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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
0.15% APY

Overview

Our Rating: 4.3/5 How we calculated this rating

Peoples Bank first started operating in 1921 and is headquartered in Bellingham, Washington. It manages $2 billion in assets and deposits totaling $1 billion, classifying it as a large bank. Peoples Bank does not have the access to customer service other banks offer. It is a conventional brick-and-mortar bank, which means in-person service, in addition to its online and mobile presence. With a score of 4.3 out of 5 stars, Peoples Bank should be solidly in contention for your choice of bank. 

Peoples Bank offers a full selection of product offerings, which include savings accounts, checking accounts, CDs, IRAs, brokerage accounts and mortgage products. Peoples Bank has a fair savings rate, which means other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking does not carry a monthly charge. Keeping both checking and savings accounts in one place is best when you want to get the highest return on your deposits while maintaining convenient access to your funds.

Service Quality

Peoples Bank is a brick-and-mortar bank, with 24 total branches in Washington. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not have all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 6:00 p.m. PT; Saturday, 9:00 a.m. to 4:00 p.m. PT. 

Peoples Bank's online and mobile banking services get reasonably high praise from users: with 90 customer reviews on Apple and Android platforms, the Peoples Bank mobile app is scored at 3.6 out of 5 (compared to the national average of 3.8). Peoples Bank's mobile app allows you to control your finances by looking at account balances, transferring money as well as reaching support representatives. Peoples Bank gets an outstanding consumer satisfaction rating based on comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.15% APY $1 Compare Offers
Certificates of Deposit
  • 12 Month: 0.90% APY
  • 24 Month: 1.65% APY
  • 36 Month: 2.00% APY
  • 48 Month: 2.00% APY
  • 60 Month: 2.05% APY
$10,000 for all tiers Compare Offers
Money Market Accounts
  • 5K tier: 0.25% APY
  • 25K tier: 0.25% APY
  • $5,000
  • $25,000
Compare Offers
Checking Accounts 0.01% APY $1 Compare Offers

It offers several deposit products including savings accounts, checking accounts and CDs, meaning you have many options to manage your money. Peoples Bank does not have the best savings rate, which means you should think about taking a look elsewhere 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 competitive compared to the average U.S. bank.

Rates

With a savings rate of 0.15%, Peoples Bank ranks below the mean in comparison to the average U.S. bank. Its one-year CD has a rate of 0.45% and the five-year CD earns at a rate of 1.45%, while its highest-yielding money market account earns at a rate of 0.15%. Peoples Bank has a fair savings rate compared to the average savings account. Think about choosing another bank to earn more on your deposits.

Compare Peoples Bank to Other Competitive Offers

Fees

Peoples Bank typically has extremely low fees compared to the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a simple account. For those who will need cash in a pinch, it is perfect because it has no ATM fees. 

Financial Health

Peoples Bank ranks as a large bank owning $2 billion in assets and deposits totaling $1 billion. Its Texas Ratio is 1.51%, suggesting an exceedingly low possibility of failure. 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 24 branches across the U.S.

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