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Piedmont Federal Savings Bank Review

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

Overview

Started in 1903, Piedmont Federal Savings Bank has $898 million in assets and 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 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 offerings. SmartAsset experts rated the bank 3.6 stars out of 5, suggesting Piedmont Federal Savings Bank is a decent choice, but with better options out there. Piedmont Federal Savings Bank has a varied selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account has a monthly fee of $5.00, making it a rather pricey bank for checking. Institutions that offer free checking as well as a high savings APY are the best option for gaining the most income on your deposits while maintaining easy 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 0.10%, Piedmont Federal Savings Bank ranks poorly in comparison to other U.S. banks. Its one-year CD has a rate of 1.50%, while its highest-yielding money market account has a rate of 0.15%. Given Piedmont Federal Savings Bank's noncompetitive savings rate, you should think about other options to earn more on your deposits.

How Piedmont Federal Savings Bank's Savings Rates Compare

Piedmont Federal Savings Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

Piedmont Federal Savings Bank charges its customers high fees compared to other U.S. banks. Piedmont Federal Savings Bank's checking account has a monthly fee of $5.00, making it fair for anyone looking for a simple account. Piedmont Federal Savings Bank doesn't refund out-of-network ATM charges, which means you will have to find a Piedmont Federal Savings Bank ATM or eat the ATM charge.

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 mobile banking straightforward, even on the go. You can use Piedmont Federal Savings Bank's mobile app to manage your accounts by checking current statements, sending and receiving funds as well as accessing support representatives. Piedmont Federal Savings Bank receives an exceptional consumer satisfaction score due to comparatively few consumer complaints filed 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 ranks as a medium-size bank and manages $898 million in assets and $664 million in deposits. It has an excellent Texas Ratio of 0.37%, denoting that Piedmont Federal Savings Bank is in excellent financial condition and far from 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 0.1% APY $100
Checking Account 0.05% APY $100
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 2.00% APY
  • 36 Month: 1.60% APY
  • 48 Month: 2.10% APY
$500 for all terms
Money Market Account 0.1% APY $10000

Piedmont Federal Savings Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with 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 the national average.

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Find a Piedmont Federal Savings Bank Near Me

Piedmont Federal Savings Bank has 10 physical locations in the U.S.

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