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Piedmont Federal Savings Bank 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
Piedmont Federal Savings Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1903, Piedmont Federal Savings Bank has $898 million in assets along with deposits totaling $664 million, making it a medium-size bank. Piedmont Federal Savings Bank, whose headquarters are in Winston Salem, North Carolina, 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 in-person service, in addition to its online and mobile apps. With a score of 3.6 stars out of 5, Piedmont Federal Savings Bank should be near the middle of the pack in your search for a bank. Piedmont Federal Savings Bank has a variety of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking product maintains a $5.00 monthly fee, which places it at the higher end of monthly fees. Finding an institution with free checking as well as a high savings APY is your best option for getting the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.6/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

With a savings rate of 0.15%, Piedmont Federal Savings Bank ranks poorly compared to the national average. Piedmont Federal Savings Bank's one-year CD earns at a rate of 1.50%, while its highest-yielding money market account earns at an APY of 0.25%. Given Piedmont Federal Savings Bank's poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How Piedmont Federal Savings Bank's Savings Rates Compare

Piedmont Federal Savings Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

Piedmont Federal Savings Bank has typically high fees compared to the average U.S. bank. At $5.00 per month, Piedmont Federal Savings Bank's checking account is less than the best option for those who need an easy banking experience. Piedmont Federal Savings Bank does not refund out-of-network ATM fees, which means you'll have to locate a Piedmont Federal Savings Bank ATM or accept the fee.

Monthly Fee $5.00 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

2.5
SmartAsset Average: 3.7

Piedmont Federal Savings Bank is a brick-and-mortar bank, with 10 total bank locations in North Carolina. With mobile and web apps, Piedmont Federal Savings Bank makes account access straightforward, even on the go. You can use Piedmont Federal Savings Bank's mobile app to control your funds by looking at account balances, transferring funds and reaching customer service. Piedmont Federal Savings Bank gets an excellent consumer satisfaction score due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

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

5.0
SmartAsset Average: 4.8

Piedmont Federal Savings Bank is a medium-size bank owning assets totaling $898 million as well as $664 million in deposits. Its Texas Ratio is 0.37%, signifying a minute probability of failure. Additionally, Piedmont Federal Savings Bank 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 Piedmont Federal Savings Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $100
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.00% APY
  • 36 Month: 1.80% APY
  • 48 Month: 2.10% APY
$500 for all terms
Money Market Accounts 0.15% APY 0.25% APY $10000 $15000

Piedmont Federal Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Piedmont Federal Savings Bank 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. Piedmont Federal Savings Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Piedmont Federal Savings Bank Near Me

Piedmont Federal Savings Bank has 10 locations across the U.S.

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