Patriot Bank Review

Overview

Patriot Bank was founded in 1994 with headquarters located in Stamford, Connecticut. It has assets of $1.16 billion along with deposits totaling $867.2 million, which makes it a medium-size bank. Patriot Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset has rated Patriot Bank 3.9 stars out of 5, which means it is a respectable bank that you should consider. Patriot Bank provides customers with a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking product carries a $25.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Locating a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best bet for accruing the most income on your deposits while having easy access to your funds.

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

Patriot Bank features a savings rate of 0.01%, which is fair compared to the average U.S. bank. Patriot Bank's CD rates are 4.73% and 0.60% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 4.05%. Given its below average savings rate, you should think about looking at the competition to open savings accounts.

How Patriot Bank's Savings Rates Compare

Patriot Bank charges customers above-average fees compared to the average U.S. bank. Patriot Bank's checking account has a monthly fee of $25.00, rating it fair for anyone looking for a hassle-free account. For those who will need cash in a pinch, it is ideal because it has no out-of-network ATM fees. Additionally, at $38.00, Patriot Bank has a slightly steeper overdraft fee compared to the national average overdraft fee. Patriot Bank unfortunately doesn't refund out-of-network ATM fees, which means you will be required to find a Patriot Bank ATM or eat the ATM charge.

Patriot Bank is a brick-and-mortar bank, with 13 total branches in Connecticut and New York. With mobile and web apps, Patriot Bank makes mobile banking convenient, even on the go. Patriot Bank receives reasonably satisfactory feedback from customers for its mobile app. Out of 33 ratings on Apple and Android platforms, the Patriot Bank mobile app is scored at 4.3 out of 5 (compared to the national average of 3.8). You can utilize Patriot Bank's mobile app to control your bank accounts by looking at account balances, transferring funds as well as accessing customer service. Patriot Bank gets an excellent consumer satisfaction score due to comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Patriot Bank ranks as a medium-size bank with $1.16 billion in assets and deposits totaling $867.2 million. Patriot Bank has a strong Texas Ratio of 23.58%, indicating that Patriot Bank is in good financial condition and improbable to fail. Additionally, Patriot 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.

Products Offered

Patriot Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Patriot Bank does not have the best savings rate, which means you should consider looking 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. Patriot Bank's CD rates are fair in comparison to the national average.

Find a Patriot Bank Near Me

Patriot Bank has 13 locations in the U.S.