Piedmont Federal Savings Bank Review

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.

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

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 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.

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.

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.

Products Offered

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.

Find a Piedmont Federal Savings Bank Near Me

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