PeoplesBank Review

Overview

Founded in 1885, PeoplesBank has assets totaling $2 billion as well as deposits totaling $2 billion, classifying it as a large bank. PeoplesBank, whose headquarters are in Holyoke, Massachusetts, lacks premium access to support representatives, 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 apps. SmartAsset has rated PeoplesBank 4.1 out of 5 stars, which means it is a good bank that deserves your consideration. PeoplesBank provides customers with a full array of product offerings, 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, PeoplesBank's most basic checking does not have a monthly charge. Locating an institution with free checking, in addition to a high savings APY is your best option for gaining the most income on your deposits while having easy access to your money.

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

PeoplesBank features a savings rate of 0.15%, which is fair compared to the average U.S. bank. PeoplesBank's one-year CD has a rate of 0.35% and the five-year CD has a rate of 1.75%, while its highest-yielding money market account earns at a rate of 0.75%. Given its below average savings rate, you should think about looking elsewhere to open savings accounts.

How PeoplesBank's Savings Rates Compare

On average, PeoplesBank charges customers extremely low fees in comparison to the national average. With no monthly fee, PeoplesBank is ideal for those who want a basic checking account. PeoplesBank does not reimburse out-of-network ATM charges, meaning you'll need to locate a PeoplesBank ATM or accept the cost of withdrawal.

PeoplesBank is a brick-and-mortar bank, with 20 total branches in Massachusetts. With mobile and web apps, PeoplesBank makes mobile banking straightforward, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 7:00 p.m. ET; Saturday, and 8:00 a.m. to 2:00 p.m. ET. PeoplesBank gets poor feedback from users for its mobile app. The PeoplesBank mobile app scored a 3.3 out of 5 (out of 110 ratings on Apple and Android) compared to the national average of 3.8. You can access PeoplesBank's app to manage your finances by monitoring account balances, transferring funds as well as accessing support representatives. PeoplesBank receives a superb consumer satisfaction rating based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

PeoplesBank ranks as a large bank with $2 billion in assets and $2 billion in deposits. Its Texas Ratio is 0.96%, denoting that the bank is in outstanding financial shape 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.

Products Offered

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 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. PeoplesBank's CD rates are fair as compared against the national average.

Find a PeoplesBank Near Me

PeoplesBank has 20 locations in the U.S.