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Peoples Bank SB Review

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Peoples Bank SB Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Founded in 1916, Peoples Bank SB has assets totaling $925 million as well as deposits totaling $793 million, ranking it as a medium-size bank. Peoples Bank SB, whose headquarters are in Munster, Indiana, 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 in-person service, in addition to its online and mobile apps. We gave the bank a 4 stars out of 5, which means Peoples Bank SB is a respectable bank that you should consider. Peoples Bank SB offers a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Peoples Bank SB has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Peoples Bank SB's standard checking does not have a monthly maintenance charge. Institutions that offer free checking and a high interest rate savings account are the best option for accruing the most income on 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

Peoples Bank SB has a savings rate of 0.05%, which is poor in comparison to the average U.S. bank. Peoples Bank SB's one-year CD earns at a rate of 0.25%, while its highest-yielding money market account has a rate of 0.10%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.

How Peoples Bank SB's Savings Rates Compare

Peoples Bank SB Savings 0.05 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

Peoples Bank SB has typically extremely low fees as compared against the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Peoples Bank SB doesn't refund out-of-network ATM fees, meaning you will need to find a Peoples Bank SB 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

SmartAsset Average: 3.7

Peoples Bank SB is a brick-and-mortar bank, with 16 total branches in Indiana. It also offers access to mobile and web apps for an easy mobile-banking experience. Peoples Bank SB receives unsatisfactory reviews from customers for its mobile platform. The Peoples Bank SB mobile app rates a 3.3 out of 5 (out of 63 reviews on Apple and Android) compared to the national average of 3.8. You can access Peoples Bank SB's mobile app to manage your bank accounts by reviewing current statements, sending and receiving funds and accessing customer service. Peoples Bank SB gets a superb consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.3/5
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 SB ranks as a medium-size bank owning $925 million in assets and deposits totaling $793 million. It has a strong Texas Ratio of 7.10%, suggesting that Peoples Bank SB is in fine financial condition and improbable to fail. Additionally, Peoples Bank SB 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 SB to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $200
Checking Account 0.07% APY $1
Certificates of Deposit
  • 12 Month: 0.25% APY
  • 24 Month: 0.35% APY
  • 36 Month: 0.50% APY
$2500 for all terms
Money Market Account 0.05% APY $1000

Peoples Bank SB 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 SB 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 SB's CD rates are fair in comparison to the national average.

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Find a Peoples Bank SB Near Me

Peoples Bank SB has 16 locations across the U.S.

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