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Peoples Security Bank and Trust Company Review

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

Overview

Peoples Security Bank and Trust Company was founded in 1905 with headquarters located in Scranton, Pennsylvania. Peoples Security Bank and Trust Company owns $2 billion in assets along with deposits totaling $2 billion, which makes it a large bank. Peoples Security Bank and Trust Company lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at a commendable 4.2 stars out of 5, Peoples Security Bank and Trust Company is a solid pick to be your bank. Peoples Security Bank and Trust Company has a complete selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It 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 Security Bank and Trust Company offers an option without a maintenance or monthly fee. Finding a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best option for getting the most income from your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.2/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.05%, Peoples Security Bank and Trust Company ranks poorly compared to the national average. Peoples Security Bank and Trust Company's CD rates are 0.20% and 1.25% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 0.10%. Given Peoples Security Bank and Trust Company's poor savings rate, you should think about taking a look at other banks for savings accounts.

How Peoples Security Bank and Trust Company's Savings Rates Compare

Peoples Security Bank and Trust Company Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Peoples Security Bank and Trust Company has generally extremely low fees as compared against the national average. With no monthly fee, Peoples Security Bank and Trust Company is perfect for those who want a simple checking account. Peoples Security Bank and Trust Company unfortunately does not refund out-of-network ATM charges, meaning you will need to search for a Peoples Security Bank and Trust Company ATM or pay the cost of withdrawal.

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

3.9
SmartAsset Average: 3.7

Peoples Security Bank and Trust Company is a brick-and-mortar bank, with 27 total branches in New York and Pennsylvania. It also offers access to mobile and web apps for simple access and banking on the go. It does not have all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 9:00 p.m. ET; Saturday, and 8:00 a.m. to 5:00 p.m. ET. Peoples Security Bank and Trust Company receives moderate feedback from customers for its mobile app. Out of 43 ratings on iOS and Android platforms, the Peoples Security Bank and Trust Company mobile app is scored at 3.9 out of 5 (compared to the national average of 3.8). You can access Peoples Security Bank and Trust Company's app to control your finances by reviewing monthly statements, sending and receiving money as well as reaching customer service. Peoples Security Bank and Trust Company gets an excellent consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.9/5
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 Security Bank and Trust Company ranks as a large bank with $2 billion in assets and $2 billion in deposits. It has an excellent Texas Ratio of 3.19%, signifying that Peoples Security Bank and Trust Company is in terrific financial well-being and far from failure. Additionally, Peoples Security Bank and Trust Company is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.19%
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 Security Bank and Trust Company to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 0.20% APY
  • 24 Month: 0.35% APY
  • 36 Month: 0.60% APY
  • 48 Month: 0.75% APY
  • 60 Month: 1.25% APY
$1000 for all terms
Money Market Account 0.05% APY $2500

Peoples Security Bank and Trust Company offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Peoples Security Bank and Trust Company does not have the best savings rate, which means you should think about 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 Security Bank and Trust Company's CD rates are fair in comparison to the national average.

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Find a Peoples Security Bank and Trust Company Near Me

Peoples Security Bank and Trust Company has 27 branches in the U.S.

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