Best Banks and Credit Unions in Vermont
Choosing a new bank doesn’t have to be a stressful experience. This is our list of the best banks in Vermont.
If you’re looking for the best CD rates in Vermont, click here.
1. New England Federal Credit Union
Savings APY: 0.20% API with a $5 minimum balance
CD APY: 3.03% with a minimum balance of $1,000, 18 months period
Monthly Fees: No monthly service fee on savings accounts
How many branches are in the State? New England Federal Credit Union has 4 branches, 4 service centers, and 1 loan center in Vermont
Featured Product Offerings: Personal savings & CD accounts, checking accounts, loans and mortgages, retirement plans, and digital banking
Pros:
- Competitive dividend rates
- No monthly service charges
- Only a $5 minimum deposit amount is required to open an account and earn APY
- 24/7 access via digital and mobile banking
Cons
- Interest compounded monthly, not daily
- Bank branches located only in Vermont
First on our list of the best banks in Vermont, New England Federal Credit Union is a Vermont-based financial institution, established in 1961. Member deposits are insured by NCUA for up to $250,000. Despite being a local financial institution, it offers comprehensive products and services that ensure financial freedom.
It supports the members throughout their financial life, providing dedicated solutions for savings, investments, loans and mortgages, insurance, and retirement. The credit union has a broad spectrum of digital banking services that help manage finances on the go. It allows 24/7 access to bank accounts and electronic payments.
2. Central Vermont Medical Center Inc. Credit Union
Savings APY: 0.25% API with a $25 minimum balance
CD APY: 0.50% with a minimum balance of $2,000, 6 months period
Monthly Fees: No monthly service fee on regular savings accounts
How many branches are in the State? Central Vermont Medical Center Inc. Credit Union has only one main office and branch in Vermont
Featured Product Offerings: Share savings accounts, educational savings accounts, retirement plans, loans, checking accounts, and online banking services
Pros:
- End-to-end banking & financial solutions
- No monthly service fee on regular savings accounts
- 24/7 accessibility via digital banking
Cons
- Only one branch in Vermont
- Comparatively low APYs
Central Vermont Medical Center Inc. Credit Union has been serving the members in Vermont since 1970, offering comprehensive financial services. The credit union has only one branch in Vermont. However, members can access their accounts and funds from across the world through digital banking.
It offers a full range of banking products and solutions, with low minimum balance requirements and zero monthly fees on most accounts. Today, the credit union has over $12, 915,552 million in assets, making it clear that this is one of the best banks in Vermont.
3. Credit Union of Vermont
Savings APY: 0.15% API with a $5 minimum balance
CD APY: 0.80% with a minimum balance of $1,000, 6 months period
Monthly Fees: No monthly service fee on savings accounts
How many branches are in the State? Credit Union of Vermont has one branch in Vermont and 30,000 CO-OP ATMs nationwide
Featured Product Offerings: Savings and deposits, retirement accounts, loans, credit cards, and direct deposits
Pros:
- A wide range of loan and financing options
- No monthly service charges
- Low minimum deposit amount required to open savings accounts
- Member access to 30,000 free CO-OP ATMs across the world
Cons
- Only one branch in Vermont
- Low APYs on savings and CD accounts
Credit Union of Vermont is a 100% member-owned financial institution, located in Rutland, Vermont. It offers a full range of financial products and services and attractive member rewards. In addition to several options in savings and checking accounts, the credit union also provides numerous financing solutions.
Though the APY rates are comparatively low, it does not charge a monthly fee and has a low minimum deposit requirement. The credit union also provides online banking facilities, allowing access to accounts and funds from anywhere. Today, it has assets totaling $51.75 million, serving over 3,000 members in Vermont.
4. Green Mountain Credit Union
Savings APY: 0.100% APY with a $25 minimum balance
CD APY: 0.702% APY, 6 months period
Monthly Fees: No monthly maintenance fee on savings accounts
How many branches are in the State? Green Mountain Credit Union has three branches and two ATMs in Vermont
Featured Product Offerings: Personal savings and checking accounts, loans, credit cards, and online banking
Pros:
- A full line of financial products and services
- No monthly maintenance fee
- High certificate deposit rates in the market
- A wide range of loan and mortgage options
Cons
- Few branches and ATMs in Vermont
Another one of the best banks in Vermont, Green Mountain Credit Union has been serving the Vermont community since 1959, offering comprehensive financial products and services. It is a 100% member-owned credit union and caters to the unique financial needs of its members. Personal banking services include savings accounts, checking, certificate of deposits, IRA, and money market.
The credit union also offers dedicated business accounts. However, it stands out with a broad range of loan and mortgage options. Loans are available at attractive interest rates. Online banking services aid in 24/7 access to accounts and funds. Currently, it has over 4,349 members and more than $47, 124,305 in assets.
5. Heritage Family Federal Credit Union
Savings APY: 0.15% APY
CD APY: 0.75% APY, 3 months period
Monthly Fees: $3 per month if minimum daily balance is not maintained
How many branches are in the State? Heritage Family Federal Credit Union has 10 branches and 18 ATMs in Vermont. Additionally, they have shared branches nationwide
Featured Product Offerings: Personal and business banking accounts, retirement, investments, and insurance
Pros:
- Comprehensive banking products and solutions
- Tiered rate savings accounts ensure higher APY
- Attractive credit card options
Cons
- Low APYs on savings and CD accounts
- Monthly service fee applies for non-maintenance of minimum balance
Heritage Family Federal Credit Union was established in 1956, serving the community in Vermont through a wide variety of banking products and services. These encompass personal savings & checking accounts, business services, mortgages, loans, refinancing, etc.
The credit union has over 47,682 members and more than $458,243,410 in assets. For improved convenience of the members, it has an eBranch where a member can log in and get all account information. One can also make electronic payments through online banking.
6. Members 1st Credit Union
Savings APY: 0.10 % $50.00 or more balance required to earn APY
CD APY: 6-Month – 0.80 %, 12-months 0.95 %, 24 months- 1.15 %, 36 months – 1.30 % and 60 months – 1.50% (Minimum Opening Deposit $500)
Monthly Fees: $3 per month on checking account
How many branches are in the State? Members 1st Credit Union has 1 branch and 1 ATM in Vermont.
Featured Product Offerings: share and checking accounts, retirement plans, Visa credit cards, loans, and other member services
Pros:
- A full range of products and services for the members
- Special member rewards
- A wide variety of loan options, with attractive interest rates, are available
Cons
- Current dividend rates are not updated
- A minimum monthly service fee is applicable
Wrapping up our list of the best banks in Vermont, Members 1st Credit Union is a small financial institution, with services localized only to Vermont. Established in 1957, it is 100% member-owned. However, anyone can become a member of the credit union if they live or work in Windsor, Windham, Rutland, and Bennington.
As a not-for-profit cooperative financial institution, the credit union provides a convenient and safe place for its members to get loans, save money, and apply for credit and debit cards at reasonable rates. It offers a broad range of loan services with overdraft protection. To open a share account, the minimum deposit balance requirement is $25.
Checking accounts do not require a minimum balance. Attractive credit card options are available at a low-interest rate and lower fee.