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Penn Community Bank Review

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Penn Community Bank Savings
0.20% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Penn Community Bank was founded in 1922 with headquarters located in Doylestown, Pennsylvania. Penn Community Bank owns $2 billion in assets as well as deposits totaling $1 billion, which makes it a large bank. Penn Community Bank lacks premium access to customer service, 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. With a score of 4.2 stars out of 5, Penn Community Bank should be solidly in contention for your choice of bank. Penn Community Bank has a full choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Penn Community Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Penn Community Bank's ordinary checking account does not have a monthly fee. Institutions that offer free checking as well as a high interest rate savings account are your best option for gaining the highest income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

3.1
SmartAsset Average: 3.5

Penn Community Bank features a savings rate of 0.20%, which is poor in comparison to other U.S. banks. Penn Community Bank's CD rates are 0.35% and 1.30% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.15%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How Penn Community Bank's Savings Rates Compare

Penn Community Bank Savings 0.20 National Average 0.26 Compare Offers
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Fees

4.7
SmartAsset Average: 4.4

Penn Community Bank has typically extremely low fees compared to other U.S. banks. Penn Community Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. For those who often visit the ATM, Penn Community Bank is perfect because it charges no out-of-network ATM fees. Additionally, at $35.00, it has a lower overdraft fee compared to the average U.S. overdraft fee. Penn Community Bank unfortunately doesn't reimburse out-of-network ATM fees, meaning you will be required to find a Penn Community Bank ATM or accept the ATM charge.

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

4.2
SmartAsset Average: 3.7

Penn Community Bank is a brick-and-mortar bank, with 27 total bank locations in Pennsylvania. With mobile and web apps, Penn Community Bank makes mobile banking straightforward, even on the go. Penn Community Bank gets fairly good feedback from customers for its mobile platform. The Penn Community Bank mobile app is rated at 4.4 out of 5 (with 280 customer reviews on iOS and Android) compared to the national average of 3.8. You can access Penn Community Bank's app to manage your funds by checking account balances, sending and receiving money as well as accessing support representatives. Penn Community Bank gets a superb consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 4.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Penn Community Bank is a large bank with $2 billion in assets and $1 billion in deposits. It has an excellent Texas Ratio of 2.33%, suggesting a negligible likelihood of failure. Additionally, Penn Community 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 Penn Community Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.2% APY $100
Checking Account 0.1% APY $500
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.50% APY
  • 36 Month: 0.80% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.30% APY
$500 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

Penn Community Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Penn Community 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. Penn Community Bank's CD rates are fair in comparison to the national average.

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Find a Penn Community Bank Near Me

Penn Community Bank has 27 locations across the U.S.

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