fbpx

Best Banks in Vermont

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.

If you’re new to Vermont or just want to switch to a bank better suited to your needs, Benzinga has the scoop. 

Between brick-and-mortar institutions and banks that operate solely online, your options are endless. Use our list of the best banks in Vermont to find the perfect bank for you.

Current APY
Up to 1.25%
Minimum balance
None
Checking Fees
Depends on the type of account

Best for High-Yield Accounts: Axos Bank

As a leader in digital banking, Axos Bank prides itself on offering the latest technology with a human touch. 

Axos offers several high-yield personal banking accounts. You can earn interest on both your checking and savings balances. 

You can choose from 2 savings accounts: High Yield Savings and High Yield Money Market. Each earn interest, have no maintenance fees or monthly minimum balance requirements and offer digital tools like mobile deposit. 

You can choose from 5 checking accounts — 3 options earn interest. Essential Checking is a free account with unlimited ATM reimbursements. Get up to 1% cashback with the CashBack Checking account. 

The most popular is Rewards Checking account. This is a tiered, high-yield checking account. Rewards Checking is free to use — there are no maintenance fees, no minimum monthly balance and no overdraft or insufficient funds fees. You’ll also get unlimited domestic ATM fee reimbursements. 

All Axos checking accounts come with mobile deposit, bill pay and peer-to-peer payments.

Current APY
Up to 0.25%
Minimum balance
Minimum deposit of $100
Checking Fees
No monthly feesATM fees reimbursed up to $30 per month

Best for Savings Accounts: CIT Bank

CIT Bank is an online bank with a great selection of interest-earning savings accounts. $100 is all you need to open up a Savings Builder account, a Premier High Yield Savings account or Money Market account with CIT. 

Premium High Yield Savings is a no-frills savings account with an industry-high APY.  The Savings Builder account is a tiered account. You can arn different rates by meeting qualifying standards such as maintaining a minimum monthly balance or making qualifying direct deposits. 

The CIT Money Market account hits the spot between checking and saving. You’ll earn interest on your balance and be able to make transactions with Bill Pay, Zelle and PayPal. There are minimal fees associated with this account. Excessive transactions face a $10 charge up to $50 per month. There’s $25 if you overdraft your account.

Each of these accounts come with 24/7 access to CIT’s mobile banking tools, have no monthly maintenance fees and allow up to 6 transactions per month. 

CIT also offers eChecking, a spending account that earns interest. Earn the higher tier interest rate by keeping a monthly balance of at least $25,000. Lower balances will still earn the lower tier rate. This is a mostly fee-free account — you won’t pay fees at in-network ATMs and will get up to $30 in fees from external ATMs. 

Signing up for any of the above accounts is an easy 3-step process. CIT also offers home loans and several CD account options.

APR
7.99% to 20.90%
Loan Amounts
$5,000 to $15,000
Terms Offered
3 to 7 Years
Origination Fee
$0

Best for Financial Guidance: Citizens Bank

Citizens Bank is a large bank with 11 branches in Vermont and 1,000 branches throughout the New England, Mid-Atlantic and Midwest regions. 

Citizens Bank serves small businesses, middle-market companies, large corporations and institutions. Citizens’ personal banking services include checking, money market accounts, CDs, savings, credit cards, online banking and mobile banking. 

You can also apply for several types of loans, including personal loans, home loans, home equity lines of credit and student loans. Citizens Bank can help you refinance an existing home or student loans. 

Citizens Bank has 4 checking accounts to choose from. Student Checking is free to those under 25 and offers fee-free ATM use, even for out-of-network transactions. One Deposit Checking from Citizens Bank is a basic checking account. 

Platinum Checking and Platinum Plus Checking each cost $25 per month unless you maintain a minimum balance and perform other qualifying actions. These accounts are tiered interest bearing accounts with a host of other perks.

As a Citizens client, you’ll benefit from Citizens Checkup. This is a free financial guidance service available to all customers of Citizens Bank. Similar to a financial planning consultation, a specialist will assess your financial situation and your goals. From there, they’ll help you make a plan. This is helpful whether you’re just starting out or need to tweak your current habits. Appointments are available by phone or at a branch.

Current APY
Premium Checking: 0.05%
Minimum balance
$4,000 balance to waive $19 service fee for Premium Checking
Checking Fees
Online Checking: $3 monthly service charge waived with paperless statements Premium Checking: $19 fee waived with a balance of $4,000 or $4,000 in qualifying deposits

Best for Mobile Banking: BBVA

BBVA boasts a top-rated mobile banking app that’s won the Javelin Mobile Banking Leader award 6 years running. BBVA prides itself on staying ahead of the curve, anticipating customers’ needs and adapting to meet them. 

Online banking is simplified with BBVA and its easy-to-use interface. Keep track of the holistic state of your finances, using its app as a financial tracking and analysis tool. 

BBVA has a wide range of personal banking products. Some are available nationwide while some are only available in select regions.

BBVA offers 2 checking accounts to Vermont residents. Premium Checking is a tiered interest-earning account. Earn cash back with the Online Checking account  Simple Cash Back feature.

You can open either of these accounts with an opening deposit of $25. In-person banking is convenient at more than 64,000 BBVA branches, BBVA ATMs and co-op ATMs. 

BBVA has 649 branches in the United States, located primarily in the South and Southwest regions. There are no branches in Vermont, but you can bank at any of its numerous ATMs. The  BBVA Mobile Banking app can act as your balance tracker, allowing you to transfer money and pay bills. 

Frequently Asked Questions

Q: How much money do I need to open up a bank account?

A: It depends. Different banks and accounts have different minimum deposit requirements. Get in touch with your bank or check its website to find out specific requirements.

Q: Is my money safe in a bank account?

A: Yes. Individual deposit accounts with banks are insured up to $250,000 with the Federal Deposit Insurance Corporation (FDIC). 

Choose the Right Bank Today

Whether you want to go digital or need more convenient in-branch service, you have options when it comes to choosing the right bank. Online and in-person banks offer innovative digital tools and money-maximizing personal accounts. Our list of the best banks in Vermont is a great place to start your search.

Methodology

To determine the best banks in Vermont, Benzinga analyzed over 100 banks and financial institutions. We gave weight to banks in Vermont with co-op ATMs and cash-back options. We also gave greater rankings to banks which offered the following: checking and savings accounts, online banking, personal loans, mortgages, educational resources, and a mobile app.

Hire a Pro: Compare Financial Advisors In Your Area