15 Best Banks in Vermont

1. Chase

Chase Total Checking® is one of the most popular checking accounts in the country, and it gives Vermont residents access to a nationwide network of branches and ATMs. New customers can often qualify for a welcome bonus when they open a Chase Total Checking® account and complete qualifying direct deposits.

Chase Total Checking® comes with a $15 monthly service fee, but you can waive it in several ways, including receiving qualifying direct deposits totaling $500 or more, keeping a $1,500 minimum daily balance, or maintaining a $5,000 average beginning day balance across linked accounts. There are no minimum deposit requirements to get started.

With Chase Total Checking®, you get access to more than 15,000 ATMs and thousands of branches nationwide, plus the Chase Mobile® app to deposit checks, pay bills, transfer funds, and send money with Zelle. You can also set up account alerts to help track your balance and avoid overdrafts.

For Vermonters who want a well-established bank with a large branch and ATM footprint and a strong mobile experience, Chase Total Checking® is a solid choice.

2. Current

Heating oil and long rural drives are the two facts of a Vermont winter, and neither one cares what week it is. Burlington rent is high for the state, and if you live further out the driving makes up the difference. One plow bill or one unexpected repair in January and you are waiting on Friday.

Current closes that gap. Set up $1,500 or more in Eligible Payroll Deposits within your first 35 days using code WELCOME75 and you get $75. The $1,500 is cumulative, so two or three normal paychecks get you there, and the bonus usually shows up within about ten business days. After that you can pull up to $1,000 of your next paycheck early through Paycheck Advance, with no interest and no credit check.

There is no monthly fee and no minimum balance. Read the deposit rule carefully, because it is the one place people trip: only genuine payroll direct deposits count. Non-payroll ACH transfers, Venmo, Cash App, Zelle, PayPal, Google Pay, mobile check deposits, cash and one-time deposits like a tax refund are all excluded. Worth being precise about the coverage too: Current is a financial technology company, not a bank. Banking services and the debit card come from Choice Financial Group and Cross River Bank, both Members FDIC, so your deposits get pass-through FDIC coverage up to $250,000 through those partner banks.

New customers only, and it is worth doing in the order above: open the account, enter WELCOME75, then point your payroll at it. Switch your paycheck and claim the $75 here.

3. SoFi

SoFi gives Vermont residents a banking option that is simple, modern, and fee free. You can open an account online in minutes with no minimum balance and no monthly maintenance fees.

When you set up direct deposit, new customers can qualify for up to a $450 bonus.

With SoFi, you get free access to more than 55,000 thousand ATMs, overdraft protection up to $50 when you have qualifying direct deposits, and a mobile app that makes managing your money easy. You can pay bills, deposit checks, transfer funds, and set up savings vaults to reach your goals automatically.

If you want a straightforward bank account that rewards you more, SoFi Checking & Savings is a strong choice for Vermonters.

4. 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.  

5. 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. 

6. 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. 

7. 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. 

8. 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. 

9. 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. 

10. 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. 

11. 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. 

12. 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. 

13. 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.

14. 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. 

15. 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.