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Florida Parishes Bank Review

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Florida Parishes Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1922, Florida Parishes Bank has assets totaling $346 million as well as deposits totaling $302 million, ranking the institution as a small bank. Florida Parishes Bank, whose headquarters are in Hammond, Louisiana, lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. With a score of 3.4 stars out of 5, Florida Parishes Bank should be more closely analyzed to see if its services fit your needs. Florida Parishes Bank has a mixture of banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a monthly fee of $6.00, making it a rather pricey bank for checking. Using an institution with free checking and a high savings APY is the best option for gaining the highest income on your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.4/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Florida Parishes Bank ranks poorly compared to other U.S. banks. Its one-year CD has a rate of 0.13% and the five-year CD earns at a rate of 0.65%, while its highest-yielding money market account earns at an APY of 0.10%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How Florida Parishes Bank's Savings Rates Compare

Florida Parishes Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Florida Parishes Bank generally has high fees in comparison to the national average. At $6.00 per month, Florida Parishes Bank is not the best option for those who want a simple banking experience. Florida Parishes Bank doesn't refund out-of-network ATM fees, which means you will need to search for a Florida Parishes Bank ATM or eat the cost of withdrawal.

Monthly Fee $6.00 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

4.2
SmartAsset Average: 3.7

Florida Parishes Bank is a brick-and-mortar bank, with seven total bank locations in Louisiana. It also offers access to mobile and web apps for simple access and banking on the go. Florida Parishes Bank gets positive scores from customers for its mobile app. The Florida Parishes Bank mobile app scored a 4.5 out of 5 (out of 17 customer reviews on Apple and Android) compared to the national average of 3.8. Florida Parishes Bank's mobile app allows you to manage your accounts by monitoring account balances, sending and receiving funds as well as accessing customer service. Florida Parishes Bank gets a superb consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.5/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.6
SmartAsset Average: 4.8

Florida Parishes Bank ranks as a small bank and owns assets totaling $346 million and $302 million in deposits. Its Texas Ratio is 8.41%, signifying that the bank is in fine financial health and far from failure. Additionally, Florida Parishes Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

8.41%
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 Florida Parishes Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.05% APY $1001
Certificates of Deposit
  • 12 Month: 0.12% APY
  • 24 Month: 0.20% APY
  • 36 Month: 0.35% APY
  • 60 Month: 0.65% APY
$1000 for all terms
Money Market Accounts 0.05% APY 0.1% APY $10000 $15000

Florida Parishes Bank has several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Florida Parishes Bank does not have the best savings rate, which means you should think about 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. Florida Parishes Bank's CD rates are fair as compared against the national average.

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Find a Florida Parishes Bank Near Me

Florida Parishes Bank has seven branches across the U.S.

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