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Peoples Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Peoples Bank Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Peoples Bank was founded in 1902 with its headquarters in Marietta, Ohio. It has assets of $4 billion as well as deposits totaling $3 billion, making it a large bank. Peoples 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 access to service representatives at a physical location, in addition to its online and mobile offerings. We gave Peoples Bank a 4 out of 5 stars, which means it is a respectable bank that deserves your consideration. Peoples Bank has a varied choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Peoples Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Peoples Bank's ordinary checking account does not have a monthly fee. Institutions that offer free checking, in addition to a high savings APY are your best bet for getting the highest income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

Peoples Bank has a savings rate of 0.07%, which is fair compared to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.35% and 1.66%, respectively, while its highest-yielding money market account earns at a rate of 0.20%. Given its noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Peoples Bank's Savings Rates Compare

Peoples Bank Savings 0.07 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Peoples Bank charges customers extremely low fees in comparison to other U.S. banks. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Peoples Bank does not refund out-of-network ATM fees, which means you will be required to search for a Peoples Bank ATM or accept the withdrawal 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

3.0
SmartAsset Average: 3.7

Peoples Bank is a brick-and-mortar bank, with 74 total bank locations in Kentucky, Ohio and West Virginia. With mobile and web apps, Peoples Bank makes mobile banking easy, even on the go. Peoples Bank's online and mobile banking services get poor marks from users. Out of 250 ratings on iOS and Android platforms, the Peoples Bank mobile app is scored at 2.3 out of 5 (compared to the national average of 3.8). Peoples Bank's mobile app lets you control your accounts by checking account balances, sending and receiving funds as well as reaching customer service. Peoples Bank gets a superb consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 2.3/5
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

Peoples Bank ranks as a large bank and owns assets totaling $4 billion as well as deposits totaling $3 billion. Its Texas Ratio is 3.89%, indicating that Peoples Bank is in terrific financial shape and improbable to fail. Additionally, Peoples Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.89%
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 Peoples Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.07% APY $100
Checking Account 0.06% APY $1
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.80% APY
  • 36 Month: 1.05% APY
  • 60 Month: 1.66% APY
$500 for all terms
Money Market Accounts 0.2% APY 0.2% APY $10000 $15000

Peoples 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. Peoples 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. Peoples Bank's CD rates are fair compared to the national average.

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Find a Peoples Bank Near Me

Peoples Bank has 74 branches across the U.S.

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