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

Overview

Started in 1905, Peoples Security Bank and Trust Company has $2 billion in assets and deposits totaling $2 billion, ranking the institution as a large bank. Peoples Security Bank and Trust Company, whose headquarters are in Scranton, Pennsylvania, 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 access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4.2 stars out of 5, Peoples Security Bank and Trust Company proves it is a great choice and should warrant serious consideration. Peoples Security Bank and Trust Company provides customers with a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, the bank's most basic checking account does not carry a monthly maintenance fee. Finding a checking account with no monthly fee, in addition to a savings account with a high APY at the same institution is your best option for getting the most income on your deposits while having convenient access to your funds.

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 average U.S. bank. Its one-year CD has a rate of 0.20% and the five-year CD has a rate of 1.25%, while its highest-yielding money market account has an APY of 0.10%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

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 typically has extremely low fees compared to the national average. With no monthly fee, Peoples Security Bank and Trust Company's checking account is ideal for people who want an easy checking account. Peoples Security Bank and Trust Company doesn't reimburse out-of-network ATM charges, meaning you'll need to locate a Peoples Security Bank and Trust Company 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

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 a straightforward mobile-banking experience. It does not offer all-day customer service with 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 gets average marks from customers for its mobile app. The Peoples Security Bank and Trust Company mobile app has an overall rating of 3.9 out of 5 (out of 43 ratings on iOS and Android) compared to the national average of 3.8. You can utilize Peoples Security Bank and Trust Company's mobile app to manage your bank accounts by reviewing current statements, transferring money as well as reaching support representatives. Peoples Security Bank and Trust Company gets an exceptional consumer satisfaction score based on comparatively few consumer complaints reported to 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 is a large bank owning $2 billion in assets and $2 billion in deposits. Peoples Security Bank and Trust Company's Texas Ratio is 3.19%, suggesting that the bank is in excellent financial condition and unlikely to fail. 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 Accounts 0.05% APY 0.1% APY $10000 $15000

Peoples Security Bank and Trust Company has several deposit products like 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 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 Security Bank and Trust Company's CD rates are fair compared 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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