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Prudential Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Prudential Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

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.

How We Rated It

SmartAsset's Overall Rating

3.9/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.8
SmartAsset Average: 3.5

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

Prudential Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

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.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

2.5
SmartAsset Average: 3.7

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.

Overall Mobile Rating NR
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.4
SmartAsset Average: 4.8

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

12.77%
High Risk 75% 50% 20% 10% Low Risk

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.

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Compare Prudential Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.03% APY $300
Certificates of Deposit
  • 12 Month: 1.90% APY
  • 24 Month: 2.10% APY
  • 36 Month: 2.30% APY
  • 48 Month: 2.53% APY
  • 60 Month: 3.04% APY
$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.

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Find a Prudential Bank Near Me

Prudential Bank has 11 physical branches across the U.S.

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