Pegasus Bank Review

Overview

Pegasus Bank started in 2007 with headquarters in Dallas, Texas. Pegasus Bank manages $530 million in assets along with $492 million in deposits, ranking it as a medium-size bank. Pegasus 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 offerings. With a score of 4.5 stars out of 5, Pegasus Bank should be solidly in contention for your choice of bank. Pegasus Bank offers an array banking products, including savings accounts, checking accounts, money market accounts, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, the bank's most basic checking does not carry a monthly charge. Banks that offer no-fee checking and a high interest rate savings account are the best bet for accruing the highest income from your deposits alongside easy access to your funds.

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

Pegasus Bank has a savings rate of 0.10%, which is fair compared to other U.S. banks. Its CDs feature a rate of 1.00% and 1.16% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.38%. Given Pegasus Bank's noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Pegasus Bank's Savings Rates Compare

On average, Pegasus Bank charges its customers extremely low fees compared to the average U.S. bank. With no monthly fee, Pegasus Bank's checking account is ideal for those who need an easy checking account. Pegasus Bank does not reimburse out-of-network ATM fees, meaning you will have to search for a Pegasus Bank ATM or accept the fee.

Pegasus Bank is a brick-and-mortar bank, with four total bank locations in Texas. With mobile and web apps, Pegasus Bank makes account access easy, even on the go. Pegasus Bank's online and mobile banking services receive high praise from users. The Pegasus Bank mobile app has an overall rating of 4.9 out of 5 (out of 46 ratings on Apple and Android) compared to the national average of 3.8. You can use Pegasus Bank's mobile app to manage your finances by reviewing monthly statements, transferring money and accessing support representatives. Pegasus Bank gets a superb consumer satisfaction rating based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Pegasus Bank ranks as a medium-size bank owning $530 million in assets as well as deposits totaling $492 million. Pegasus Bank's Texas Ratio is 0.00%, indicating that Pegasus Bank is in terrific financial shape and improbable to fail. Additionally, Pegasus 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

Pegasus Bank has several deposit products like savings accounts, checking accounts and money market accounts that provide you with many options to manage your money. Pegasus Bank does not have the best savings rate, which means you should think about 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. Pegasus Bank's CD rates are fair in comparison to other U.S. banks.

Find a Pegasus Bank Near Me

Pegasus Bank has four locations in the U.S.