Best Checking Accounts in Vermont for 2025
When you’re ready to open a checking account, you will want to compare online and local banks. Almost every bank in Vermont will offer checking and savings account options. Let’s take a look at the differences between local and online checking accounts in Vermont to find the one that’s right for you.
Compare Vermont and Online Checking Accounts
Looking at the pros and cons of online banks and local banks can help you choose the one that’s right for you. Ask yourself:
- Are you more comfortable banking in person or online?
- Do you need an ATM card?
- Do you prefer to use a mobile app to move money?
- Do you withdraw money regularly?
- Do you ever deposit cash?
- Are you willing to pay bank fees?
- Do you need good customer service?
- Do you prefer to earn interest on your money?
Compare Local Vermont and Online Checking Accounts
Best Checking Accounts in Vermont
When choosing a checking account for your hard-earned money, it pays to compare some of the best banks in Vermont. Here are a few to get you started.
Vermont Federal Credit Union
Vermont Federal Credit Union offers totally free checking. Customers can access three checking accounts. The first is the Student account, which is ideal for getting started. There is no minimum balance or overdraft fees, and parental controls are in place for those between the ages of 13 and 17.
The Sharedraft Checking is meant for those who want a no-frills checking account that allows them to bank in person but doesn’t offer electronic services. The Reward Checking also has no minimum balance and no fees, offers interest dividends, and uses a wide network of fee-free ATMs.
Union Bank
Union Bank of Vermont and New Hampshire has a wealth of checking account options.
UB Checking is one of the most popular options. It offers standard features such as mobile banking, overdraft protection, and massive All-Point ATM network access.
Other options include Advantage Checking, which requires a minimum balance of $25,000, the UB 55 Checking for seniors, and Basic Advantage Checking, which requires $10,000 in deposits each month to waive the fees.
This massive bank also offers other add-on features that allow you to truly tailor your checking experience.
Northfield Savings Bank
Every account at Northfield Savings Bank comes with certain perks, including mobile, online, and phone support, free direct deposit, and ways to waive the monthly fees on most accounts.
All accounts require $10 to open, and all use the AllPoint ATM system to allow you to get your money with no charge. The NSB Basic Checking seems to be among the most popular, with fees waived and a daily balance of $750, as well as paper statements, bounce protection, and more.
Preferred Checking offers interest on your money. To avoid the monthly service fee, you must have a minimum of $1,500 in the account.
Easily Compare the Best Checking Accounts Online
Finding the bank with the best checking account to meet your needs is as simple as skimming the table below. Compare checking accounts and find some of the best bonuses and lowest fees being offered today.
Pros and Cons of Local Banks
Local banks can offer many perks, especially in location—they are often literally right down the road. Here are the pros and cons of local banks.
Pros
- Numerous branches and a solid fee-free ATM network are hallmarks of local banks.
- In addition to the branches, expect 24/7 customer service via phone.
- Find other banking products here, such as mortgages and savings accounts.
- Local banks have strong ties to the community and often give back to those in need.
Cons
- Interest rates might be lower than what online banks offer.
- Local banks might focus on branches and thus neglect their online or mobile presence.
- Banking occurs during normal business hours, which can be tough for those who work during those hours.
Online Checking for Vermont Residents
A strong bank in Vermont can provide a wealth of opportunity for your money. But how do you figure out where those banks are? Listen to the reviews of others. They can help you choose the best Vermont bank for you.
Chime
Chime’s checking account comes bundled with a high-yield savings account, as the company does not offer a standalone checking option. This integrated approach simplifies money management, making transfers between accounts seamless.
The account has no monthly fees, minimum balance requirements, or overdraft fees, offering a transparent banking experience. Direct deposit users can access their paychecks up to two days early, while eligible users may qualify for fee-free overdrafts through Chime’s SpotMe feature.
Chime’s mobile app is user-friendly, featuring tools for saving automatically through round-ups and direct deposit allocations. Its extensive ATM network ensures convenient cash withdrawals. However, cash deposits can be limited and may incur third-party fees at participating retailers.
Overall, Chime’s Checking Account with Savings is an excellent choice for those seeking a fee-free, mobile-first banking solution focused on building savings and managing money efficiently.
SoFi® Checking and Savings
SoFi’s Checking and Savings account combines the features of both accounts in one streamlined product. Unlike traditional banks, SoFi does not offer a standalone checking account; opening one automatically includes a savings account. This dual setup simplifies money management by enabling easy transfers between accounts.
The account boasts zero monthly fees, no minimum balance requirements, and access to a wide ATM network. Direct deposit users enjoy early paycheck access and competitive interest rates, especially on the savings portion. SoFi’s robust mobile app also provides budgeting tools, bill pay, and cash-back rewards on eligible purchases.
For security, funds are FDIC-insured up to $2 million through SoFi’s partner banks. While the combined account structure is convenient, those seeking separate checking and savings accounts may need to adjust. SoFi’s Checking and Savings account is ideal for tech-savvy users seeking a fee-free banking experience with strong digital tools and financial benefits.
Varo
The Varo bank account has no monthly fees, minimum balance requirements, or overdraft fees. Direct deposit users can access paychecks up to two days early. Varo offers competitive interest rates for savings, with higher APY tiers for qualifying accounts that meet specific deposit and balance criteria.
Varo’s mobile app provides features like budgeting tools, bill pay, and automatic savings through round-ups and paycheck transfers. Its extensive ATM network allows fee-free cash withdrawals, though cash deposits are available only at select retailers and may incur fees.
Varo Bank is an excellent choice for tech-savvy individuals seeking a fee-free, mobile-focused banking solution with strong savings incentives and modern financial tools.
Pros and Cons of Online Checking Accounts
Local banks offer pros and cons, but so do the online banks. Here’s what to expect from online banks in Vermont.
Pros
- Higher interest rates might be possible as online banks usually have lower overhead costs.
- Perks for new signups are common, such as cash bonuses or discounts.
- Customer service is often quite robust and available in a variety of ways.
- Mobile apps are very strong, a boon for those who prefer to do everything online.
Cons
- Online banks often focus on a few things, so you aren’t likely to find a full suite of services.
- Don’t expect branches; those that do have branches are likely in large metro areas.
- It can be tough to get in touch with a real person.
What to Look for When Choosing a Checking Account in Vermont
Ready to choose a checking account in Vermont? Keep these points in mind.
Monthly Fees
Most banks charge monthly fees on some checking accounts but offer the opportunity to waive those fees. This is usually easy to do, such as sending a direct deposit to your account.
In other cases, you must jump through hoops to waive those fees. Ask yourself if you can easily do what the bank asks, and if not, are you willing to pay the fees to keep the account?
Other Fees
Even if checking accounts are free, other fees will likely be for unusual items. For instance, most banks will charge a fee for wire transfers, paper statements, cashier’s checks, and the like. It’s safe to ignore those fees if you rarely use these items. But if you regularly use them—perhaps you get a wire transfer once a month—then those fees can add up. Read the fine print to make sure you won’t be hit with any surprise fees.
ATM and Branch Access
You’ll need an ATM card if you want full freedom to access your money whenever you want. Many banks offer fee-free ATM networks, and some will even reimburse your foreign ATM fees.
Local banks tend to have more ATMs scattered about town than online banks do, so look at the map on the bank’s website to determine where to get your money. If banking in person matters to you, local banks offer branch access during normal banking hours.
Interest Rates and Bonuses
The interest rate you earn on your checking account can add up, so make sure you can get the interest you want without fees that will wipe out the profits.
When you first sign up, look for bonuses, too. Some banks will offer checking bonuses to those who qualify, such as cash or gift cards to keep your account in good standing for a certain time period or discounts that can be used at local businesses.
Mobile Banking Apps
If you choose an online checking account in Vermont, look for a bank with an excellent mobile app. The mobile app is the lifeline for communicating with online banks and moving your money around—it must be intuitive, loaded with features, and load new pages seamlessly. Local banks can also have robust mobile apps but double-check to be sure before you choose a particular institution.
What to Know About Vermont Checking Accounts
Here are interesting facts about checking accounts in Vermont:
- The state banking commissioner reviews checking accounts every quarter to ensure that there are ample free checking options for residents of the state. If there is a significant decline in banking services to the public, the commissioner can order the banks to offer simple, fee-free checking to keep things balanced.
- Vermont doesn’t have any limit on the fees that a bank can impose; however, competition in the market helps ensure that banks don’t go overboard.
- Minors can open their own bank accounts in Vermont, but the rules vary by bank. Contact the institution to learn about what they require.
