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Peoples State Bank Review

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Peoples State Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Peoples State Bank was founded in 1962 and its headquarters are located in Wausau, Wisconsin. Peoples State Bank manages assets of $848 million along with deposits totaling $705 million, classifying it as a medium-size bank. Peoples State Bank lacks premium access to customer service, with no live chat or all-day service options available. 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. Coming in at an average 3.7 out of 5 stars, Peoples State Bank proves it is a bank with better alternatives. Peoples State Bank provides customers with a full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Peoples State Bank has a fair savings rate; you can find higher rates with other banks. The bank's standard checking product carries a monthly fee of $6.00, which places it at the higher end of monthly fees. Locating 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 getting the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.7/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

Peoples State Bank has a savings rate of 0.25%, which is poor compared to the average U.S. bank. Peoples State Bank's CD rates are 1.50% and 2.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.30%. Given its poor savings rate, you should think about other options to earn more on your deposits.

How Peoples State Bank's Savings Rates Compare

Peoples State Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Peoples State Bank charges customers high fees in comparison to the national average. Peoples State Bank's checking account has a monthly fee of $6.00, ranking it fair for anyone looking for a hassle-free account. Peoples State Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll be required to locate a Peoples State Bank ATM or accept the cost of withdrawal.

Monthly Fee $6.00 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 State Bank is a brick-and-mortar bank, with nine total bank locations in Wisconsin. With mobile and web apps, Peoples State Bank makes account access easy, even on the go. Peoples State Bank's online and mobile banking platforms get moderate scores from customers. The Peoples State Bank mobile app rates a 3.8 out of 5 (with 24 customer reviews on Apple and Android) compared to the national average of 3.8. You can access Peoples State Bank's mobile app to manage your funds by looking at account balances, sending and receiving funds as well as accessing customer service. Peoples State Bank gets a superb consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Peoples State Bank is currently a medium-size bank owning $848 million in assets and deposits totaling $705 million. Peoples State Bank has an excellent Texas Ratio of 4.54%, signifying that the bank is in excellent financial shape 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

4.54%
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 0.25% APY $100
Checking Account 0.1% APY $100
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.00% APY
  • 36 Month: 2.10% APY
  • 48 Month: 2.20% APY
  • 60 Month: 2.50% APY
$2500 for all terms
Money Market Account 0.25% APY $1

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

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Find a Peoples State Bank Near Me

Peoples State Bank has nine locations across the U.S.

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