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Peoples State Bank Review

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Peoples State Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1915, Peoples State Bank has $771 million in assets along with $644 million in deposits, ranking it as a medium-size bank. Peoples State Bank, whose headquarters are in Prairie Du Chien, Wisconsin, lacks premium access to customer service, with no live chat or all-day service options available. 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. With a score of 4.4 stars out of 5, Peoples State Bank should be solidly in contention for your choice of bank. Peoples State Bank has an array banking products, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Peoples State Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, Peoples State Bank's ordinary checking account does not have a monthly fee. Finding a checking account with no monthly fee and a savings account with a high interest rate at the same institution is 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

4.4/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

With a savings rate of 0.10%, Peoples State Bank ranks poorly compared to the average U.S. bank. Its one-year CD has a rate of 2.26% and the five-year CD has a rate of 2.92%, while its highest-yielding money market account earns at an APY of 0.40%. Given Peoples State Bank's below average savings rate, you should think about looking at the competition to open savings accounts.

How Peoples State Bank's Savings Rates Compare

Peoples State Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Peoples State Bank has generally extremely low fees in comparison to the average U.S. bank. With no monthly fee, Peoples State Bank is ideal for people who want a basic checking account. Additionally, Peoples State Bank has an overdraft fee of $30.00, which is considerably lower than the average U.S. overdraft fee. Peoples State Bank unfortunately does not reimburse out-of-network ATM charges, which means you'll have to search for a Peoples State 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 $30.00 National Average: $35.00
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Service Quality

4.1
SmartAsset Average: 3.7

Peoples State Bank is a brick-and-mortar bank, with 18 total bank locations in Iowa and Wisconsin. With mobile and web apps, Peoples State Bank makes mobile banking easy, even on the go. Peoples State Bank's online and mobile banking services get moderately decent ratings from customers. With 33 customer reviews on both Apple and Android platforms, the Peoples State Bank mobile app has an overall rating of 4.3 out of 5 (compared to the national average of 3.8). You can access Peoples State Bank's app to control your accounts by reviewing account balances, sending and receiving money and accessing customer service. Peoples State Bank gets an excellent consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.3/5
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 State Bank is a medium-size bank and handles assets totaling $771 million and deposits totaling $644 million. Peoples State Bank's Texas Ratio is 3.27%, signifying that the bank is in excellent financial health and far from failure. Additionally, Peoples State Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.27%
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 State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $10
Checking Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 2.26% APY
  • 24 Month: 1.51% APY
  • 36 Month: 2.31% APY
  • 48 Month: 2.11% APY
  • 60 Month: 2.92% APY
$10000 for all terms
Money Market Accounts 0.25% APY 0.4% APY $10000 $15000

Peoples State Bank has several deposit products including savings accounts, checking accounts and CDs that provide you with many options to manage your money. Peoples State Bank does not have the best savings rate, which means you should think about taking a look 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 State Bank's CD rates are fair compared to the national average.

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Find a Peoples State Bank Near Me

Peoples State Bank has 18 branches in the U.S.

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