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Passumpsic Savings Bank Review

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Passumpsic Savings Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1853, Passumpsic Savings Bank has assets totaling $643 million along with deposits totaling $527 million, ranking it as a medium-size bank. Passumpsic Savings Bank, whose headquarters are in Saint Johnsbury, Vermont, lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, Passumpsic Savings Bank is a solid contender in your bank search, with a rating of 4.2 out of 5 stars from the SmartAsset team. Passumpsic Savings Bank has a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Passumpsic Savings Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Passumpsic Savings Bank's standard checking account does not have a monthly fee. Locating a bank with no-fee checking as well as a high interest rate savings account is the best bet for getting the highest income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.0
SmartAsset Average: 3.5

With a savings rate of 0.10%, Passumpsic Savings Bank ranks poorly in comparison to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 0.50% and 1.55%, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given its noncompetitive savings rate, you should think about looking at the competition to open savings accounts.

How Passumpsic Savings Bank's Savings Rates Compare

Passumpsic Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Passumpsic Savings Bank charges customers extremely low fees compared to the average U.S. bank. With no monthly fee, Passumpsic Savings Bank's checking account is ideal for people who want an easy checking account. Passumpsic Savings Bank doesn't reimburse out-of-network ATM charges, which means you'll be required to locate a Passumpsic Savings Bank ATM or eat the cost of withdrawal.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Passumpsic Savings Bank is a brick-and-mortar bank, with 12 total branches in New Hampshire and Vermont. With mobile and web apps, Passumpsic Savings Bank makes account access straightforward, even on the go. Passumpsic Savings Bank receives relatively high praise from customers for its mobile app. The Passumpsic Savings Bank mobile app is rated at 4.1 out of 5 (with 64 reviews on Apple and Android) compared to the national average of 3.8. Passumpsic Savings Bank's mobile app allows you to manage your accounts by checking current statements, sending and receiving funds and accessing customer service. Passumpsic Savings Bank receives an outstanding consumer satisfaction score due to relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.7
SmartAsset Average: 4.8

Passumpsic Savings Bank ranks as a medium-size bank owning assets totaling $643 million and $527 million in deposits. Its Texas Ratio is 6.28%, suggesting a small opportunity of failure. Additionally, Passumpsic Savings Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

6.28%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Passumpsic Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $50
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.75% APY
  • 36 Month: 0.85% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.55% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Passumpsic Savings Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Passumpsic Savings Bank does not have the best savings rate, which means you should think about taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Passumpsic Savings Bank's CD rates are fair compared to the average U.S. bank.

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Find a Passumpsic Savings Bank Near Me

Passumpsic Savings Bank has 12 physical locations in the U.S.

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