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Peoples Exchange 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 Exchange Bank Savings
0.01% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Peoples Exchange Bank started in 1912 and its headquarters are located in Winchester, Kentucky. It has $379 million in assets and deposits totaling $304 million, ranking it as a small bank. Peoples Exchange Bank 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 apps. On the whole, Peoples Exchange Bank is a respectable bank that deserves your consideration, with a rating of 4.0 out of 5 stars from the SmartAsset experts. Peoples Exchange Bank provides customers with a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Peoples Exchange Bank's standard checking account does not have a monthly fee. Using an institution with no-fee checking as well as a high interest rate savings account is the best bet for gaining the most income from your deposits while maintaining 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

3.0
SmartAsset Average: 3.5

With a savings rate of 0.01%, Peoples Exchange Bank ranks poorly in comparison to the national average. Peoples Exchange Bank's one-year CD has a rate of 1.00% and the five-year CD earns at a rate of 1.61%, while its highest-yielding money market account earns at a rate of 0.01%. Given Peoples Exchange Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How Peoples Exchange Bank's Savings Rates Compare

Peoples Exchange Bank Savings 0.01 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Peoples Exchange Bank typically has extremely low fees in comparison to the national average. With no monthly fee, Peoples Exchange Bank's checking account is ideal for people who want a hassle-free banking experience. Peoples Exchange Bank doesn't refund out-of-network ATM fees, which means you'll be required to locate a Peoples Exchange Bank ATM or eat the ATM charge.

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 Exchange Bank is a brick-and-mortar bank, with 10 total branches in Kentucky. It also offers access to mobile and web apps for simple access and banking on the go. Peoples Exchange Bank receives inferior reviews from customers for its mobile platform. The Peoples Exchange Bank mobile app rates a 2.2 out of 5 (with 9 reviews on iOS and Android) compared to the national average of 3.8. You can utilize Peoples Exchange Bank's app to control your funds by monitoring current statements, transferring money as well as accessing support representatives. Peoples Exchange Bank receives an outstanding consumer satisfaction rating due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 2.2/5
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 Exchange Bank is currently a small bank owning assets totaling $379 million and deposits totaling $304 million. Peoples Exchange Bank's Texas Ratio is 2.91%, suggesting a minute chance of failure. Additionally, Peoples Exchange Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

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 Exchange Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.01% APY $100
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.25% APY
  • 36 Month: 1.40% APY
  • 48 Month: 1.51% APY
  • 60 Month: 1.61% APY
$1000 for all terms
Money Market Accounts 0.01% APY 0.01% APY $10000 $15000

Peoples Exchange Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Peoples Exchange 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 Exchange Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a Peoples Exchange Bank Near Me

Peoples Exchange Bank has 10 physical branches in the U.S.

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