If you’re a Vermont resident looking to open a bank account, you aren’t without options. With over 20 banks in the Green Mountain State, it may be hard to narrow down your choices to the one financial institution that would work best for you.
This comprehensive list of the best banks in Vermont includes both local, regional, and national options. I’ll highlight the pros and cons of each, including details about their services, fees, customer support, and special features.
11 Best Banks in Vermont
Here are the top 11 banks and credit unions in Vermont for 2023:
- M&T Bank
- TD Bank
- Northfield Savings Bank
- Community Bank
- Citizens Bank
- Bank of Bennington
- Ally Bank
- Community National Bank
- Union Bank
- Bar Harbor Bank & Trust
- Vermont Federal Credit Union
1. M&T Bank
When it comes to the best banks in Vermont, M&T Bank tops the list. Founded in 1865 as Manufacturers and Traders Bank in Buffalo, M&T is a regional bank focusing on the needs of communities it serves along the east coast. With almost 40 branch locations across Vermont, you can find an M&T Bank in Bennington, Burlington, Montpelier, Rutland, Williston, and more.
M&T Bank is FDIC-insured and offers many banking services, including business, commercial, and personal banking, loans, credit cards, insurance, investment, and retirement accounts. Customers can visit a local brick-and-mortar location or bank online via M&T’s website or mobile app.
They offer four options for checking accounts, with EZChoice Checking as one of your best options across all banks on this list. The EZChoice Checking account has no maintenance fees, a low opening balance of $25, mobile check deposits, digital wallet capabilities, a debit card, and Zelle transfers.
Savings options include a certificate of deposit (CD) account, a money market, youth savings, and their standard savings account, Relationship Savings. With Relationship Savings, you can link it directly to your checking account as a source of overdraft protection.
With competitive CD rates, a free checking account, and plenty of branch locations, M&T Bank is a solid option for those seeking a convenient in-person banking experience in Vermont.
- A+ rating with the BBB
- No monthly maintenance fee with EZChoice Checking
- Competitive CD rates
- Highly rated in the App Store (4.9/5.0)
- Low APY for savings account
- A minimum of $1,000 is needed to open a CD
- App poorly rated on Google Play (2.4 / 5.0)
2. TD Bank
TD Bank, short for Toronto-Dominion Bank, is a Canadian multinational bank with over 1,100 locations throughout the U.S., including 23 in Vermont.
As one of America’s largest banks (primarily on the east coast) and part of the “Big Five” financial institutions in Canada, TD Bank offers a variety of financial services, including checking and savings accounts, CDs, home lending, credit cards, personal loans, and IRAs.
The bank offers five checking account options, the most popular being TD Convenience Checking and TD Beyond Checking. The TD Beyond Checking account earns interest and has waivable monthly fees ranging between $15 and $25.
For savings accounts, TD Bank provides two options—TD Simple Savings and TD Signature Savings. The TD Simple Savings account has a monthly fee of $5, which can be waived in multiple ways (including maintaining a $300 daily balance). TD Signature Savings account has a monthly fee of $15, which is also waivable, with APY rates ranging between 0.01% and 0.10%, depending on your balance.
For new customers opening one of the accounts I’ve mentioned, TD offers a welcome bonus between $200 and $300 when you complete the qualifying criteria.
- Generous cash welcome bonus
- Multiple account options
- Excellent customer service
- Locations typically have weekend hours
- APY rates for savings accounts could be higher
- ATM fees apply with certain accounts if you use an out-of-network ATM
3. Northfield Savings Bank
Northfield Savings Bank (NSB), founded in 1867, is the largest bank in Vermont. Headquartered in Northfield, VT, it has 14 branches and over 150 ATMs across the state. Like other banks on this list, NSB provides accounts for checking, savings, IRAs, CDs, and HSAs, as well as wire transfers, investing, mortgages, and personal loans.
NSB offers five checking accounts, including a free e-checking account and a money market checking account (with APYs currently up to 1.50%). They also offer a money market savings account; however, interest rates are lower at 0.60% APY (but still higher than the national average rate for both savings and money market accounts).
With online banking from NSB, you can conveniently access and manage your accounts from any device, as well as make transfers, pay bills, make mobile check deposits, receive transaction alerts, and locate local branches or ATMs. Speaking of which, account holders can use ATMs fee-free at all Northfield Savings Bank locations, as well as those within the Falcon or Allpoint network (totaling over 55,000 ATMs across the U.S.).
A unique feature of Northfield Savings Bank is its commitment to giving back to the community. NSB takes pride in investing in diversity and equality and supporting local non-profits through donations and volunteering, helping over 300 community organizations and programs, including those for at-risk youth and low-income families.
While you can retrieve your account information over the phone 24/7, live customer service is only available Monday to Friday. NSB is FDIC-insured, so you can feel secure with your deposits here.
- Offers a money market checking account
- “Bounce” overdraft protection (you must opt-in first)
- A vast network of fee-free ATMs
- Limited customer service hours
- Online account sign-up only works with certain browsers
4. Community Bank
Founded in 1866 and headquartered in New York, Community Bank, N.A. is the second largest bank in Vermont, with 30 branches statewide. Community Bank, N.A. is a full-service financial institution offering banking products and services, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage loans, and credit cards.
Community Bank has four checking accounts, each with a chipped debit card, spending perks, free bill pay, budgeting tools, free eStatements, and a free gift for opening your account. Three of the checking accounts are interest-earning with competitive rates. Its Premium Interest checking is the only account with a minimum balance ($1500) and an $8 fee if your account dips below that.
For savings, there is a Free Savings, Premium Savings, and a Christmas Club savings account. With Free Savings, there’s no fee to open the account (just a $50 minimum deposit), no minimum balance or low-balance fees, a competitive interest rate on balances over $1, and access to online and mobile banking.
Community Bank, N.A., offers a feature called ClickSwitch, where you can easily transfer direct deposits and recurring payments from your old bank account to your new Community Bank account without all the paperwork.
- Interest-earning checking accounts
- ChekCredit (line of credit) overdraft protection
- Highly rated mobile app
- Branches spread out across the entire state
- Interest rate info is not available on their website
- Negative online reviews for their lending services
5. Citizens Bank
Citizens Bank is a regional bank based in Providence, Rhode Island, having over 1,000 branches and 3,000 ATMs across 14 states. Currently, there are 11 Citizens Bank branches across Vermont in Bennington, Middlebury, Rutland, and Williston. As one of the largest and oldest banks in the U.S., Citizens Bank offers a wide range of personal banking products, including:
- Checking accounts
- Savings accounts
- Credit cards
- Auto loans
- Home loans
- Student loans
- Wealth management
Citizens Bank offers five types of checking accounts (two that are interest-bearing) that either charge zero overdraft fees or come with Citizens Peace of Mind, which gives you extra time to cover your overdrafts. It also offers three options for savings, none of which require a minimum balance. If you want to grow your savings, the Citizens Quest Savings account earns higher interest rates as your account balance increases.
Citizens Bank’s mobile app has high ratings across carriers and offers helpful online banking features, such as sending money with Zelle, mobile check deposits, and bill pay. You can also securely link your Citizens Bank debit card to digital wallets like Apple Pay, Samsung Pay, and Google Pay for quick access.
- Online-only account options with no fees
- Accounts with monthly fees are easy to have waived
- Liquid CD allows you to withdraw at any time without penalty
- Low rates on CDs
- High overdraft charges ($35)
6. Bank of Bennington
Bank of Bennington is a community bank based in Bennington, and has been serving customers since 1917. You can visit five locations in the southern half of the state, including Bennington, Manchester, and Arlington. You also have access to E-banking (their online banking platform) through which you can manage your accounts at any time.
The Bank of Bennington offers two checking accounts—NOW checking and Checking Plus, both of which come with a free debit card, ATM card, online banking, bill pay, direct deposit, eStatements, and phone banking. While they both have monthly services, they are easily avoidable.
There are multiple savings account types for different financial needs and goals, including a statement savings, kids’ savings, savings clubs, CDs, IRAs, an HSA, and a money market.
In addition, The Bank of Bennington also offers business banking, financial planning services (including investing and life insurance), and lending services (for mortgages, home equity, and construction).
As a mutual bank, The Bank of Bennington prioritizes customers over shareholders and focuses on the growth of Vermont’s communities. Along with investing in local businesses and families, this bank has also donated almost $650,000 to local non-profit programs for the arts, mentoring, sports, and education.
- Prioritizes local communities and individuals in need
- SecurLOCK Equip keeps your debit card safe
- Limited locations
- Mobile app ratings could be better
7. Ally Bank
Ally Bank is a financial institution founded in 2009 that operates solely online. Ally’s services are ideal for customers who prefer to manage their accounts with a mobile device, tablet, or laptop. Despite having no physical branches, Ally offers its customers access to over 55,000 no-fee Allpoint ATMs nationwide.
One of Ally’s primary offerings is its Interest Checking account, with no minimum deposit or minimum balance, and various features, including mobile check deposits, a MasterCard debit card, and RoundUps credited to your savings account.
Ally Bank’s Online Savings Account is an attractive option for those looking to save money, with an Annual Percentage Yield (APY) that’s much higher than the national average. There are no monthly maintenance fees, as well as a “savings bucket,” feature to which you can assign your savings for specific goals while still earning interest on your entire account balance.
Ally Bank provides a range of financial products and services to help you meet your financial goals. With Ally Bank, you can take advantage of a range of financial products to help you meet your goals, including money market accounts, CDs, mortgages, auto loans, personal loans, investing, and retirement services.
Ally Bank is FDIC-insured, which means your deposits are completely protected and secure.
- Offers a high-yield CD
- APYs are well above average
- Low fees
- No physical branches
- Does not offer credit cards
8. Community National Bank
For more than 165 years, Community National Bank (CNB) has provided financial services to northern Vermont communities, including Barre, Barton, Derby, and Montpelier. With 12 retail locations and two loan offices, CNB offers a range of personal and business banking products geared toward specific needs and ages.
Community National Bank has three checking accounts, Community Checking (for anyone), Community Circle Checking (for 55+), and Preferred Checking (for 62+). Each has a $1 minimum balance to open and a $0 monthly service charge. They also come with a debit card that you can link to any mobile wallet and also serves as an ATM card.
For savings accounts, there are options for all ages:
- Totally Kids Club Savings (For children 12 and under)
- Community’s Promise Savings (For teens 13 to 19)
- Preferred Savings (For those 62 or older)
- Community Savings (For those over 18)
Customers can also open a Christmas Club savings and a Health Savings Account (HSA). In addition to checking and savings, CNB offers credit and debit cards, loans, IRAs, CDs, money market accounts, and multiple types of loans.
Account holders over 55 can join the Community Circle Club, which organizes local activities, excursions, and other social events for its members. They also have downloadable activities on their website, and kids can receive small prizes in the mail when they complete them.
- No monthly maintenance fees for checking accounts
- Overdraft Privilege pays for items if your account is out of funds
- Community Circle Club social events for 55+ members of the community
- Savings and CD rates could be higher
- Limited locations in Vermont
9. Union Bank
Union Bank (UB) is a community bank based in Morrisville, Vermont. Established in 1891, Union Bank has grown to become one of the largest banks headquartered here. Like Community National Bank, Union Bank’s 15 branch locations in Vermont are limited to the northern part of the state.
Union Bank offers an impressive selection of services that can compete with any major bank. Union Bank has your financial needs covered with seven checking accounts, four savings accounts, five loan options, a credit card, wealth management, and secure online banking.
With a minimum deposit of $25, UB’s most popular account, UB Personal Checking, offers benefits such as online banking, telebanking, unlimited check writing, a UB Debit MasterCard, ScoreCard Rewards, and UB SmartSave. To help you save money, UB SmartSave allows you to schedule automatic transfers from your checking accounts to your other UB accounts.
Additionally, you can earn ScoreCard Rewards every time you use your Union Bank Debit MasterCard. Earn one point for every $2 you spend, and redeem your points later for travel, merchandise, gift cards, and more.
For a small $4 monthly fee, customers can add-on the option Value Integrated Package (VIP) program to their UB checking or savings account. The VIP program provides benefits such as overdraft protection, no-fee money orders and treasurer’s checks, free basic checks, no foreign transaction fees, and more.
- Expansive banking services
- Access to 55,000 fee-free Allpoint ATMs
- ScoreCard Rewards program
- Excellent online reviews
- Branches limited to northern Vermont
- The Customer Care Team only available on weekdays
10. Bar Harbor Bank & Trust
Headquartered in Bar Harbor, Maine, Bar Harbor Bank & Trust is a community bank serving Maine, New Hampshire, and Vermont since 1887. A member FDIC bank, your money is safe and easy to access at Bar Harbor, whether at one of Vermont’s 10 locations, online, or on the mobile app.
It offers standard banking products and services, including personal and business checking and savings accounts, loans, mortgages, and credit cards. Additionally, customers can access investment and wealth management services through its subsidiary, Bar Harbor Trust Services.
With Bar Harbor Bank & Trust, you can choose from three personal checking accounts. Each account has a $25 minimum deposit, and features including Zelle transfers, a debit card, and Bar Harbor card control (an app to monitor debit card use, lock your card, set custom alerts, etc.). Each time you make a purchase with your debit card, you earn CashBack rewards, which are credited back to your account each statement period.
The Statement Savings account offers tiered interest rates, free ATM cards, and free transfers. With a $3 monthly fee waived for balances over $100 or account holders under 22, the account requires just a $25 minimum deposit to open. You can also link your savings to your checking account for overdraft protection.
For 135 years, Bar Harbor Bank & Trust has been dedicated to the well-being of its surrounding communities through philanthropy and volunteer service. These charitable efforts support many non-profit programs and services across Vermont, primarily in Orange, Rutland, and Windsor counties.
- Minimal fees
- Simple Checking account has no monthly maintenance fee
- Highly rated mobile app
- Savings account rates are below the national average
- Locations only in central Vermont
11. Vermont Federal Credit Union
Vermont Federal Credit Union is a non-profit financial cooperative with eight locations statewide.
Initially founded in 1953 as the Burlington Postal Employees Credit Union, it has undergone numerous changes over the years, transitioning from a federal to a community-chartered credit union in 2001. Today, the Vermont Federal Credit Union welcomes anyone from Vermont’s 14 counties to be a member.
Vermont Federal Credit Union offers three checking accounts. No matter which you choose, you will enjoy these perks:
- No minimum balance requirement
- No monthly maintenance fees
- Overdraft protection
- Visa debit card
- Fee-free use of Falcon ATM Network
- Online check ordering
- Roundups transferred to your Primary Share account
In terms of savings, if you want to become a Vermont Federal Credit Union member, you must open a Primary Share savings account with a minimum deposit of $5. Other savings options include a term share certificate account (or credit union’s version of a CD), IRA, money market account, HSA, or special savings account (which works like a savings club).
Vermont Federal Credit Union is committed to keeping your accounts and information safe, ensuring secure online and mobile banking, bill pay, and statement delivery. Further, all accounts are insured up to $250,000 by the National Credit Union Administration (NCUA).
Frequently Asked Questions
What is the largest bank in Vermont?
Currently, M&T is the largest bank in Vermont, with 38 branches in 34 cities and towns across the state and over $200 billion in assets. However, the largest Vermont-based bank is Northfield Savings Bank, with over $900 million in assets, 14 branches statewide, and headquartered in Northfield.
What banks are available in Vermont?
Vermont may be 44th in size, but that doesn’t mean it lacks available banking services for its residents. It is home to over 20 banks, including:
- Bank of Bennington
- Bank of Burlington
- Bar Harbor Bank & Trust
- Berkshire Bank
- Brattleboro Savings and Loan Association
- Citizens Bank
- Claremont Savings Bank
- Community Bank, N.A.
- Community National Bank
- Chase Bank
- Ledyard National Bank
- Mascoma Bank
- M&T Bank
- National Bank of Middlebury
- NBT Bank
- Northfield Savings Bank
- Passumpsic Savings Bank
- Peoples Trust Company of St. Albans
- The First National Bank of Orwell
- TD Bank
- TrustCo Bank
- Union Bank
- Wells River Savings Bank
- Wilmington Trust
What bank is located in every state?
While there currently is no bank located in all 50 states, Chase Bank has locations in all 48 contiguous states.
What banks are in Burlington, VT?
Burlington is the most populated city in Vermont and hosts various financial institutions, including national banks, regional banks, community banks, and credit unions. Notable banks in Burlington include Citizens Bank, Northfield Savings Bank, Chase Bank, TD Bank, Community Bank N.A., and M&T Bank.
Which Bank in Vermont is Right for You?
The Green Mountain state is known for its natural beauty, historic towns, and community values. If you’re looking for a bank that shares in these values and can also help you manage your finances, plenty of solid options are available in Vermont.
When looking for the best bank in Vermont, you’ll want to consider factors like fees, customer service, and accessibility. Many banks in Vermont offer online and mobile banking options, which can make managing your finances easier than ever.
If community connection is important to you, several banks pride themselves on giving back and supporting Vermont residents, from Community Bank’s Community Circle Club to Bank of Bennington’s local non-profit donations.
Vermont offers an expansive landscape of banking solutions. While each bank has its own advantages and disadvantages, ultimately, the best bank for you depends on your specific financial needs, goals, and preferences.
Wishing you luck on your journey to financial security!