Banks in Vermont
Vermont is a low-population, community-bank state. A small number of local banks and credit unions cover most of the territory.
How to use this page. Information is compiled from state banking departments, the FDIC and the NCUA. Banking rules and product availability change — always confirm details with the bank itself before acting. This is educational information, not a recommendation of any provider.
| Item | Detail |
|---|---|
| State | Vermont (VT) |
| Capital | Montpelier |
| Region | Northeast |
| State regulator | Vermont Department of Financial Regulation |
| Deposit protection | 250,000 USD per depositor, per insured bank (FDIC) or credit union (NCUA) |
| Identity needed | SSN or ITIN, plus government photo ID |
Banks based in or prominent in Vermont
These institutions have a meaningful presence in the state, whether headquartered there or operating a substantial branch network.
People's United Bank
State presence
People's United Bank is a commercial bank in the United States, with head-office locations recorded in Connecticut and Vermont. Deposits are protected up to 250,000 USD per depositor, per insured bank through the FDIC. Our directory indexes it under Connecticut and Vermont. It operates as a commercial bank, taking deposits and lending to consumers and businesses. It is supervised by the federal banking agencies and by the state regulator of its home state, and it is FDIC insured.
Community Bank NA
State presence
Community Bank NA is a commercial bank in the United States. Our directory records its head office in Vermont. It operates as a commercial bank, taking deposits and lending to consumers and businesses. It is supervised by Vermont Department of Financial Regulation at state level and by the federal banking agencies, and it is FDIC insured. Deposits are protected up to 250,000 USD per depositor, per insured bank through the FDIC.
Northfield Savings Bank
State presence
Northfield Savings Bank is a commercial bank in the United States. Our directory records its head office in Vermont. It is supervised by Vermont Department of Financial Regulation at state level and by the federal banking agencies, and it is FDIC insured. Deposits are protected up to 250,000 USD per depositor, per insured bank through the FDIC. It operates as a commercial bank, taking deposits and lending to consumers and businesses.
Mascoma Bank
State presence
Mascoma Bank is a commercial bank in the United States. Our directory records its head office in Vermont. It operates as a commercial bank, taking deposits and lending to consumers and businesses. It is supervised by Vermont Department of Financial Regulation at state level and by the federal banking agencies, and it is FDIC insured. Deposits are protected up to 250,000 USD per depositor, per insured bank through the FDIC.
Credit unions in Vermont
Credit unions are member-owned and not-for-profit, which usually means higher savings rates and lower fees. Membership eligibility varies, so check before applying.
New England FCU
Credit union
New England FCU is a credit union operating in the United States. Our directory indexes it under Vermont. It is owned by its members rather than by outside shareholders, so earnings are returned to members through rates, fees or dividends. Federally insured credit unions are supervised by the National Credit Union Administration. Member deposits are protected up to 250,000 USD per member, per insured credit union through the National Credit Union Share Insurance Fund (NCUA).
Green Mountain Credit Union
Credit union
Green Mountain Credit Union is a credit union operating in the United States. It is owned by its members rather than by outside shareholders, so earnings are returned to members through rates, fees or dividends. Federally insured credit unions are supervised by the National Credit Union Administration. Member deposits are protected up to 250,000 USD per member, per insured credit union through the National Credit Union Share Insurance Fund (NCUA). Our directory indexes it under Vermont.
Available in Vermont from anywhere
National banks and digital banks operate in every state, so your location does not restrict access to them.
National banks
Chase
National bank
The consumer and commercial banking division of JPMorgan Chase, headquartered in New York City. It is the largest US bank by assets, holds a national charter supervised by the OCC, and is FDIC insured. Chase runs one of the widest branch networks in the country and offers current accounts, savings, credit cards, mortgages and business banking under one brand.
Bank of America
National bank
One of the largest banks in the United States by assets, headquartered in Charlotte, North Carolina. It operates a nationwide branch network and one of the largest US mobile banking platforms. It holds a national charter supervised by the OCC and is FDIC insured. The bank covers consumer and small-business banking, mortgage lending, wealth management through Merrill, and corporate and investment banking.
Wells Fargo
National bank
One of the largest US banks by assets, headquartered in San Francisco, California. It has operated under regulatory consent orders since 2016. It holds a national charter supervised by the OCC and is FDIC insured. Wells Fargo is one of the few American banks with a genuinely coast-to-coast branch network, and combines consumer banking, mortgages, auto lending, wealth management and commercial banking.
Citibank
National bank
The consumer banking arm of Citigroup, headquartered in New York City. It holds a national bank charter supervised by the OCC and is FDIC insured. Unlike the other national banks, Citibank concentrates its US retail branches in a limited number of metropolitan areas, while its parent operates a much broader institutional and cross-border banking franchise.
Capital One
National bank
A US bank holding company headquartered in McLean, Virginia, best known for credit cards and consumer lending. It also operates a sizeable auto lending business. It holds a national bank charter supervised by the OCC and is FDIC insured. Capital One runs a smaller branch network than the traditional national banks and has built its model around data-driven underwriting and digital servicing.
Digital banks
Chime
Digital
A US financial technology company, not a bank. Chime is headquartered in San Francisco and provides current accounts and a secured credit-building card through partner institutions — historically The Bancorp Bank and Stride Bank — which hold the deposits and provide FDIC insurance. Because Chime is not chartered, protection depends on the partner bank, and that distinction matters when comparing it with a chartered digital bank.
SoFi
Digital
A US digital financial services company headquartered in San Francisco. Its banking subsidiary, SoFi Bank, holds a national bank charter granted in 2022 and is FDIC insured, which lets it take deposits directly rather than routing them through a partner. SoFi began in student loan refinancing and now offers current accounts, savings, personal loans, investing and brokerage within one app.
Ally Bank
Digital
The online-only banking subsidiary of Ally Financial, headquartered in Sandy, Utah, with its parent based in Detroit. Ally Bank holds a US bank charter and is FDIC insured, but runs no branches — deposits and servicing are handled online, by app and by telephone. It is best known for competitive high-yield savings accounts and for charging no monthly maintenance fees on its main accounts.
Discover
Digital
A US consumer bank headquartered in Greenwood, Delaware, historically best known for its credit card franchise and for pioneering cash-back rewards. The business was acquired by Capital One in 2025, so its branding and product line are in the process of being folded into the larger group. It offers online savings accounts, certificates of deposit and personal loans with no branch network. Discover Bank is FDIC insured.
Varo
Digital
A US digital bank headquartered in San Francisco. The charter means Varo takes deposits directly rather than relying on a partner bank. Varo Bank received a national bank charter in 2020, becoming the first US consumer fintech to obtain one, and deposits are FDIC insured. It offers a fee-light current account and savings product, with no branch network and no minimum balance requirement.
Opening a bank account in Vermont
The process is similar across the country, but the documents you need are strict. Work through these in order.
- 1Provide a passport, driver licence or state ID.
- 2Supply your SSN or ITIN.
- 3Give a Vermont residential address.
- 4Apply online or at a local branch.
- 5Make an initial deposit to activate the account.
Vermont banking rules worth knowing
- The Vermont Department of Financial Regulation supervises state-chartered institutions.
- Vermont has a state-level interest rate cap on certain small consumer loans — not on deposit accounts.
- Address verification is strict for online applications in rural ZIP codes.
Other things to keep in mind
- Rural areas may have few branches; online-only banks are often the practical choice.
- Local credit unions can be more flexible on thin credit files.
- Federally insured by the NCUA up to 250,000 USD per member, separate from FDIC coverage.
Frequently asked questions
Which agency regulates banks in Vermont?
How do I open a bank account in Vermont?
Are my deposits protected if a bank in Vermont fails?
Do I need to live in Vermont to open an account there?
Sources and verification
The regulatory details on this page come from the bodies that publish them, not from secondary summaries. Each was checked in September 2026.
- Vermont Department of Financial Regulation — supervisor for state-chartered banks in Vermont
- Federal Deposit Insurance Corporation (FDIC) — deposit protection for insured banks, 250,000 USD per depositor
- National Credit Union Administration (NCUA) — deposit protection for federally insured credit unions, 250,000 USD per depositor
- Office of the Comptroller of the Currency (OCC) — supervisor for nationally chartered banks
Banking rules and product availability change. Always confirm details with the institution itself before acting. This page is educational information, not a recommendation of any provider. Last reviewed: September 2026.
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