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The Bank of Bennington Review

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The Bank of Bennington Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1917, The Bank of Bennington has assets totaling $416 million as well as deposits totaling $281 million, which makes it a medium-size bank. The Bank of Bennington, whose headquarters are in Bennington, Vermont, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a superb 4.5 out of 5 stars, The Bank of Bennington proves it is an excellent bank that you should seriously consider. The Bank of Bennington provides customers with a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. The Bank of Bennington has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, The Bank of Bennington offers an option without a maintenance or monthly fee. Banks that offer no-fee checking as well as a high savings APY are the best option for returning the most income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

The Bank of Bennington has a savings rate of 0.25%, which is poor compared to the national average. The Bank of Bennington's one-year CD earns at a rate of 1.50% and the five-year CD earns at a rate of 2.50%, while its highest-yielding money market account earns at a rate of 0.60%. Given its below average savings rate, you should think about choosing another bank to earn more on your deposits.

How The Bank of Bennington's Savings Rates Compare

The Bank of Bennington Savings 0.25 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Bank of Bennington charges customers extremely low fees compared to the average U.S. bank. The Bank of Bennington's checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. The Bank of Bennington does not reimburse out-of-network ATM fees, meaning you'll have to find a The Bank of Bennington ATM or eat the withdrawal fee.

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

The Bank of Bennington is a brick-and-mortar bank, with five total branches in Vermont. With mobile and web apps, The Bank of Bennington makes account access straightforward, even on the go. The Bank of Bennington's online and mobile banking services receive fairly decent feedback from users. The The Bank of Bennington mobile app has an overall rating of 4.1 out of 5 (out of 18 reviews on iOS and Android) compared to the national average of 3.8. You can access The Bank of Bennington's mobile app to manage your accounts by reviewing current statements, transferring funds and reaching customer service. The Bank of Bennington gets an excellent consumer satisfaction rating based on relatively few consumer complaints reported 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

4.8
SmartAsset Average: 4.8

The Bank of Bennington is a medium-size bank and has assets totaling $416 million and $281 million in deposits. Its Texas Ratio is 5.35%, indicating a tiny possibility of failure. Additionally, The Bank of Bennington is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.35%
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 The Bank of Bennington to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.05% APY $1
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.25% APY
  • 36 Month: 2.35% APY
  • 48 Month: 2.35% APY
  • 60 Month: 2.50% APY
$500 for all terms
Money Market Account 0.5% APY $5001

The Bank of Bennington offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. The Bank of Bennington does not have the best savings rate, which means you should consider 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. The Bank of Bennington's CD rates are fair compared to other U.S. banks.

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Find a The Bank of Bennington Near Me

The Bank of Bennington has five physical locations in the U.S.

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