Northfield Savings Bank is headquartered in NORTHFIELD and is the largest bank in the state of Vermont. It is also the 735th largest bank in the nation. It was established in 1867 and as of December of 2023, it had grown to 184 employees at 14 locations. Northfield Savings Bank's money market rates are 5X the national average, and it has a B+ health rating.
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Great Bank
I think Northfield Savings Bank is "the" bank in Vermont. The decision making is done in Vermont and you don't need to wait weeks for an answer. Their rates are VERY competitive with out of state banks. They donate a great deal to charities as well.
Dirty Fees
I have been a customer of NSB for almost 40 years now. I have a savings account, which I called my rainy day money. I luckily never had used it and didn’t pay attention to it because they don’t give you anything for interest. I suppose it’s my fault for not opening the statements but one day I did open one and realized they have been charging me an inactivity fee each month. So let me get this straight, you use my money for your business don’t pay hardly anything for interest and because I didn’t check a balance, withdraw any money, or add any money you are going to steal my money after you have already been using it. It’s not like you don’t know if I’m alive or dead. I use my checking account there all the time. I think you need to rethink your policy, because right now I would only recommend your bank to other people When pigs fly.
Nice Folks, But Not So On Top Of, Well, Anything
The people at NSB are super nice, cordial, and downright friendly. Great aspects of customer service, however, I'm quite disappointed in the follow through and service I've received in the past 20 months of being a customer. My accounts were completely backwards when I opened them (I received checks with both of our names on the individual account I opened for myself, and no debit cards to either, although my husband received one, but we didn't request one for him). When the automatic roll over protection was offered, everything got screwed up again, and it took a minimum of 5 calls on two separate accounts to correct the issue. Again, everyone has been very nice and accommodating, but it feels like there is zero follow through on just about any request. Last week I visited my local branch on my lunch break to inquire about opening a savings account for some gift funds we received toward the purchase of a new home. I was in a hurry, and advised that they would set up the account for me "because we have everything we need on file - you just need to come in and sign and make your deposit - we'll call you when it's all set up." I'm betting when I walk through the door tomorrow to complain, no one will have a clue what I'm talking about.
Probably going to be changing institutions at that point.
Data as of Q4 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 14140 |
| Year Established | 1867 |
| Employees | 184 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.22% |
| Return on Equity - YTD | 2.68% |
| Annual Interest Income | $50.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $1.5B$1.41B |
| Loans | Q4 2023vs Q4 2022 | $1.03B$963.2MM |
| Deposits | Q4 2023vs Q4 2022 | $1.19B$1.19B |
| Equity Capital | Q4 2023vs Q4 2022 | $126.2MM$113.9MM |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $8.5MM$10.5MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $4.7MM$2.5MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $0$0 |
