Prudential Bank started in 1886 with headquarters in Philadelphia, Pennsylvania. It manages $934 million in assets along with deposits totaling $663 million, classifying it as a medium-size bank. Prudential Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, Prudential Bank is a good bank that deserves your consideration, with a rating of 3.9 stars out of 5 from our team. Prudential Bank has a full array of product offerings, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Prudential Bank's standard checking does not have a monthly fee. Banks that offer no-fee checking as well as a high interest rate savings account are your best bet for getting the most income from your deposits while having easy access to your money.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.05%, Prudential Bank ranks poorly in comparison to the national average. Its CDs feature a rate of 1.90% and 3.04% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has a rate of 0.15%. Given Prudential Bank's noncompetitive savings rate, you should think about choosing another bank to earn more on your deposits.
How Prudential Bank's Savings Rates Compare
On average, Prudential Bank charges customers extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Prudential Bank does not reimburse out-of-network ATM charges, meaning you'll need to locate a Prudential Bank ATM or eat the cost of withdrawal.
Prudential Bank is a brick-and-mortar bank, with 11 total bank locations in Pennsylvania. It also offers access to mobile and web apps for simple access and banking on the go. You can use Prudential Bank's mobile app to manage your accounts by checking monthly statements, sending and receiving funds and reaching customer service. Prudential Bank receives a superb consumer satisfaction rating due to comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.
Prudential Bank ranks as a medium-size bank owning $934 million in assets as well as deposits totaling $663 million. Prudential Bank's Texas Ratio is 12.77%, signifying that Prudential Bank is in fine financial condition and far from failure. Additionally, Prudential Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.
Texas Ratio Analysis
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.Back to Overview
Compare Prudential Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.05% APY||$100|
|Checking Account||0.03% APY||$300|
|Certificates of Deposit|| ||$500 for all terms|
|Money Market Accounts||0.1% APY 0.15% APY||$10000 $15000|
Prudential Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Prudential Bank does not have the best savings rate, which means you should consider taking a look 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. Prudential Bank's CD rates are fair compared to other U.S. banks.Back to Overview
Find a Prudential Bank Near Me
Prudential Bank has 11 physical branches across the U.S.Back to Overview