Peoples Bank (NC) Review

Peoples Bank Savings

0.25% APY

Founded in 1912, Peoples Bank has $1 billion in assets as well as $908 million in deposits, ranking the institution as a medium-size bank. Peoples Bank, whose headquarters are in Newton, North Carolina, has above-average customer service access with all-day support available, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Our testers rated Peoples Bank a 3.9 stars out of 5, Peoples Bank should be near the middle of the pack in your search for a bank. 

Peoples Bank offers the full slate of product offerings, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account has a $3.00 monthly fee, which is not too bad as compared against the national average. Keeping accounts in the same place can be ideal for getting the most return on your money while retaining access to your money without getting penalized for withdrawing.

Service Quality

Peoples Bank is a brick-and-mortar bank, with 21 total branches in North Carolina. With mobile and web apps, Peoples Bank makes account access convenient, even on the go. It offers all-day customer service. 

Peoples Bank receives reasonably high praise from customers for its online presence: with 290 customer reviews on both iOS and Android platforms, the Peoples Bank mobile app rates a 4.1 out of 5 (compared to the national average of 3.8). You can utilize Peoples Bank's app to control your finances by monitoring current statements, sending and receiving funds as well as reaching support representatives. Peoples Bank receives a superb consumer satisfaction rating due to comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency. 

Products Offered

Peoples Bank offers several deposit products like savings accounts, checking accounts and CDs, giving you many options to manage your money. Peoples Bank does not have the best savings rate, which means you should think about other options for banks that offer 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 in comparison to other U.S. banks. 

Rates

Peoples Bank features a savings rate of 0.25%, which is poor compared to the average U.S. bank. Its CDs feature a rate of 0.55% and 1.29% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.60%. Given its noncompetitive savings rate, you should contemplate other options to earn more on your deposits.

Fees

Peoples Bank has typically high fees compared to the national average. At $3.00 per month, Peoples Bank is average for people who want a simple banking experience. Additionally, at $36, it has a slightly higher overdraft fee compared to that of other U.S. banks. 

Financial Health

Peoples Bank is currently a medium-size bank owning assets totaling $1 billion as well as deposits totaling $908 million. Peoples Bank's Texas Ratio is 2.73%, denoting that the bank is in excellent financial well-being and extremely unlikely 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.

Find a Peoples Bank Near Me

Peoples Bank has 21 physical locations across the U.S.