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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

Founded in 1917, The Bank of Bennington has assets totaling $416 million and $281 million in deposits, which makes the institution 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 traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Overall, The Bank of Bennington is among the top banks, and should be given serious consideration, with a rating of 4.5 stars out of 5 from the SmartAsset team. The Bank of Bennington provides customers with a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, The Bank of Bennington's standard checking account does not have a monthly fee. Institutions that offer free checking as well as a high interest rate savings account are the best bet for getting the highest income from your deposits while having easy 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 fair compared to the national average. The Bank of Bennington's CD rates are 2.25% and 2.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 1.00%. Given The Bank of Bennington's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

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 has typically extremely low fees compared to other U.S. banks. With no monthly fee, The Bank of Bennington is perfect for people who want a simple checking account. The Bank of Bennington does not refund out-of-network ATM charges, which means you'll be required to search for a The Bank of Bennington 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

The Bank of Bennington is a brick-and-mortar bank, with five total bank locations in Vermont. It also offers access to mobile and web apps for a straightforward mobile-banking experience. The Bank of Bennington's online and mobile banking services receive reasonably decent ratings from customers. The The Bank of Bennington mobile app has an overall rating of 4.1 out of 5 (with 18 reviews on Apple and Android) compared to the national average of 3.8. You can access The Bank of Bennington's app to control your bank accounts by checking monthly statements, sending and receiving funds and reaching support representatives. The Bank of Bennington receives an exceptional consumer satisfaction score due to relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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 currently a medium-size bank and has $416 million in assets as well as deposits totaling $281 million. The Bank of Bennington's Texas Ratio is 5.35%, suggesting that The Bank of Bennington is in good financial condition and improbable to fail. 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: 2.25% 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 has 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 think about looking 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 the national average.

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Find a The Bank of Bennington Near Me

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

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