermont. This bank was founded in 1867 and has 14 branches peppered throughout the state.
Bank Accounts as Sweet as Vermont Maple Syrup
Banking in Vermont probably isn’t your first activity choice, especially in a state that’s so beautiful. However, the right bank account can help you climb greater mountains and enjoy the scenery more knowing your money is well protected.
We hope this article helped you learn more about the best banks in Vermont. When you find the right bank, it’s that much easier to achieve your financial dreams.
Plus, many banks on our list offer bonuses and perks that you can use from day one. As you move through life, these banks can also help you with auto and home loans.
Which of the best banks in Vermont above will you bank with?
A free account with unlimited ATM fee reimbursements. You don't have to worry about keeping a minimum balance with Axos' Rewards Checking. As with the bank's other checking accounts, there are no monthly fees, and all fees charged by domestic ATM operators are reimbursed. Axos doesn't charge any ATM fees itself.
