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PeoplesBank Review

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


Started in 1885, PeoplesBank has assets totaling $2 billion as well as deposits totaling $2 billion, making the institution a large bank. PeoplesBank, whose headquarters are in Holyoke, Massachusetts, 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. At a SmartAsset rating of 4.1 stars out of 5, PeoplesBank should be solidly in contention for your choice of bank. PeoplesBank provides customers with the full slate of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. PeoplesBank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's standard checking does not have a monthly charge. Banks that offer free checking and a high interest rate savings account are the best bet for getting the highest income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

With a savings rate of 0.10%, PeoplesBank ranks poorly in comparison to other U.S. banks. PeoplesBank's one-year CD has a rate of 0.35%. Given its noncompetitive savings rate, you should consider 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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SmartAsset Average: 4.4

PeoplesBank generally has extremely low fees compared to other U.S. banks. PeoplesBank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. PeoplesBank doesn't refund out-of-network ATM fees, which means you'll be required to find a PeoplesBank 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

SmartAsset Average: 3.7

PeoplesBank is a brick-and-mortar bank, with 20 total branches in Massachusetts. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not have 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's online and mobile banking platforms receive mediocre scores from users. The PeoplesBank mobile app is rated at 3.3 out of 5 (out of 110 reviews on Apple and Android) compared to the national average of 3.8. PeoplesBank's mobile app lets you manage your funds by monitoring account balances, transferring funds as well as accessing support representatives. PeoplesBank gets a superb consumer satisfaction rating due to comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

PeoplesBank is currently a large bank owning $2 billion in assets and deposits totaling $2 billion. PeoplesBank has an excellent Texas Ratio of 0.96%, suggesting that the bank is in terrific financial shape and improbable to fail. 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 $10
Checking Account 0.1% APY $10
Certificates of Deposit
  • 12 Month: 0.35% APY
  • 24 Month: 0.80% APY
  • 36 Month: 1.05% APY
  • 48 Month: 1.25% APY
$1000 for all terms

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

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Find a PeoplesBank Near Me

PeoplesBank has 20 branches in the U.S.

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