From around 18 nearly two decades ago, Vermont today has as many as six commercial banks, following a spate of mergers and closures. Yet, options are aplenty for customers seeking online or in-person banking. Here’s what you need to know about the staple of savings: the high-yield savings account in Vermont.
Top 10 High-Yield Savings Account in Vermont
Compare savings accounts at traditional and internet banks to find the best rate and terms for you.
Beem
Beem is a smart wallet app that provides its users with a variety of financial services. Although Beem does not offer high-yield savings accounts alone, you can find multiple high-yield savings accounts from banks and financial institutions offering competitive APYs on its platform. You can compare them to find the one that suits your needs.
APY Rate
Beem’s savings account boasts a high APY rate of 5%, making it an attractive option for those looking to maximise their returns.
Monthly Fees
Beem may or may not have monthly fees depending on your specific account. Always check their website for details on fees associated with different account types and minimum balance requirements to avoid surprises.
Pros
- High-Yield Potential: A major draw is the promise of earning significantly more interest on your savings compared to traditional banks.
- Convenience: The mobile app allows for easy account management and eliminates the need to visit a physical branch.
- Automation: Setting up automatic transfers helps you save consistently and effortlessly.
Cons
- Limited physical presence with no branches.
- May have certain fees depending on account activity.
Union Bank
Union Bank is a traditional brick-and-mortar bank with an extensive network of branches across various regions.
APY Rate
APY rates on Union Bank savings accounts can vary depending on the account type and whether you meet minimum balance requirements. Be sure to check their website for current rates.
Monthly Fees
Union Bank may charge monthly maintenance fees on certain checking and savings accounts if minimum balance requirements still need to be met. Reviewing their fee schedule to find an account that aligns with your banking habits is important.
Pros
- Widespread branch network.
- Diverse range of banking products and services.
Cons
- APY rates might not be as competitive as some online banks.
- Potential for monthly fees.
KeyBank
KeyBank is another established regional bank with a substantial branch network.
APY Rate
APY rates on KeyBank savings accounts can vary depending on the account and minimum balance requirements.
Monthly Fees
KeyBank may charge monthly fees on certain account types unless minimum balance requirements are met. Their website provides a breakdown of fees associated with different accounts.
Pros
- Large branch network for in-person banking needs.
- Variety of account options and financial services.
Cons
- APY rates might not be the most competitive, with the potential for monthly fees depending on account activity.
Regions Bank
Regions Bank is a large bank with a presence across several states, offering online and physical banking services.
APY Rate
Regions Bank offers a range of savings account options with varying APY rates. It’s crucial to compare rates and account features to find the best fit for your needs.
Monthly Fees
Regions Bank may charge monthly maintenance fees on certain checking and savings accounts if minimum balance requirements aren’t met. Review their fee schedule to avoid unexpected charges.
Pros
- Decent branch network for in-person banking.
- Diverse range of account options and financial products.
Cons
- APY rates may be lower than online banks.
- Potential for monthly fees depending on account type and activity.
Salem Five Bank
Steeped in New England tradition, Salem Five boasts a reputation for exceptional customer service and community involvement.
APY Rate
Salem Five offers competitive APY rates on savings accounts and certificates of deposit (CDs). Be sure to check their website for current rates.
Monthly Fees
Some checking and savings accounts at Salem Five may have monthly maintenance fees. Meeting minimum balance requirements can waive these fees.
Pros
- Personalized service.
- Strong community focus.
- Competitive rates on savings products.
Cons
- Limited branch network compared to national banks.
Vermont Federal Credit Union
A Vermont-based member-owned cooperative, Vermont FCU prioritizes member service and offers a range of financial products.
APY Rate
Vermont FCU offers competitive APY rates on savings accounts and CDs, potentially even higher than some national banks.
Monthly Fees
Similar to Salem Five, some account types at Vermont FCU may have monthly fees. Meeting minimum balance requirements can waive these.
Pros
- Competitive rates.
- Focus on member service.
- Potential for local loan options.
Cons
- Limited branch network outside of Vermont.
Fifth Third Bank
A large national bank with a presence in Vermont, Fifth Third offers a comprehensive suite of banking products and services.
APY Rate
APY rates on savings accounts and CDs may not be as high as some credit unions or online banks.
Monthly Fees
Several checking and savings accounts have monthly maintenance fees. These can often be waived by meeting minimum balance requirements or setting up direct deposit.
Pros
- Convenient branch network nationwide.
- Wide range of financial products.
- Robust online banking platform.
Cons
- Potentially lower interest rates on savings products compared to credit unions.
- Monthly fees can apply.
SeaComm Federal Credit Union
As a member-owned financial cooperative, SeaComm FCU focuses on providing its members with valuable financial products and services.
APY Rate
SeaComm FCU is known for offering competitive APY rates on savings accounts and CDs, potentially even surpassing some national banks.
Monthly Fees
Some account types at SeaComm FCU may have monthly maintenance fees. These can typically be waived by meeting minimum balance requirements or setting up direct deposit.
Pros
- Potentially higher interest rates on savings products.
- Focus on member service.
- Potential for local loan options.
Cons
- Limited branch network outside of Vermont and New Hampshire.
VSECU (Vermont State Employees Credit Union)
Exclusive to Vermont state employees, retirees, and their families, VSECU offers a variety of financial products with a member-centric approach.
APY Rate
VSECU is known for offering a competitive APY rate of 2.27% on savings accounts and CDs.
Monthly Fees
Some account types at VSECU may have monthly maintenance fees. These can typically be waived by meeting minimum balance requirements or setting up direct deposit.
Pros
- Competitive rates, focus on member service.
- Potential for local loan options.
Cons
- Membership eligibility restricted to Vermont state employees, retirees, and their families.
Brio Direct
An online bank with no physical branches, Brio Direct offers a high-yield savings account focused on digital banking.
APY Rate
Brio Direct boasts a high APY rate of 5.35% on their savings account, potentially the most competitive among the institutions listed here.
Monthly Fees
Brio Direct does not charge any monthly maintenance fees on their savings account.
Pros
- Unbeatable APY rate.
- Convenient online banking platform.
- No monthly fees.
Cons
- No physical branches.
- Limited financial products compared to traditional banks.
Read Related Article: High-yield savings account in Nevada.
Conclusion
The top savings accounts in Vermont reflect the bank APYs and the state of the market at the time of our investigation. Banks can and often change the rates and conditions of savings accounts, so you should check directly with Vermont institutions to find out what they are offering right now. Explore the Beem app to compare the latest and best high-yield savings accounts that align with your priorities.
FAQs
How do I open a high-yield savings account in Vermont?
After deciding on your new high-yield savings account provider, complete the necessary application—probably online. It should just take ten minutes or so in most circumstances. The following must be given to the institution: Complete name, address, phone number, email address, verification number, like your Taxpayer Identification Number (TIN) or Social Security Number (SSN), a passport, driver’s license, or other official photo identification.
Are high-yield savings accounts in Vermont insured?
Similar to how bank savings are federally insured by the Federal Deposit Insurance Corporation, the National Credit Union Administration federally insures your deposits up to $250,000. They offer a safe place to put your money while earning interest.
What are the minimum balance requirements for high-yield savings accounts in Vermont?
Certain institutions have minimum deposit requirements. The value of this deposit can range from $25 to $5,000. You can begin the application procedure as soon as you’ve decided on a financial institution and wish to open a high-yield savings account there.
