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People's United Bank Review

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by Javier Simon Updated
People’s United Bank

People’s United Bank started out as Bridgeport Savings Bank in 1842. Today, its more than 5,000 employees continue servicing customers throughout the Northeast. The bank is currently a subsidiary of People’s United Financial, Inc., a financial services company. It also recently acquired Suffolk Bancorp in Riverhead, New York, as well as LEAF Commercial Capital in Philadelphia, Pennsylvania.

From checking and savings accounts to certificate of deposit (CD) accounts and IRAs, the bank has a wide variety of offerings. It's savings accounts may not have the best interest rates out there, but People's United does have a great advantage: it charges no monthly service fees on several of its accounts. It also offers multiple checking accounts that collect interest, a feature not too many checking accounts have. 

Products Offered

Product Key Details
Savings Accounts
  • Several options including ones with tiered interest rates
Certificate of Deposit
  • Terms span from 91 days to several months
  • Several options to choose from
Money Market Account
  • One account with tiered interest rate
Checking Accounts
  • Several options including some that pay interest

People’s United Bank Interest Rate Comparison

People’s United Bank Overview 

People’s United Bank started out as Bridgeport Savings Bank in 1842. Today, its more than 5,000 employees continue servicing customers throughout the Northeast. The bank is currently a subsidiary of People’s United Financial, Inc., a financial services company. It also recently acquired Suffolk Bancorp in Riverhead, New York, as well as LEAF Commercial Capital in Philadelphia, Pennsylvania. 

Compare People’s United Bank to Other Top Offers

People’s United Bank Account Features

People’s United Bank offers a variety of checking and savings accounts as well as CD accounts and IRAs. While its savings accounts don’t carry the strongest interest rates around, the bank charges no monthly service fees on several of its accounts. It also offers multiple checking accounts that collect interest. Signing up for a checking account gets you a debit card you can use at hundreds of ATMs without owing any fees. 

People's United Bank Plus Savings, Advantage Savings and Premier Advantage Savings Accounts

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, mobile, over the phone and at physical branches.
Security FDIC insurance up to the maximum amount allowed by law
Fees No monthly service charge
Current Terms and Rates 0.02% APY on all accounts

All of People’s United Bank savings accounts offer similar benefits. The main difference hinges on which checking account they are linked to. For example, you can open a Premier Advantage Savings account if you have a Premier Advantage Checking account. The bank’s Plus Savings, Advantage Savings and Premier Advantage Savings accounts currently carry APYs of 0.20%, which is close to the national average rate for savings accounts. In addition, all accounts have no monthly service fee. You can open any one with a $50 minimum deposit. 

The annual percentage yield (APY) for People’s United Bank options is decent, but you can find competing rates by comparing savings accounts. Still, the benefit of not having a monthly service fee shaved from your balance can significantly boost your savings in the long run. 

People's United Bank Plus Money Market

Key Features Details
Minimum Deposit $2,500
Access to Your Savings Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law
Fees No monthly service charge
Current Terms and Rates
  • For balances of $0 - $9,999.99: 0.05% APY
  • For balances of $10,000 - $49,999: 0.10% APY
  • For balances of $50,000 - $99,999.99: 0.15% APY
  • For balances of $100,000 and over: 0.20% APY

Just like its savings options, People’s United Bank offers specific money market accounts that can be linked to corresponding checking accounts. However, you need a large minimum deposit of $2,500 to open a money market account. The APY for the Plus Money market earns a tiered interest rate and an APY that climbs with your balance. 

People's United Bank Advantage Money Market

Key Features Deposit
Minimum Deposit $2,500
Access to Your Money Market Account Online, mobile and through physical branches
Security FDIC insurance up to the maximum amount allowed by law
Fees No monthly service charge
Current Terms and Rates
  • For balances of $0 - $9,999.99: 0.05% APY
  • For balances of $10,000 - $24,999: 0.10% APY
  • For balances of $25,000 and over: 1.30% APY

Although you can compare money market accounts (MMA) to find better rates, People's United Bank offers some decent products. This money market account functions similarly to the Plus Money Market account. There is no monthly service charge, but you need at least $2,500 to open one. The APY is also slightly higher, and it increases if you deposit more money into it.

People's United Bank Premiere Advantage Money Market

Key Features Details
Minimum Deposit $2,500
Access to Your Money Market Accoount Online, mobile and physical branches
Security FDIC insurance up to the maximum allowed by law.
Fees No monthly service charge
Current Terms and Rates
  • For balances of $0 - $9,999.99: 0.05% APY
  • For balances of 10,000 - $24,999.99: 0.15% APY
  • For balances of $25,000 and over: 1.30% APY

This money market option carries a slightly larger interest rate than its counterparts. However, you have to deposit a sizable chunk of money to make the most out of its tiered interest rate, which currently peaks at 1.30% APY for balances of at least $25,000. 

People's United Bank Plus CDs (Certificate of Deposit)

Key Features Details
Minimum Deposit $25
Access to Your CD Online, by phone or at a branch
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $30 monthly service fee unless you maintain a total balance of at least $7,500 in all People’s United Bank accounts.
Current Terms and Rates
  • 91 Day: 0.15% APY
  • 4 Month: 0.15% APY
  • 5 Month: 0.15% APY
  • 6 Month: 0.15% APY
  • 7 Month: 0.15% APY
  • 8 Month: 0.15% APY
  • 9 Month: 0.15% APY
  • 10 Month: 0.20% APY
  • 11 Month: 0.25% APY
  • 1 Year: 2.10 % APY
  • 15 Month: 0.40% APY
  • 18 Month: 0.40% APY
  • 2 Year: 2.20% APY
  • 3 Year: 0.80% APY
  • 4 Year: 0.90% APY
  • 5 Year: 1.00% APY

People’s United Bank offers a variety of CD accounts with terms that span from 91 days to five years. Longer terms get you a higher interest rate, and you can also qualify for better rates if you open a checking account with People’s United Bank. 

These savings vehicles generally offer you a better interest rate than your traditional savings accounts or MMAs. However, you can’t touch your money until the term ends without facing an early withdrawal penalty. 

People's United Bank Plus Checking

Key Features Details
Minimum Deposit $25
Access to Your Account Online, by phone or at a branch. 
Security FDIC insurance up to the maximum amount allowed by law
Fees No monthly service charge

People’s United Bank offers a wide array of checking accounts. It’s basic option, the Plus Checking account, comes with no monthly service fee. You can open one with as little as $25. As with all of its accounts, the bank offers free mobile banking and mobile check deposit. The bank will reimburse you for ATM fees you incur from other banks or machine owners.

Opening an account gets you a free debit card that you can use for free at more than 600 ATMs across the Northeast. 

People's United Bank Advantage Plus Checking

Key Features Details
Minimum Deposit $25
Access to Your CD Online, by phone or at a branch
Security FDIC insurance up to the maximum amount allowed by law
Fees $25 monthly service fee unless you maintain a total balance of at least $7,500
Current Terms and Rates 0.25% APY

The Advantage Plus checking account offers all the benefits of the Plus Checking account in addition to other perks. For example, you get a free platinum debit card as well as free personal checks, cashier’s checks and U.S. dollar wire transfers. 

In addition, this checking account collects interest. And you can waive the $25 monthly service fee as long as you maintain at least $7,500 in all your People’s United Bank accounts including CD accounts. You can also compare checking accounts across different banks if People's United Bank does not offer one that suits you. 

Premier Advantage Checking Account

Key Features  Details
Minimum Deposit $25
Access to Your Checking Account Online, by phone or at a branch.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $30 monthly service fee unless you maintain a total balance of at least $7,500 in all People’s United Bank accounts.
Current Terms and Rates 0.25% APY

The Premiere Advantage Checking account is People’s United Bank's premium checking offering. It currently earns an APY of 0.250% and provides you with all the benefits of the other bank’s checking accounts. You also get free ID theft protection and up to $55 in credit on a safe deposit box rental.

Where Can I Find People’s United Bank?

You can find full-service People’s United Bank branches throughout New York, Connecticut, Maine, New Hampshire, Utah and Vermont. You can find a location by visiting the bank’s website and typing in your zip code in the appropriate field. People’s United Bank also runs more than 600 ATMs. Customer service is available by dialing 1-800-894-0300.

What Can You Do Online With People’s United Bank?

You can perform a variety of tasks online with People’s United Bank. You can check balances, transfer funds, pay bills and set up alerts. You can also deposit checks by snapping a photo of your check with your smartphone.  

In addition, you also have access to Quicken through the bank’s website. 

How Do I Access My Money?

You can access your cash through more than 600 ATMs as well as at physical branches across several states. You can also manage your accounts online or through the bank’s mobile banking app. 

How Can I Save More Money With People’s United Bank? 

People’s United Bank offers decent rates through its savings accounts, but you have to deposit large amounts to make the most of tiered interest rates. The bank also waives monthly service fees on several of its accounts, which would otherwise eat away at your savings. 

What’s the Process for Opening an Account With People’s United Bank?

The simplest way to open an account with People’s United Bank is by visiting the bank’s website and applying for the account of your choice. You’ll need your Social Security number and government-issued ID as well as your basic contact information. 

What’s the Catch?

You may be able to find products with better interest rates at online banks, but People’s United Bank offers several benefits. For example, the bank waives monthly service charges for plenty of accounts or gives you the opportunity to remove the costs. You’d also get face-to-face customer service at branches throughout several states. You can access your money there or through hundreds of its ATMs. 

Bottom Line

People’s United Bank may be the right option for someone looking to get all or most of their banking needs handled at one place. The company offers a variety of products from checking and savings accounts to CDs and IRAs. You also have access to branches throughout a few states and fee-free ATMs. 

 

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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study