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

Overview

Established in 1934, PeoplesBank has assets totaling $2 billion as well as deposits totaling $1 billion, ranking the institution as a large bank. PeoplesBank, whose headquarters are in York, Pennsylvania, lacks premium access to customer service, 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. Overall, PeoplesBank is a respectable bank that gets the job done, with a rating of 4.1 stars out of 5 from our team. PeoplesBank provides customers with a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. PeoplesBank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, PeoplesBank's standard checking account does not have a monthly fee. Using an institution with free checking, in addition to a high savings APY is your best bet for accruing the most income from your deposits alongside easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

2.9
SmartAsset Average: 3.5

PeoplesBank has a savings rate of 0.10%, which is poor compared to the average U.S. bank. PeoplesBank's one-year CD earns at a rate of 0.50% and the five-year CD earns at a rate of 1.25%, while its highest-yielding money market account has a rate of 0.60%. Given its noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How PeoplesBank's Savings Rates Compare

PeoplesBank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

PeoplesBank generally has extremely low fees in comparison to the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. PeoplesBank doesn't reimburse out-of-network ATM fees, which means you will need to locate a PeoplesBank ATM or pay 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

3.5
SmartAsset Average: 3.7

PeoplesBank is a brick-and-mortar bank, with 36 total bank locations in Pennsylvania. With mobile and web apps, PeoplesBank makes account access straightforward, even 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 6:00 p.m. ET; Saturday, and 8:00 a.m. to 12:00 p.m. ET. PeoplesBank receives inferior reviews from users for its mobile platform. The PeoplesBank mobile app has been given a 3.1 out of 5 (with 54 customer reviews on iOS and Android) compared to the national average of 3.8. You can utilize PeoplesBank's app to manage your accounts by looking at account balances, transferring funds as well as reaching support representatives. PeoplesBank receives a superb consumer satisfaction score based on relatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 3.1/5
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

PeoplesBank ranks as a large bank owning assets totaling $2 billion and deposits totaling $1 billion. PeoplesBank's Texas Ratio is 2.86%, signifying that the bank is in terrific financial condition and far from failure. Additionally, PeoplesBank 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 PeoplesBank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $25
Checking Account 0.01% APY $1
Certificates of Deposit
  • 12 Month: 0.50% APY
  • 24 Month: 0.60% APY
  • 36 Month: 0.75% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.25% APY
$500 for all terms
Money Market Accounts 0.5% APY 0.6% APY $10000 $15000

PeoplesBank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. PeoplesBank 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. PeoplesBank's CD rates are fair as compared against the national average.

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Find a PeoplesBank Near Me

PeoplesBank has 36 branches across the U.S.

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