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Patriot Bank Review

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


Patriot Bank first started operating in 1994 with headquarters in Stamford, Connecticut. It handles $852 million in assets and $643 million in deposits, which makes it a medium-size bank. Patriot Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 3.9 out of 5 stars, Patriot Bank should be near the middle of the pack in your search for a bank. Patriot Bank provides customers with a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product maintains a $5.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Locating a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same institution is the best bet for getting the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.05%, Patriot Bank ranks poorly in comparison to other U.S. banks. Its one-year CD earns at a rate of 0.20% and the five-year CD earns at a rate of 0.50%, while its highest-yielding money market account has a rate of 0.01%. Given its poor savings rate, you should consider taking a look at other banks for savings accounts.

How Patriot Bank's Savings Rates Compare

Patriot Bank Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Patriot Bank generally has above-average fees compared to the national average. At $5.00/month, Patriot Bank is not great for people who want a basic banking experience. For those who use cash often, it is ideal because it charges no out-of-network ATM fees. Additionally, at $36.00, Patriot Bank has a slightly greater overdraft fee compared to the average U.S. overdraft fee. Patriot Bank unfortunately doesn't reimburse out-of-network ATM fees, which means you will have to search for a Patriot Bank ATM or eat the fee.

Monthly Fee $5.00 National Average: $3.21
Non-network ATM Fee $0 National Average: $1.20
Overdraft Fee $36.00 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Patriot Bank is a brick-and-mortar bank, with 10 total bank locations in Connecticut and New York. It also offers access to mobile and web apps for a simple mobile-banking experience. Patriot Bank receives moderately positive scores from customers for its mobile banking services. With 33 ratings on both 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 reviewing current statements, transferring money and accessing support representatives. Patriot Bank gets a superb consumer satisfaction score based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Patriot Bank ranks as a medium-size bank and has assets totaling $852 million and $643 million in deposits. Patriot Bank's Texas Ratio is 5.68%, suggesting a tiny possibility of failure. 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

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 Patriot Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.30% APY
  • 36 Month: 0.30% APY
  • 48 Month: 0.50% APY
  • 60 Month: 0.50% APY
$500 for all terms
Money Market Account 0.01% APY $1

Patriot Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Patriot Bank does not have the best savings rate, which means you should think about other options 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.

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Find a Patriot Bank Near Me

Patriot Bank has 10 locations across the U.S.

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