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Peoples Bank of Alabama Review

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


Started in 1977, Peoples Bank of Alabama has assets totaling $725 million along with deposits totaling $637 million, classifying it as a medium-size bank. Peoples Bank of Alabama, whose headquarters are in Cullman, Alabama, lacks premium access to support representatives, with no options for live chat or all-day service. 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. At a SmartAsset rating of 4.2 stars out of 5, Peoples Bank of Alabama should be solidly in contention for your choice of bank. Peoples Bank of Alabama provides customers with a full array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, 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, Peoples Bank of Alabama offers an option without a maintenance or monthly fee. Obtaining a checking account with no monthly fee, in addition to a savings account with a high interest rate at the same bank is your best bet for returning the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.10%, Peoples Bank of Alabama ranks poorly in comparison to the average U.S. bank. Peoples Bank of Alabama's one-year and five-year term lengths CDs earn at a rate of 1.00% and 2.75%, respectively, while its highest-yielding money market account earns at an APY of 0.10%. Given Peoples Bank of Alabama's below average savings rate, you should think about taking a look at other banks for savings accounts.

How Peoples Bank of Alabama's Savings Rates Compare

Peoples Bank of Alabama Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Peoples Bank of Alabama charges its customers extremely low fees compared to other U.S. banks. Peoples Bank of Alabama's checking account has no monthly fee, which makes it excellent for anyone looking for a hassle-free account. Additionally, it has an overdraft fee of $22.00, which is significantly lower than the national average. Peoples Bank of Alabama doesn't refund out-of-network ATM charges, which means you'll be required to search for a Peoples Bank of Alabama ATM or eat the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $22.00 National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

Peoples Bank of Alabama is a brick-and-mortar bank, with 25 total bank locations in Alabama. With mobile and web apps, Peoples Bank of Alabama makes account access straightforward, even on the go. Peoples Bank of Alabama's online and mobile banking services receive poor scores from customers. Out of 250 ratings across both Apple and Android platforms, the Peoples Bank of Alabama mobile app is scored at 3.4 out of 5 (compared to the national average of 3.8). Peoples Bank of Alabama's mobile app lets you manage your finances by checking current statements, sending and receiving funds and accessing customer service. Peoples Bank of Alabama receives an excellent consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.4/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

Peoples Bank of Alabama is currently a medium-size bank with assets totaling $725 million as well as deposits totaling $637 million. Its Texas Ratio is 4.74%, indicating that Peoples Bank of Alabama is in terrific financial shape and far from failure. Additionally, Peoples Bank of Alabama is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 of Alabama to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 2.50% APY
  • 36 Month: 2.50% APY
  • 48 Month: 0.80% APY
  • 60 Month: 2.75% APY
$1000 for all terms
Money Market Account 0.1% APY $1000

Peoples Bank of Alabama 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 of Alabama does not have the best savings rate, which means you should consider other options 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 of Alabama's CD rates are fair compared to the national average.

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Find a Peoples Bank of Alabama Near Me

Peoples Bank of Alabama has 25 physical branches across the U.S.

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