Few banks have financial expertise in the banking sector and Passumpsic Bank is one of them. They are the 4th largest bank in Vermont. Still, they have many more products and services to offer.
To draw the attention of people, they offer high returns on their product and minimize the charges as much as they can. Even the rate is tolerable for people.
Not only that, we found their products are highly essential for the people who want flexible financial products in need.
Our expertise comes with more information about this bank and its product. So, without wasting any time, let’s jump into the deep.
What Is The Passumpsic Bank?
As the 1103rd largest bank in the nation, Passumpsic bank reached a milestone that reflects its passion for banking. Its headquarters are in Saint Johnsbury, Vermont.
In 1835, this bank announced its service to the public. From that time, it has come a long way. As a result, it has assets totaling $643. But their deposits totaling $527. Based on their assets and deposits, this bank becomes a medium-sized bank.
They always keep in touch with their customers through mobile and web apps. Overall, it got a 4.2 rating out of 5. Their basic products are savings accounts, checking accounts, money market accounts, CDs, IRAs, Mortgage products, credit cards, etc. But they are still increasing their financial product line.
Overview: Passumpsic Bank
Let’s take a quick look at major information about Passumpsic Bank.
|Industries||Banking, Financial Services|
|Legal Name||Passumpsic Bank|
|Headquarters, Regions||Saint Johnsbury, Vermont|
Assets and Liability Status:
|Particulars||Q1 2021||Q1 2020|
|Assets||$843.77 MM||$648.1 MM|
|Loans||$559.9 MM||$514.5 MM|
|Deposits||$710.2 MM||$509.9 MM|
|Equity Capital||$101.9 MM||$82.00 MM|
|Loan Loss Allowance||$7.6 MM||$5.8 MM|
|Unbacked Noncurrent Loans||$5.2 MM||$6.7 MM|
|Real Estate Owned||$0||$0|
Here are the key highlights of this bank that we found after some research.
- Low Fees
- Highly-Rated Mobile App
- Multiple Banking Products
Which Types of Product They Have?
To know a bank and its overall service, we need to figure out which types of financial products they offer. We’ve given a list below of their product.
- Kasasa Cash
- Kasasa Cash Bank
- Kasasa Tunes
- Senior Free Checking
- Kasasa Saver
- Statement Savings
- Money Market Savings
- Health Savings Account
- Youth Statement Savings
- Savers Club
- Fixed-Rate CDs
- Youth CDs
- Roth IRA
- Traditional IRA
- Business Checking
- Small Business Checking
- Business Now Account
- Municipal Now
- Non-profit Checking
- Non-profit Plus Checking
Business Savings & CDs
- Money Market Account
- Statement Savings
- Business CD
- SEP IRAs
They are also offering Business Service, Merchant Service, Non-Deposit service, and Credit Services.
Mortgage & Loan:
- First-Time Homebuyer Programs
Home Equity Products:
- Home Equity Loans
- Home Equity Lines of Credit
- Toy Loan
- Kasasa Loan
What Is The Rate of the Product?
Offering the best financial product is not the last parameter to measure the scale of the success of a bank. Rates are also involved with it. For this bank, we are showing the rate of their popular financial product.
|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% APY24 Month: 0.75% APY36 Month: 0.85% APY48 Month: 1.25% APY60 Month: 1.55% APY||$500 for all terms|
|Money Market Accounts||0.1% APY 0.1% APY||$10000 $15000|
As you see, this bank has different rates for different products. To manage your money and to ensure a high return, this rate plays a vital role.
After a quick comparison, we found their CD rates are best. The rate of this product is fair to the national average of U.S. banks.
Popular Accounts At Passumpsic Bank:
Not every product is popular with this bank. Few of them got the most attention from the people. We’ve given every detail about it in the table below.
|APY||Account Types||How They Compare|
|0.95%||Reward Checking||0.03% – Citi Citi Priority|
|0.35%||Reward Savings||0.39% – National Average|
|0.65%||5-year CD||0.69% – National Average|
Comparison of Savings Rates and Fees:
For the savings rate, Passumpsic Bank has a bit of scope to minimize it. Because their saving rate is 0.10 where the national average is 0.09. Many people are ok with it.
On the other hand, this bank proves itself best to minimize the charges. They do not have extremely low charges but are also lower than the national average. They don’t have a monthly fee even no charge for checking the account.
Read More: Bad Credit Borrowers
If your ATM is out-of-network then relax. Passumpsic Bank doesn’t impose any charge for it. If you still love to use such an ATM, then this bank is an ideal option for you.
|Particulars||Passumpsic Bank||National Average|
|Non-network ATM Fee||N/A||$1.20|
Service Quality: Passumpsic Bank
They are straightforward to give the full freedom to their clients to control and manage their accounts. Their mobile application got a 4.1 rating out of 5. So, it becomes easy to manage accounts like receiving and sending money, paying bills, checking account status, and many more.
There is no doubt, Passumpsic Bank is continuously growing and consistently ranked among one of the highest in customer satisfaction. Its financial product variation along with the minimized charge is the key to success.
Even their CD rate is also higher than the national average. So, what more do we need? If you’ve any questions about this bank, then it’s also easy to ask them. Their mobile and web app let you do that in a minute.
However, in many ways, we found this bank is suitable for people to get the most basic financial product with higher returns. To get the best banking experience under a single roof, undoubtedly Passumpsic Bank is the option.