Best Banks for Innovators in Burlington Vermont

Church Street Burlginton Vermont

Maybe you’re new to Burlington, or perhaps you’re an innovator new to business. Whichever the case may be, this article will inform you on the top 10 best banks (and credit unions) for innovators in Burlington Vermont.

With over 40 banks and credit unions to choose from, you may be wondering which is the best for your personal and professional requirements. You’ll need to evaluate who has the best services, locations and rates on loans. You'll also need to consider other factors such as the values the bank puts forth and the people you will be working with.

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Citizen’s Bank

Citizen’s Bank has locations all over the country and over 10 in Vermont. The Burlington branch offers business credit cards, loans, investing and benefits. Citizen’s has a dedicated team for healthcare professionals and customized services.

Citizen’s website has information on starting and growing a business that innovators will find helpful. They provide a Small Business Resiliency Guide and community support.

New England Federal Credit Union

New England Federal Credit Union (NEFCU) is a member-owned financial institution serving the following 12 counties in Vermont including Chittenden. They seek to empower their members to make good financial decisions so they can improve their overall quality of life.

NEFCU provides numerous business services such as unlimited check writing, dividends on balances over $500 and owner-controlled online access.

Northfield Savings Bank

Northfield Savings Bank (NSB) has 13 locations in the Burlington area making it one of the larger local banks. NSB wants to be the bank that fits your life. According to their website, NSB specializes in serving builders, makers, doers, creators and innovators.

They offer personal as well as business banking with business credit cards, cash management, competitive rates and a dedicated business banking team. NSB is a Vermont bank that local innovators can rely on to meet their needs.

Northcountry Federal Credit Union

In 1950, the employees of General Electric in Burlington started a credit union so they could lend and borrow from one another at better rates than those offered by commercial banks. Over time, that financial cooperative grew into Northcountry Federal Credit Union.

Northcountry is a community bank with numerous locations throughout Vermont and a branch in Burlington. They offer merchant services, emergency loads for employees, and payment collection services.

VSECU

VSECU promotes itself as a values-based financial cooperative. It is open to everyone who lives or works in Vermont and has over 67,000 members. Their vision is to inspire a movement that brings people together to empower financial, environmental, and social prosperity.

VSECU offers loans, business deposits and insurance to its members. It has developed a program called VGreen to finance solar and energy efficiency projects. Companies can also get Green Vehicle Loans to help them purchase electric, hybrid and alternative fuel cars or trucks.

Opportunities Credit Union

Opportunities Credit Union (OCU) is a Vermont based, nonprofit lending organization whose mission is to create wealth and promote economic development to low-income and other traditionally underserved populations. If you are underserved, you are about to get served.

OCU offers e-banking services such as mobile banking and mobile deposits. They have branches in Burlington and Winooski. OCU specialize in offering one on one financial mentoring and financial workshops to their community of customers.

People’s United Bank

Chittenden Bank was acquired by People's United Bank in 2007. People’s is a nationwide financial institution with 21 branches around the state including one in Burlington. Founded in 1842, People’s United Bank is a community-based, regional Northeast bank.

People’s offers industry solutions for franchise owners, healthcare businesses and nonprofits. You can access your account 24/7 with Business Online Banking and Business Mobile Banking.

Heritage Family Credit Union

In 1956, fifty-seven GE employees came together in Ludlow, Vermont to form Heritage Family Credit Union. Heritage Family Credit Union is a member-owned not-for-profit bank formed for the purpose of promoting thrift.

They offer business services such as checking accounts, loans, payroll services and merchant services. Heritage is an official Small Business Administration (SBA) lender that can provide competitive rates to startups.

Vermont Federal Credit Union

For a small bank, Vermont Federal Credit Union (VFCU) offers 6 locations making convenience a major benefit. As a local, community-based bank, VFCU has much to offer. For starters, they have been in business serving local Vermonters for over 60 years. When it comes to rates, they are quite low compared to other banks in the area.

VFCU offers 0.10% interest rates on all savings accounts. For businesses, they also offer rates as low as 0.10% which is great for up and coming innovators.

TD Bank

TD bank has numerous locations across the country and a strong presence in Burlington, Vermont. They have a specific department for Small Business with services such as checking accounts, loans and merchant solutions.

One of TD Banks specialties is providing solutions for healthcare practices such as dentists, physicians and eye care professionals. Health professionals in these areas can access up to $12 million with 100% practice financing plus working capital.

Now that you have had a chance to read about the 10 best banks for innovators in Burlington Vermont, it’s time to choose your bank or credit union! Are you going with the lowest interest rates on business loans? Are you going with the most convenient location, perhaps the one closest to your (intended) place of business? Or maybe you’re going with the bank that has the best customer service or reviews on Yelp and Google. Whichever bank you decide on, you’re bound to be in good hands!

Meagan Ryan
Meagan Ryan
Outreach, Supercollider



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