Passumpsic Bank

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.

Passumpsic Bank - Start Your Adventure
Picture: Passumpsic Bank – Start Your Adventure

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.

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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.

Picture: Know about financial products from the website

Overview: Passumpsic Bank

Let’s take a quick look at major information about Passumpsic Bank.

IndustriesBanking, Financial Services
Founded Date1835
Legal NamePassumpsic Bank
Company TypeFor-Profit
Headquarters, RegionsSaint Johnsbury, Vermont
Operating StatusActive

Assets and Liability Status:

ParticularsQ1 2021Q1 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

Key Highlights:

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.

Personal Banking:

Checking Account

  • Kasasa Cash
  • Kasasa Cash Bank
  • Kasasa Tunes
  • Senior Free Checking

Savings Accounts

  • Kasasa Saver
  • Statement Savings
  • Money Market Savings
  • Health Savings Account
  • Youth Statement Savings
  • Savers Club

CD Accounts

  • Fixed-Rate CDs
  • Youth CDs

IRA Accounts

  • Roth IRA
  • Traditional IRA

Business Banking:

Deposit Accounts

  • 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:

Mortgage

  • Fixed-Rate
  • Adjustable-Rate
  • First-Time Homebuyer Programs

Home Equity Products:

  • Home Equity Loans
  • Home Equity Lines of Credit

Personal Loans

  • 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.

ProductCurrent Terms and RatesMinimum Balance for APY
Savings Account0.1% APY$50
Checking Account0.05% APY$1
Certificates of Deposit12 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 Accounts0.1% 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.

APYAccount TypesHow They Compare
0.95%Reward Checking0.03% – Citi Citi Priority
0.35%Reward Savings0.39% – National Average
0.65%5-year CD0.69% – National Average
Social platform is good to build a relationship with clients
Picture: Social platform is good to build a relationship with clients

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.

ParticularsPassumpsic BankNational Average
Monthly Fee$0$3.21
Non-network ATM FeeN/A$1.20
Overdraft FeeN/A$35.00

Service Quality: Passumpsic Bank

For a bank service quality along with the best financial product is everything. This bank has 12 total branches in New Hampshire and Vermont. To reach people they introduced mobile apps and web apps.

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.

 Passumpsic Bank - Mobile app makes banking easy
Picture: Mobile app makes banking easy

Conclusion:

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.

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