Banking and financial services in Vermont: Local and regional banks dominate. Credit unions are popular. No state sales tax on services. Access to international banking options. Community-focused banking initiatives. Vermont State Employees Credit Union is prominent. Limited major national bank presence. Digital banking services available. Competitive mortgage loan options. Strong focus on sustainable investments.
Local and regional banks dominate.
In Vermont, local and regional banks, along with credit unions and other financial services providers, are overseen by the Banking Division of the Department of Financial Regulation. The state is home to seven state-chartered banks and thirteen credit unions, as well as various other financial institutions, including mortgage brokers, loan servicers, and commercial lenders.
Credit unions are popular.
Credit unions are highly popular in Vermont, with several prominent ones such as New England Federal Credit Union, North Country Federal Credit Union, and Vermont Federal Credit Union. These institutions offer a range of financial services including lower fees, better interest rates, and deep community involvement. They also provide federally insured deposits and a full suite of banking products. For more detailed information about these options, you can visit the Top Vermont Credit Unions page.
No state sales tax on services.
In Vermont, banking and financial services are generally not subject to state sales tax, as the state's sales tax primarily applies to tangible personal property and specific enumerated services. For more information, you can refer to the Vermont Sales Tax Guide which details how the sales tax excludes most professional and financial services.
Access to international banking options.
In Vermont, individuals can access international banking options through services like Currency Exchange International (CXI), which offers foreign currency exchange with competitive rates and convenient home delivery, as well as other financial institutions that may provide international payment and currency exchange services. To explore these services in more detail, you can visit the Currency Exchange International website. Although specific banking institutions in Vermont may not be as extensively detailed in the sources provided, CXI presents a valuable resource for those seeking reliable currency exchange solutions.
Community-focused banking initiatives.
Vermont Federal Credit Union has launched the Vermont Federal Foundation, a 501(c)(3) non-profit organization dedicated to enhancing sustainability, building robust communities, ensuring food security, and providing affordable and stable housing across the state of Vermont. Meanwhile, the Vermont Community Action Partnership plays a crucial role by offering various financial stability services, including programs like Green Saving Smart, aimed at helping Vermonters overcome poverty and achieve self-sufficiency. Additionally, the Vermont Community Loan Fund is instrumental in offering loans and resources to local businesses, community organizations, and developers of affordable housing, leveraging innovative capital-based solutions to address poverty, justice, and opportunity issues throughout Vermont.
Vermont State Employees Credit Union is prominent.
Vermont State Employees Credit Union (VSECU) is a prominent financial institution in Vermont, offering a variety of deposit and lending products to all Vermonters. It operates as a financial cooperative, reinvesting profits in its members, communities, and small businesses, and is committed to environmental sustainability and community support. To learn more about its services and initiatives, visit the Vermont State Employees Credit Union website, where you can find detailed information on their offerings and community impact.
Limited major national bank presence.
Vermont has a limited presence of major national banks, with the financial sector predominantly consisting of state-chartered banks, credit unions, and local financial institutions that provide a range of banking and financial services tailored to the local community. For more insight on this sector, visit the Financial Services section on Think Vermont's website.
Digital banking services available.
The new digital banking platform at Vermont Federal Credit Union offers an intuitive, user-friendly experience with enhanced security, improved budgeting tools, and a dedicated platform for business banking, allowing users to manage their finances across all devices. Similarly, Northfield Savings Bank's Online Banking service enables users to manage personal accounts from computers, tablets, or mobile phones, including viewing balances, transferring money, paying bills, depositing checks, and receiving transaction alerts. This service also includes extra features such as account aggregation and mobile banking apps, providing a comprehensive solution for personal financial management.
Competitive mortgage loan options.
In Vermont, competitive mortgage loan options include 30-year fixed rates at around 6.88%, 15-year fixed rates at about 6.25%, and various programs such as VHFA's ASSIST and MOVE for first-time homebuyers. Prospective buyers can also explore VA and FHA loans that offer favorable terms like no down payment or lower mortgage insurance premiums. To understand these options better, visit the Bankrate website for detailed information on current mortgage rates and programs available specifically for Vermont residents.
Strong focus on sustainable investments.
The Vermont Sustainable Jobs Fund and its associated Flexible Capital Fund are at the forefront of sustainable investments, actively supporting job creation and growth in key sectors such as working landscapes, clean technology, and environmental technology. Their focus remains on navigating access to capital for innovative and sustainable projects, thereby fostering economic opportunities driven by sustainability goals. Additionally, the Vermont Community Loan Fund offers impact investments that concentrate on sustainable agriculture, natural resources, affordable housing, and early childhood education, providing fixed-rate investments aligned with the values of conscientious investors. This approach supports local economic development and community well-being. Meanwhile, the Vermont Treasurer's Office and the Vermont Pension Investment Committee have been integrating Environmental, Social, and Governance (ESG) factors into their investment strategies. Their commitment to long-term engagement with companies focuses on addressing ESG issues, aligning investments with industry-recognized guidelines, and supporting global climate agreements.