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Pegasus Bank Review

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Pegasus Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Pegasus Bank was founded in 2007 with headquarters located in Dallas, Texas. It handles assets of $530 million 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 access to service representatives at a physical location, in addition to its online and mobile apps. On the whole, Pegasus Bank is an excellent bank that would be a perfect pick, with a rating of 4.5 out of 5 stars from the SmartAsset experts. Pegasus Bank offers an array banking products, which include 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, Pegasus Bank offers an option without a maintenance or monthly fee. Using a bank with no-fee checking and a high interest rate savings account is your best bet for gaining the highest income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.5/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

Pegasus Bank features a savings rate of 0.10%, which is fair compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 1.00% and 1.16%, respectively, while its highest-yielding money market account has an APY 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

Pegasus Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Pegasus Bank typically has extremely low fees compared to the average U.S. bank. Its checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Pegasus Bank doesn't refund out-of-network ATM charges, meaning you will be required to search for a Pegasus Bank ATM or eat the fee.

Monthly Fee $0 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

4.4
SmartAsset Average: 3.7

Pegasus Bank is a brick-and-mortar bank, with four total branches in Texas. It also offers access to mobile and web apps for a simple mobile-banking experience. Pegasus Bank's online and mobile banking platforms receive positive ratings from customers. With 46 ratings on iOS and Android platforms, the Pegasus Bank mobile app has an overall rating of 4.9 out of 5 (compared to the national average of 3.8). Pegasus Bank's mobile app allows you to control your finances by looking at monthly statements, transferring funds and reaching support representatives. Pegasus Bank receives an outstanding consumer satisfaction score based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.9/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Pegasus Bank is a medium-size bank and has $530 million in assets and deposits totaling $492 million. Pegasus Bank has an excellent Texas Ratio of 0.00%, signifying a minute possibility of failure. 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.

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Compare Pegasus Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $1000
Checking Account 0.1% APY $2500
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.16% APY
  • 36 Month: 1.16% APY
  • 48 Month: 1.16% APY
  • 60 Month: 1.16% APY
$1000 for all terms
Money Market Account 0.19% APY $2500

Pegasus Bank offers several deposit products including savings accounts, checking accounts and money market accounts to give you many options to manage your money. Pegasus 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. Pegasus Bank's CD rates are fair compared to the average U.S. bank.

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Find a Pegasus Bank Near Me

Pegasus Bank has four physical locations across the U.S.

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