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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

Florida Parishes Bank was founded in 1922 and is headquartered in Hammond, Louisiana. It owns assets of $346 million along with deposits totaling $302 million, classifying it as a small bank. Florida Parishes Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Overall, Florida Parishes Bank is a satisfactory bank that does not compare with some of the larger banks, with a rating of 3.4 stars out of 5 from our team. Florida Parishes Bank provides customers with numerous banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking product has a monthly fee of $6.00, although banks sometimes have requirements that allow you to waive the fee. Locating an institution with no-fee checking, in addition to a high interest rate savings account is the best bet 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 as compared against the national average. Florida Parishes Bank's one-year CD has a rate of 0.13% and the five-year CD has a rate of 0.65%, while its highest-yielding money market account earns at a rate of 0.10%. Given its below average savings rate, you should think about looking elsewhere to open savings accounts.

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 compared to the average U.S. bank. Florida Parishes Bank's checking account has a monthly fee of $6.00, rating it fair for anyone looking for a simple account. Florida Parishes Bank does not reimburse out-of-network ATM charges, which means you will need to search for a Florida Parishes Bank ATM or pay the fee.

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 branches in Louisiana. It also offers access to mobile and web apps for easy access and banking on the go. Florida Parishes Bank receives great feedback from users for its online presence. Out of 17 ratings across Apple and Android platforms, the Florida Parishes Bank mobile app has an overall rating of 4.5 out of 5 (compared to the national average of 3.8). You can access Florida Parishes Bank's app to manage your bank accounts by monitoring current statements, sending and receiving funds and reaching customer service. Florida Parishes Bank receives an excellent consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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 manages $346 million in assets as well as deposits totaling $302 million. Florida Parishes Bank's Texas Ratio is 8.41%, suggesting that Florida Parishes Bank is in fine financial well-being and improbable to fail. 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 Account 0.05% APY $10000

Florida Parishes Bank has several deposit products like savings accounts, checking accounts and CDs to give you 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 in comparison to the average U.S. bank.

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Find a Florida Parishes Bank Near Me

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

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